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Home page displaying various campaigns
Inspiration
We were highly inspired by the CryptoRelief initiative (www.cryptorelief.in) which raised ~1 billion dollars for Covid Relief in India from the entire global community, in a highly transparent manner.
What it does
Crowdfunding is one of the most popular ways to raise funds for any project, cause or for helping any individual in need. With the onset of Covid we have seen a rise in Crowdfunding activities across the globe which includes small campaigns to help people get oxygen and medical help to large funds such as PM Cares.
The major problems with the Current Crowdfunding Platforms that we wanted to solve were :
Security : As the funds become larger, they need to be heavily secure, although stringent measures such as symmetric encryption are in place to make e-payment safe and secure,it is still vulnerable to hacking. Blockchain — which has never been compromised yet — can provide that level of security.
Transparency and Anti-Fraud : We have seen, and continue to see a lot of crowdfunding scams happening around. There is no way to see where the funds are being used. We wanted to make the entire flow of funds transparent at every stage, so that there is no possibility of the money being misused.
Global contribution : With some of the platforms being country specific, it becomes hard for people from other countries to contribute to various campaigns. Using blockchain anyone in the world can contribute to the campaign. Transactions are quick and convenient.
How we built it
In order to achieve the solution we have chosen a tech stack that is
Optimized for speed Efficient Secure
The Technologies that have been used are :
NextJS : Next.js is an open-source React front-end development web framework that enables functionality such as server-side rendering and generating static websites for React based web applications. Chakra UI : Chakra UI is a simple, modular and accessible component library that gives the building blocks one needs to build React applications. Solidity : It is the programming language for implementing Ethereum based Smart Contracts. Web3 : web3.js is a collection of libraries that allow you to interact with a local or remote ethereum node using HTTP, IPC or WebSocket. Ethereum Smart Contract : It is the collection of functions and data that reside at a specific address on the Ethereum Blockchain.
Challenges we ran into
Technical
Technical Feasibility It is to be a ReactJS based application, which will be supported by any web browser. Internet connectivity will be required. Users will require ‘Metamask’ browser extension to sign transactions.
Social Feasibility Crowdfunding over the years has helped people but has also seen heavy frauds in the name of Crowdfunding. With Betterfund we want to bring transparency to the process of crowdfunding and build trust among people to contribute to all the causes.
Economic Feasibility Given the Ethereum Blockchain provides us with most of the security features, the development does not require much cost. The only cost would be the server cost of the deployed application.
Scope With Betterfund we aim to make the crowdfunding process transparent, anti-fraudulent and secure.
Accomplishments that we're proud of
Integrating Crypto wallet in application was a new, tough and cumbersome experience for us which we accomplished successfully.
What we learned
Optimal use of Next JS Chakra UI Solidity Web3.js
What's next for BetterFund-The Ultimate Crowdfunding Application
We are planning to take it to the global stage by scaling it up.
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