Goodbye Kickstarter? The Blockchain-based Project Aims to Challenge the Crowdfunding Sector
A new Ethereum Blockchain based platform seeks to create an open, global community and marketplace for crowdfunding.
A new Ethereum Blockchain based platform called Acorn seeks to create an open, global community and marketplace for crowdfunding- opening it up to new participants such as those living in developing countries.
By incorporating P2P smart contract based governance, Acorn plans to supersede the current roster of crowdfunding platforms, and offer a service which will overcome geographic, political and economic borders. It also intends to mitigate any issues that may otherwise arise from cross-national jurisdiction and litigation.
According to the project’s team, use of the decentralized Blockchain for transaction verification/storage and a proprietary token currency (Acorn, ‘OAK’) means that “Acorn can bypass local taxation that would otherwise apply.”
“By funding through an ICO, and utilizing the Ethereum Blockchain, the Acorn Collective will eradicate the traditional three to five percent transaction fees and five percent platforms fees normally associated with other crowdfunding platforms, such as Kickstarter and Indiegogo,” the Acorn white paper states.
Acorn Hub thus incorporates all aspects of the platform’s crowdfunding infrastructure. However, the coin economy promises to deliver a handful of significant and related essential services. The Acorn marketplace for post funding product sales, without fees is one of them. Other services include marketing support and POS payments app allowing OAK transactions via smartphone.
When crowdfunding doesn’t fund the crowd
The crowdfunding phenomenon has had a huge impact on consumer-based industries in the past decade with its first generation of platforms pioneered by organizatio