Boomstarter is implementing a blockchain in a classic crowdfunding

Boomstarter, Russia’s largest platform for crowdfunding in the field of business and technology, introduces the blockchain, tools for mining and the ability to support projects with cryptocurrency. Creating a new platform called Boomstarter.Network.

This allows you to eliminate a serious limitation on existing crowdfunding sites in the world and to meet the growing demand for such funding. In 2017, the value of deals in this industry worldwide was 49% higher than a year earlier, and exceeded 6.5 billion US dollars*.

Among the main problems that reduce the ability of these platforms is the limited geography of the participants. Your project is allowed to create only the citizens of a small number of developed countries. Transfers have to wait for weeks, and the authors of the project opaque. In addition, the site does not guarantee that the collected funds will generally be transferred to the sponsors.

For example, the world’s most famous platform Kickstarter with their business projects can involve individuals or companies only, out of 22 developed countries.

On Boomstarter.Network will not be geographical restrictions, your campaign can begin, regardless of nationality and location. This became possible thanks to cryptocurrency and blockchain technology.

While raising funds to support projects will be accepted in the popular cryptocurrency. This will ensure safe and quick transfer of funds. Now available on the global crowdfunding platforms, authors of the projects has to wait weeks until the money from those who supported them, will be credited to the account. In order to withdraw this money, it will take another few weeks.

Boomstarter.Network uses smart contracts in Ethereum. The transaction usually takes few minutes. Algorithms smart contracts guarantee that if you reach the target amount of charges authors will be able to dispose of the collected funds without any additional conditions.

Blockchain will also provide transparency in the way the authors of the projects used the funds collected. Supporters of the project will be able to see the movement of funds and to ask relevant questions to the authors. This encourages direct feedback, which, as experience shows, often not enough.

Another important innovation on Boomstarter is a tool that allows you to independently mine cryptocurrency on home computers, to make and maintain with it their favorite projects on the platform. This so called cloud mining is a way to combine the processing power of multiple computers to create a virtual currency. A completely new way of non-material support: often project on a crowdfunding platform there are many supporters who are not willing to spend their own money to support. Now these tools you can create your own.

“We are crowdfunding for six years and know the problems that exist in this field worldwide. Now with blockchain technology we can offer the tools to solve these problems and to provide truly global access to funding for companies and entrepreneurs,” says Maria Dakshina, General Director of the platform of Boomstarter.Network.

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