Boomstarter.Network to Democratize Global Startup Funding with Blockchain
Boomstarter.Network, the biggest platform in Eastern Europe generating pre-sales for startups, moves to blockchain to challenge a number of limitations that constrain existing crowdfunding services.
In contrast to many classical crowdfunding platforms, Boomstarter.Network will allow startups from any country to pre-sell their future products. This becomes possible with blockchain technology and digital currencies. Boomstarter.Network will also provide safe cryptocurrency mining tools, so that anyone can mine and use the digital currency to buy products and services that startups offer on the platform.
A key priority is to remove country restrictions. The world’s leading fundraising platforms do not allow entrepreneurs to launch crowdfunding campaigns if they reside outside a very limited number of developed industrialized countries. Boomstarter.Network essentially aims to democratize crowdfunding by giving people in any country the ability to start their own product pre-sale.
With Boomstarter.Network, startups will get the funds quickly after a pre-order is made. Transactions will happen in a matter of minutes, while on existing platforms it can take weeks for funds to be sent and withdrawn.
Boomstarter.Network will also make it possible to pre-order innovative products and support startups by mining for cryptocurrency. The platform will provide buyers with a safe and easy tool for generating virtual currency using just their personal computers. United as a cloud mining pool, they will be able to create digital assets and use them to pre-order and support their favourite startups on the platform. They will also retain part of the generated cryptocurrency for personal use.
“We have been operating in the crowdfunding space for six years and we know the challenges that this scene is facing globally. Now with blockchain technology we are able to offer solutions to these shortcomings and provide access to crowdfunding worldwide. When you like the product that a startup on the platform is developing, you can pre-order and help them progress with it. And if you cannot spend your own money, you can show support by mining crypto for them and keeping some of it for yourself,” said Maria Dokshina, CEO of Boomstarter.Network and a certified fundraising professional.
The platform will use smart contracts based on Ethereum blockchain to ensure trust and transparency. These are computer algorithms that will guarantee people raising funds automatically receive the amounts they are due when their preset fundraising goal is reached.
Blockchain technology offers transparency in how startups use the funds they have raised. This will allow the community of those who pre-ordered to track and offer feedback on how the entrepreneurs have allocated the money they have collected to develop their product.
Well-established businesses often use crowdfunding tools to test demand and monitor pre-orders for products that are still under development. Along with improving accountability, the use of blockchain for transparent crowdfunding will also boost measurement and analysis of user sentiment.