ConsenSys is launching a new crowdfunding platform that focuses on jumpstarting a dedicated community, with Skale Network being its inaugural launch partner.
Crowdfunding is the practice of gathering financial support for a project by raising small amounts of money from a lot of people. Crowdfunding typically happens through different internet platforms but can be executed via mail-order subscriptions, benefit events and other methods. Crowdfunding is widely adopted for the funding of creative projects, social entrepreneurship, medical expenses for indigents, and startups. Blockchain-related startups often use cryptocurrency crowdfunding via simply asking for some amount of a cryptocurrency or starting an Initial Coin Offering (ICO), which sells new tokens to investors in exchange for legal tender or other, more liquid cryptocurrencies. For a long time, the most popular cryptocurrency for crowdfunding was Bitcoin crowdfunding, but today most ICOs occur on the Ethereum blockchain.
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