BitbyBit

The System forms a secure and transparent blockchain-powered framework for crowdfunding. This platform provides following benefits:

• Backers will be better protected from financial loss and more likely to receive product.
• Creators will receive more support for their project with lower fees and overall cost.
• The Crowd will financially rewarded for applying their skills and knowledge.
• Smart Contracts will increase transparency on platform and will ensure creators get paid after delivering on promised milestone.

A native token will be used to exchange goods and services on the platform and enable blockchain features.

Problem

The main problem facing crowdfunding is issue of trust. Backers are repeatedly burned down by creators who fail to follow on their promises. Backers wait for months(sometimes years) to receive made promises, whereas the project creators get completely funded immediately.

Solution

The Distributed nature of Blockchain and the use of cryptocurrencies and smart contracts allow the network to grow, self-govern, and distribute in open and merit-based way. BitbyBit focuses on product-based crowdfunding rather than equity-based crowdfunding.

BitbyBit offers a Backer Insurance - a security mechanism that holds campaign funds in smart contract governed by backer vote. This financial incentive holds creators accountable to their promised timelines and provides a basic security mechanism for backers.

To start with the project, Creators will be credited with some fixed tokens. Each campaign require tokens to deposit as insurance. This deposit can be earned back when creators stick to the promises made and achieve their milestone one-by-one. The deposit gets stored in an escrow account as tokens. With the help of smart contracts creator can get their tokens back or get in loss when fail to achieve their milestone.

Another solution to securing investors money is back insurance. Once funding is successful depending on user's choice smart contract will send a predefined percentage of goal to escrow account. This money is given to creators on completion of certain predefined deliverables on a fixed time. If creator fails, investors can vote to decide what happens with the escrow account.

Built with:

• Solidity
• Nodejs
• Expressjs (Framework)
• Bootsrap
• Web3
• Ganache
• Truffle

Created By

• Roshan James
• Chaitanyakrishna Dukkipaty
• Mithilesh Choudhary
• Shadrak Gurupnor