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Trusted Crowdfunding Platform Using A Smart Contract: 1) Background/ Problem Statement

The document outlines a Trusted Crowdfunding Platform that utilizes smart contract technology to address issues in traditional crowdfunding, such as lack of donor guarantees and control over funds. It describes the platform's functionality, including user and admin modules, transaction management, and project approval processes, while emphasizing transparency and security through blockchain integration. Additionally, it details system requirements, advantages, and limitations of the platform.

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9 views9 pages

Trusted Crowdfunding Platform Using A Smart Contract: 1) Background/ Problem Statement

The document outlines a Trusted Crowdfunding Platform that utilizes smart contract technology to address issues in traditional crowdfunding, such as lack of donor guarantees and control over funds. It describes the platform's functionality, including user and admin modules, transaction management, and project approval processes, while emphasizing transparency and security through blockchain integration. Additionally, it details system requirements, advantages, and limitations of the platform.

Uploaded by

anhducvtr2004
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOC, PDF, TXT or read online on Scribd
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Trusted Crowdfunding Platform Using a Smart

Contract

1) Background/ Problem Statement

Crowdfunding is an online money-raising strategy that began as a way


for the public to donate small amounts of money to help creative
people finance their projects. Through crowdfunding, individuals are
able to invest in entrepreneurial start-ups using an intermediary agency
like a broker or dealer.
The problem with the current sites is that they don’t provide a donor
guarantee policy and they do not have control over the money they
donated. Our Trusted Crowd-Funding Platform is a solution to these
issues of the previous system. It uses smart contract technology to
develop a trusted Crowd-Funding platform.
Through this, it will provide a safe, secure and transparent way for
crowdfunding. The blockchain will record all the transactions and store
them as a block. Blockchain provides transparency, trust and security to
this system. Our system intends to help the creators and donors to
increase funding, and achieve a high level of trust amongst them.
2) Working of the Project

Smart contracts in crowdfunding aim to solve three major problems –


ease up KYC/AML verification, eliminate dependency on third parties
such as banks due and speed up pay-in and pay-out transactions in the
crowdfunding offerings.
In crowdfunding, a smart contract is a self-executing agreement
between investor and fundraiser, platform and user, or between other
parties depending on which process needs to be automated and put
into the blockchain ecosystem.
As a part of the bigger concept such as blockchain integration in
crowdfunding, smart contracts are one of the ways that can enhance
the platform’s technological capabilities and attract investments and
new users.
In cirrus’s core wallet, the admin creates an account for each user and
updates the wallet information in their profile and the transaction is
done using the Cirrus API. In this project, the front-end involves Html,
CSS, and JavaScript and the back-end involves C#. The IDE used is Visual
Studio and the database is MSSQL.
3) Advantages

 It is easy to maintain.
 It is user-friendly.
 The system helps the user to view transactions by investors
with a status of whether the transaction is manipulated or
not.
 Users can add project details easily and get approved by the
admin.
4) System Description
The system comprises 2 major modules with their sub-modules as
follows:
 ADMIN:

 Login: The admin can log in t the system using a username and
password.
 Users: User’s accounts will have to approve and updated with
wallet & Cirrus information.
 Projects
o Pending
- List of Projects: They can also view all the preview
projects.
- Project/Company Details: Details of all the pending
projects and companies can be viewed by the admin.
- Approve/Reject: Admin can approve or reject the
project.
o Approved
- View List of Projects: The list of all the previously
approved projects can be viewed by the admin.
- Filter by Domain/Category: Filter by domain or
category can be applied to sort the approval list.
- Project/Company details: Details of all the approved
projects and companies can be viewed by the admin.
- View Transaction: The admin can view transactions by
investors from this platform (with a status of whether
the transaction is manipulated.
o Rejected
- List of Projects: The admin can view all the rejected
projects.
- Project/Company Details: They can also view all the
rejected projects and companies.
- Approve: The admin can approve projects.
 Transactions
- Admin can view a list of projects which are accepted &
whether they had tampered with the crowdfunding.
 View Users
- The admin can view the lists and details of the user’s
register.
 USER:

 Register: The user will need to register their account and get
approved by the admin.
 Login: Only after the admin approves the user’s account, they can
log in to the system.
 Profile: The user can update their details in the profile.
 Change Password: They can also change their password to the
new one.
 Invest
- The user can view a list of projects they want.
- Filter can be applied to sort by domain or category.
- The user can view the project and the company details.
- They can view transactions by investors from this platform,
with a status of whether the transaction is manipulated.
- The user can invest their money.
- Even if a single transaction is found manipulated the system
will not allow investing.
- The transaction is done by the smart contract.
 My Projects
o Manage Projects: The user can view, add, update and delete
projects.
o Admin Approval: The user will need the approval of the
admin for the project to go public.
o List of Projects: The list of all the projects can be viewed.
o Project/Company Details: The user can view the project and
company’s details.
o Investors & transactions: The user can view investors and
transaction status and whether a transaction was
manipulated by any source.
5) Project Life Cycle

The waterfall model is a classical model used in the system


development life cycle to create a system with a linear and sequential
approach. It is termed a waterfall because the model develops
systematically from one phase to another in a downward fashion. The
waterfall approach does not define the process to go back to the
previous phase to handle changes in requirements. The waterfall
approach is the earliest approach that was used for software
development.
6) System Requirements

I. Hardware Requirement

i. Laptop or PC
 Windows 7 or higher
 I3 processor system or higher
 4 GB RAM or higher
 100 GB ROM or higher

II. Software Requirement

ii. Laptop or PC
 Visual Studio 2019
 SQL Server Management Studio’s latest
7) Limitation/Disadvantages
- The user must add all the details regarding projects when
getting approved, otherwise, it will get rejected.

8) Application – This application uses smart contract technology to


develop a trusted crowd-funding platform.

9) Reference
- https://www.warse.org/IJATCSE/static/pdf/file/ijatcse83932020.pdf
- https://www.researchgate.net/publication/
342742097_Smart_Contract_and_Blockchain_for_Crowdfunding_Pla
tform
- https://www.jetir.org/view?paper=JETIRFM06067

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