Decentralized Global Crowdfunding On Acorn Collective Platform

in #blockchain6 years ago (edited)

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INTRODUCTION

Since the early 2000s, the idea of generating small donations via an online funding platform called Crowdfunding has been in use but it became more recognized and accepted in 2008 and 2009 after the kick start of Indiegogo and Kickstarter respectively. While Indiegogo has generated over 1 billion USD since its inception (till 2017), KickStarter boasts of funding around 130,000 project with over 3.2 billion USD raised from backers. With Initial Coin Offerings (ICOs), 2017 recorded that more than 3 billion USD was generated.

One indisputable fact is that Crowdfunding has given entrepreneurship and the global fiscal market a very significant boost. A paper by the World Bank released in 2013 showed that Crowdfunding could get as high as 90-96 billion every year in 2025. A more recent report (by MyPrivateBank in 2017) estimates that Crowdfunding could even get up to 1 trillion USD yearly.

REASON(S) FOR CROWDFUNDING

Several fresh ideas and innovations that would have brought a positive change and impact to the society have been killed due to lack of access to proper funds. CrowdFunding seeks to address this issue of no funding. It aids in reducing the long undemocratic process that may get you access to funds. With Crowdfunding, the community online select the projects to get funding and give real response on other planned innovations.

CHALLENGES OF CROWDFUNDING

Even though it sounds like a dream come true, the real truth about CrowdFunding is that it is still a closed market. Its major platforms reject most project idea and accept only those that they can benefit from. In addition, CrowdFunding faces the challenge of economic policies which in principle hinders its good ethics.

The larger platforms on CrowdFunding also deny access to developing markets and uneconomically urbanized countries by setting restrictions on level of creativity and level of support/backing received (in rare cases when the project idea is accepted).

This should not be so.

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ACORN COLLECTIVE PLATFORM

Acorn’s main aim is to build a platform that gives founders real support. Acorn is ingrained in the belief that any idea that can get backers ought to have a platform that supports them. They do not reject projects that are principled and legal.
With part of its vision being to make Crowdfunding more accessible and less expensive, Acorn uses blockchain technology for its transactions, basically getting rid of the usual 5% platform fees and transaction fees of 3-5%. By using blockchain, the only fee involved is the nominal Ethereum network fees.

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Using ICO for funding is aimed at eliminating the platform fees (5%) as well as applying our resources to generate revenue which will largely support the platform and help it remain free to use. This gives us a large advantage over the competition.
Usually, with Crowdfunding platforms, funds are gotten from external investors and shareholders looking to get proceeds through company earnings. Acorn doesn’t work this way. Here, due to the ICO usage, there is no need for external funding. Token holders and ICO contributors are rewarded by the OAK ecosystem’s growth. This is made possible by higher rates of project approval and free Crowdfunding.

THE ACORN HUB

The Acorn Hub is aimed at being the OAK ecosystem’s main backbone where founders can develop their own crowdfunding operations. On the Hub, decisions on what projects to support and which not to is left totally at the discretion of the community. First of its kind among crowdfunding platforms, we do not influence the decision of Backers and we are more flexible with rules, restrictions and requirements. This helps users remain more creative and innovative.
On Acorn Hub, anyone is allowed to join and create a project regardless of the person’s location, almost all categories or types of projects are allowed. The only requirements are that the project be legal, not dangerous and conditionally setup in accordance with Gibraltar and European Union laws.

THE OAK TOKEN

The OAK Token will be the main means of exchange in the OAK ecosystem. It will be launched on the Ethereum blockchain and is an ERC20 compatible token.
It will be used to fund projects, business transactions, point-of-sale deals and also get extra Support Services from Acorn.

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OAK TOKEN GROWTH MECHANISM

To aid the growth and stability of our OAK Token, we plan to develop mechanisms that will encourage the fast growth and stability of the platform creating top value for our pioneer founders, stakeholders and backers. This will be in addition to the encouraging policy for market access and reduced fee structure we have already put in place.

To facilitate this, there will be incentives and rewards for project founders and backers, users will be accorded several benefits as well as project backers insurance. Also, part of the ICO will be set aside as liquidity reserves. There will be affiliate rewards and of course, transactions will be made fluid and frictionless.

For more information, visit the website
https://www.aco.ai

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