Although Blockchain and cryptocurrencies receive their fair share of bad press, there is no denying that the innovation could become the future of most technical applications. One such sector that is well positioned to benefit from this new technology is the fundraising industry.
With blockchain technology already making waves in the financial sector it is only safe to say that it will make an impact on eliminating the scandals and funds misuse present within fundraising fronts. To understand the extent of how blockchain will be in use for fundraising, here’s more on a crypto venture with such a similar concept.
What Is SupPorter?
SupPorter seeks to establish a global standard for fundraising by creating the world's first decentralized fundraising marketplace. The SupPorter donation marketplace will provide organizations with a safe and efficient structure to raise funds and utilize other innovations within the blockchain technology. With the change, SupPorter hopes to establish a cheap, transparent and faster model for rewarding people while still achieving the goal of fundraising for the users.
How SupPorter Blockchain Fundraising & Donating Transparency Works
SupPorter also expects to radically simplify and automate the donation process through their native utility coin, SupPorter Token. However, the beauty with SupPorter's concept is that the donors will not need to have the crypto knowledge or possess any cryptocurrencies. This is since donors can contribute regardless of currency and have the platform seamlessly convert the currencies into SP tokens. Additionally, the SP token will also have several uses within the platform such as:
- Establishing the transparency for funds since SP token carries an automated year-end filing protocol and works on a distributed ledger.
- Facilitate instant donation conversions while also establishing conditional giving through the Smart Contracts.
- Provide low processing fees with additional instant settlements under the blockchain
- Unlike traditional funding, SupPorter's fundraising protocol comes with few strings, and the users get to decide on the responsibilities of the funds.
- Blockchain funding is also much flexible to the investor since there can liquidate or trade in their donations.
- The supported platform is a decentralized entity, and this means no single authority approves or verifies the financial transactions
- The use of blockchain makes SupPorter a secure fundraising platform with all the records becoming unmodified once verified by all the participants.
- And with blockchain technology comes automation which eliminates any chance of duplication and conflicting transactions that are a common occurrence with traditional fundraising.
SupPorter SP Token ICO Details
- Start- 20 April 2018
- End- 1 August 2018
- Price- 1 SPT= $0.02
- Start- 15 August 2018
- End- 15 September 2018
- Price- 1 SPT= $0.04
Parameters Of The ICO
- Ticker- SPT
- Platform- Ethereum
- Model- ERC-20
- Accepts- ETH, BTC, USD
- Pre-minted supply- 1 Billion tokens
- ICO- 30%
- Pre-Sale- 15%
- Founders and early advisors- 15%
- Foundation- 8%
- Incentives/Bounty program- 3%
- Discount rate pool- 5%
Use Of Funds
- Product and company development- 50%
- Client onboarding and growth- 30%
- Reserve for unforeseen events and opportunities- 20%
So far, fundraising through blockchain is looking like the future of fundraising and ventures such as SupPorter only accelerates the possibility of adoption. Still, some risks generally revolve around blockchain fundraising being a new concept that has noo regulation. In short, there is plenty of high risks that can go against the traditional notion of fundraising.