Aryan Sai

Aryan Sai

20-03-2022

14:55

Building for WEB3 - Session 7 - The Product House 👨‍💻Concept Note for a DAPP I would like to BUIDL @ArcanaNetwork @mayurrelekar @0xTPH

A DAPP for Crowd Funding 💵 The motive is to give the user an opportunity to raise funds for some social cause or for an NGO. The need for this platform is to make the system TRUSTLESS.

There are a few platforms in WEB2 which offer crowd funding solutions, but for them it is Business. The issues with these platforms: 1) They charge commissions from the donors. 2) They charge fees from the recipients. 3) They may divert funds for obvious personal gains.

4) They may not be transparent with their accounts. 5) We just trust them to do everything correctly. Trusting these platforms may not be correct, there are definitely many cases of fraud in crowdfunding. Hence we need a WEB3 version of it.

By making a WEB3 Crowd Funding Platform, we can solve all these issues. The decentralized structure of WEB3 can help us safeguard the system. SECURITY 🛡️ Since the blockchain is public, we can see the movement of funds. TRANSPARENCY 🪟

We don't need to trust the intermediaries. TRUSTLESS💪 Geographical barriers will not be there. GLOBAL🌐 The platform can also serve the society selflessly. SERVICE❤️ Hence, the world definitely needs this DAPP.

As I am still exploring the WEB3 ecosystem, I do not really know much about the tech stack required for building the DAPP. I would definitely try out this idea once I learn more about the tech.


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