Blockchain-Based Crowdfunding: A ‘Pay-it-Forward’ Model of WHIRL
1Hasnan Baber, Assistant Professor, Endicott college of International Studies, Woosong University, Daejeon, South Korea.
Manuscript received on 3 August 2019. | Revised Manuscript received on 10 August 2019. | Manuscript published on 30 September 2019. | PP: 3225-3229 | Volume-8 Issue-3 September 2019 | Retrieval Number: C5398098319/19©BEIESP | DOI: 10.35940/ijrte.C5398.098319
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: Crowdfunding has revolutionized the way of raising funds for not only start-ups but for all traditional or existing businesses. Crowdfunding made it easy for fundraisers to raise funds as they don’t have to knock on doors of banks and financers and get the desired amount in return of interest or offering equity or even through donation, or reward. Blockchain, on the hand, is decentralizing the system of records and control which makes crowdfunding more transparent and secure. Though a number of blockchain-based crowdfunding platforms are already doing good business and they vary in crypto, model and type of crowdfunding. The study is conducted on a very new blockchain-based crowdfunding platform, WHIRL. The unique and different in this model is the model, “pay-it-forward” itself. The model assures that members will get their legit project funded after they help other projects succeed. The study also highlights some thoughts from the Executive Board of Directors and co-founders after doing a brief discussion with them.
Keywords: Blockchain; Crowdfunding; WHIRL; Crypto
Scope of the Article: Block Chain-Enabled IoT Device and Data Security and Privacy