Volume 8, Issue 6, June 2023 International Journal of Innovative Science and Research Technology

ISSN No:-2456-2165

Crowdfunding Platform using Smart Contracts

Raunak Sulekh Manas Katiyar, Devang Trivedi
Department of Information Technology Department of Information Technology
Galgotias College of Engineering and Technology Galgotias College of Engineering and Technology
Greater Noida, India Greater Noida, India

Abstract:- This study examines the use of blockchain low-risk support of new ventures and venture creators can gain
technology to construct a crowdfunding platform. The more supporters globally making it easy for them to raise large
opening section of the article looks at the current state of amount of funds in minimal time.
crowdfunding and the shortcomings of conventional
platforms, including transparency, security, and Blockchain-based crowdfunding platforms offer
centralization concerns. The application of blockchain several advantages over traditional crowdfunding platforms.
technology through smart contracts is then introduced, By using smart contracts, these platforms can automate the
with a focus on its decentralized nature and capacity to entire crowdfunding process, from fund collection to reward
offer immutable, transparent records of transactions, distribution, thereby reducing the potential for fraud and
and its potential to address these shortcomings. In this increasing transparency. Additionally, blockchain technology
paper, the architecture and functionality of a allows for the creation of decentralized platforms, which
crowdfunding platform built on a blockchain network means that there is no single entity controlling the platform,
are examined as a case study. The platform enables safe making it more resistant to censorship and manipulation.
and transparent fundraising, money tracking, and
incentive delivery. II. TRADITIONAL FUNDRAISING PROBLEM
The potential advantages as well as challenges of AND SOLUTION
establishing such a platform into operation are also Traditional fundraising methods often suffer from
covered in the study, along with user acceptance and issues of transparency, accountability, and security. As in
regulatory issues. The main goal is to use Ethereum traditional way a startup founder can seek funding from
especially smart contract technologies to make it easier banks or venture capitalists, who will fund the project for
for people around the world to participate in campaigns returns like equity or interest payments. However, this
to raise funds. This gives contributors more influence fundraising method has limitations, requiring significant
over their Ethereum contributions and makes it possible time, money, lack of transparency and resources which may
for campaign designers and contributors to handle be inaccessible to project creators from developing countries
funding for their projects effectively. The goal of using or remote areas.
Ethereum smart contracts on the crowdfunding
platform is to assure automatic contract execution to With traditional methods, it can be challenging to track
stop fraud and promote confidence between fundraisers, donations and ensure that funds are being used as intended.
donors, and the platform. Additionally, there can be a lack of transparency around the
The findings of this study imply that a blockchain-based fees associated with fundraising campaigns, with donors often
crowdfunding platform can overcome many of the unaware of the percentage of their donation that goes towards
drawbacks of conventional crowdfunding platforms and administrative costs.
offer a more safe and transparent method of fundraising
after thorough investigation of the literature and case Blockchain technology offers a solution to these
studies. problems byproviding a decentralized, transparent, and secure
platform for fundraising. Blockchain enables the creation of
Keywords:- Crowdfunding, Smart Contracts, Blockchain, smart contracts, which are self-executing agreements that are
Ethereum, Cryptocurrency. coded onto the blockchain. These contracts can be
programmed to automatically release funds when certain
I. INTRODUCTION conditions are met, ensuring that donations are being used as
In recent years, crowdfunding has emerged as a intended.
popular and effective way for entrepreneurs and individuals Additionally, blockchain offers a transparent ledger of
to raise funds for their projects or causes. The traditional all transactions, allowing it to be simple to track donations
crowdfunding model, however, is plagued with challenges and make sure that money is being used effectively. Due to
such as high fees, lack of transparency, and the potential for the decentralized nature of blockchain, there is no longer a
fraud. To address these issues, crowdfunding platforms are need for intermediaries like banks or payment processors,
turning to blockchain technology and smart contracts to which lowers fundraising campaign fees and ensures that
revolutionize the crowdfunding industry. moremoney goes to the intended purpose.
Crowdfunding is a decentralized application based on Furthermore, blockchain technology provides a high
Ethereum blockchain platform that allows users to invest level of security, with each transaction being recorded and
money to the campaigns that interest them. By using verified by a network of nodes. This eliminates the risk of
blockchain, we can make sure that the investors engage in fraudulent activity or tampering, which can be a significant

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ISSN No:-2456-2165
concern withtraditional fundraising methods. Blockchain-based crowdfunding platforms have been
the focus of numerous studies that have investigated its
In conclusion, blockchain technology provides a influence on the finance sector. The outcomes of these
solution to issues like security, transparency, and studies have revealed that the usage of blockchain-oriented
accountability problems related to conventional fundraising crowdfunding platforms can effectively enhance the
techniques. Organizations can develop a transparent, safe, prospective of start-ups and small businesses to access
and reliable fundraising campaign by utilizing blockchain capital, consequently promoting economic progress.
technology. Furthermore, the execution of blockchain technology in
crowdfunding activities can curtail the role of intermediaries
Blockchain technology's integration into the in fundraising operations, thereby declining the associated
crowdfunding industry is the focus of this research, with the expenses and enhancing competence.
ultimate goal of expanding upon existing literature.
Valuable insights will be provided in this paper to aid in As a result of existing literature research on
future crowdfunding platform development, as well as crowdfunding platforms, we have concluded that there is
contribute to the industry'sadvancement. Analysis of the pros always a trust relationship between the product team and the
and cons of implementing blockchain-based crowdfunding supporters.There is a trust relationship that always exists
platforms will be conducted to achieve this objective. between supporters and the product team, according to our
exploration of crowdfunding platforms. This was identified
III. LITERATURE REVIEWS in existing literature research.
In recent times, there has been a growing interest in Venture capital financing is no longer the only option
using blockchain technology for crowdfunding platforms, for those seeking funding, as crowdfunding continues to
owing to the advantages of transparency, immutability, and gain traction as an alternative. This type of financing,
security that it brings. Multiple studies have been conducted typically allocated by investors to small and growing
on the subject matter, exploring different elements of businesses, is being combined with innovative concepts,
blockchain- based crowdfunding platforms, ranging from such as blockchain, which is also gaining momentum
their benefits and constraints to their effects on the financial globally.
sector and theregulatory obstacles they encounter.
Crowdfunding is even being seen as the extreme
alternative to venture capital financing. As a result, a new
audience is being attracted to nontraditional projects seeking
funds.

Fig. 1: (Trend in U.S. crowdfunding market)

“Some Simple Economics of Crowdfunding.” In this IV. SMART CONTRACTS

paper, the author walks us through the case study in USA.
They provide a preliminary exploration of the underlying Smart contracts have been increasingly used in
economics. They attempted to highlight to which economic crowdfunding to facilitate and automate the execution of
theories are applicable. crowdfunding agreements between investors and startups.
Smart contracts are self-executing programs that run on a
blockchain network, allowing for the automation of
contractual processes, such as fund transfer and asset
ownership verification.

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Smart contracts are used in crowdfunding to make sure C. Transparency:
that funds are only distributed to the startup if specific Blockchain technology provides an immutable and
predefinedcriteria are satisfied. For instance, a smart contract transparent record of all transactions on the platform. This
can be set up to only send cash to a startup if it meets a given means that investors can see exactly how their money is being
funding goal if certain milestones are met. Since investors used and can track the progress of the project in real-time.
can be guaranteed that their money will not be wasted or
exploited, this lowers their risk. D. Cryptographic Security:
To safeguard transactions and thwart fraud, blockchain
Additionally, smart contracts increase crowdfunding technology employs cutting-edge cryptographic algorithms.
process transparency. Smart contracts offer a transparent and This makes it challenging for any person or organization to
immutable record of all transactions because they are corrupt or undermine the system since these algorithms make
conducted on a blockchain network. Additionally, smart sure that every transaction is verified and confirmed by the
contracts do away with the necessity for middlemen in the network.
crowdfunding process. Because of this, it is simple for
investors to monitor how their money is being spent and make E. Decentralized Governance:
sure it is going towards what it should. Rather than a centralized authority, a decentralized
community of stakeholders will rule the platform. This can
In conclusion, the current body of literature on help to guarantee that the platform maintains accountability
crowdfunding platforms based on blockchain technology and transparency and can stop any one entity from controlling
indicates that they present numerous benefits compared to the platform.
traditional platforms. These advantages include enhanced
transparency, security, and efficiency in the crowdfunding F. KYC/AML:
process. However, it is important to acknowledge that Compliance: Crowdfunding platforms can use
regulatory hurdles exist and need to be carefully navigated blockchain toenforce KYC (know-your-customer) and AML
to fully harness the potential of blockchain-based (anti-money laundering) compliance. By using blockchain-
crowdfunding platforms. Additional research is warranted to based identification protocols, platforms can ensure that
evaluate the broader impact of these platforms on the investors and project owners are properly identified and
financial industry, as well as to formulate a comprehensive vetted, which reduces the risk of fraudulent activity.
regulatory framework that facilitates their continued
advancement and adoption. Overall, a crowdfunding platform using blockchain
technology can provide investors with greater transparency,
V. PROPOSED SYSTEM security, and efficiency. It can also enable new forms of
ownership and investment, such as fractional ownership and
Crowdfunding platforms have become a popular way secondary markets. By using smart contracts, digital tokens,
for startups and small businesses to raise capital from a large and decentralized governance, this proposed system can
number of investors. However, traditional crowdfunding create a more accessible and equitable crowdfunding
platforms have their limitations when it comes to ecosystem for startups and small businesses.
transparency, security, and efficiency. Blockchain
technology has the potential to address these limitations and VI. MODULE DESCRIPTION
revolutionize the crowdfunding industry.
Blockchain technology is one solution that can be used
Here is a proposed system for a crowdfunding platform to reduce the problems that occur in crowdfunding.
usingblockchain: Blockchain has the characteristics of integrity,
decentralization, Immutability, Security, Anonymity.
A. Tokenization: Ethereum is an open- source, public, blockchain based
The crowdfunding platform will use blockchain distributed platform and operating to featuring smart
technology to create digital tokens that represent assets or contract functionality. Ether is a cryptocurrency which is
equity in a project. This will enable investors to easily buy generated and used by the Ethereum platform. Ethereum
and sell their tokens on secondary markets, which can provides a decentralized operating system which can execute
increase liquidity and provide more flexibility for investors. an application on the public nodes. The contract is written in
such a way that all the money will be added to the pool.
B. Smart Contracts: When the request meets the specified condition then all the
The platform will use smart contracts to automate the money will be transferred to the vendor. Figure. 2 shows the
crowdfunding process and remove the need for architecture of the system.
intermediaries. Smart contracts are self-executing contracts
with the terms of the agreement between buyer and seller
being directly written into lines of code. This can
significantly reduce the transaction costs associated with
traditional crowdfunding platforms.

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Fig. 2:

All the contract code are written in solidity that is used contributor.
to deploy a contract in blockchain platform. The Campaign
Factory is built and used to deploy the contract in the The collection of funds from contributors allows them
network. With the help of campaign factory, the new to earn a spot among the list of contributors in the campaign.
campaigns can be created. Whenever a campaign factory is After collecting these funds, the campaign initiator uses
deployed a very small amount of gas fee is needed. The them to complete the campaign's mission and goals.
creator or manager of the project will request money for Similarly, the initiator may also request withdrawal of funds
buying some accessories related to that project. He will then collected. However, approval from a group of contributors
create a request with the help of the request form. This form must be given before funds are finally taken out.
will be recorded and stored in the blockchain. If necessary,
all the contributors need to approve the request. If not then The funds, when sent directly to the campaign address,
they can reject the request. Once the voting is done then the are safeguarded against fraudulent activities, and ensure that
request will be finalized and to finalize the request the theyare utilized exclusively for their designated purpose
number of approvers count must greater than half the total  Withdrawal of funds:
number of approvers that have contributed in the campaign. It is crucial to remember that the withdrawal process is
If it meets the requirement then the money will be transferred built on a decentralized platform, and that the community of
to the vendor. approvers, not a single authority, decides whether to accept
There are basically three main Modules: or reject a request. This makes the distribution of funding
more transparent and equitable.
 Creating a Campaign: It is crucial to give a thorough explanation of why the
To create a campaign, a creator has to have a clear money is required and how it will be used to advance the
picture about what he wants to build and how the investors campaign cause when making a withdrawal request. They
who comes to the platform are benefitted by his product or must provide a good justification for the required sum. They
service. Once he has finalized his proposal, sure about the need to enter the Ethereum wallet address. A table with
timelines on his deliverables, has proper resources to build columns is included on the withdrawal request page. such as
the product and has done some market research then the request Id, withdrawal description, amount needed, recipient
chances of his campaign being funded will be high. All wallet address, approval count, and finalize. This will help
campaigns are timed for raising funds and this time is to increase the likelihood of approval by the community of
decided by the campaign creator so as to give maximum approvers. The approvers can decide whether or not to
flexibility to the creator. provide funds for the requests that have been submitted, as
For creating a campaign, a campaign name, campaign well as examine the request description. The request can
potentially be denied by the approvers. Without the consent
creator’s name, single line description, detailed description, a
of approvers, funds cannot be withdrawn. The desired amount
banner image and a campaign video is required. Then he has
can be deposited into the recipient wallet once all approvers
to decide how many tokens he would like to give away and
the price, name and symbol of each token. He also needs to have authorized and finalized.
give his Ethereum wallet address to receive the funds once Once a withdrawal request has been approved and
his campaign is successful. finalized, the desired amount of funds will be deposited
directly into the recipient's Ethereum wallet. It is important to
 Contributing a Campaign:
Once a contributor has established an Ethereum wallet ensure that the wallet address provided is accurate and up-to-
stocked with ample funds aligned with the campaign date to avoid any delays or issues with the withdrawal
process. Overall, the withdrawal process provides a way for
requirements, they can then engage with the campaign
contribution page through the use of MetaMask or a individuals to access the funds raised through a campaign
corresponding service. The contributor must follow this for a specific cause. By following the guidelines and
protocol before being able to input the minimum amount that providing a valid reason for the requested amount,
has been established by the creator of the campaign. Lastly, individuals can increase their chances of receiving the
the transaction will require confirmation from the necessary funds to support their cause.

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Fig. 3: Crowdfunding campaign demonstration

VII. METHODOLOGY mediated by the smart contracts written for crowdfunding

dapp deployed in Ethereum blockchain platform.
The basic architecture of the crowdfunding dapp
(decentralized application) is depicted in the Figure 4, a basic The design architecture of a system can be split into
crowdfunding dapp architecture diagram. three different steps:
 Smart contracts (Ethereum Blockchain)
All interactions between a campaign creator (a person  Frontend logic and user interface
arriving in the platform to raise funds) and a campaign  Data storage
investor (a person arriving in the platform to invest ether) are

Fig. 4: System Architecture

B. Frontend / User Interface:

A. Smart Contracts: While the backend logic of a Dapp requires a developer
Smart contracts are simply programs stored on a to write smart contract code to be deployed on a blockchain,
blockchain that run when predetermined conditions are met. the frontend or client side of a Dapp scan use standard web
They typically are used to automate the execution of an technologies such as HTML and JavaScript. This allows
agreement so that all participants can be immediately certain developers to use familiar tools, libraries, and frameworks.
of the outcome, without any intermediary's involvement or The client-side user interface is usually linked to the smart
time loss. contracts via client-side libraries such as Web3.js or Ether.js
which are bundled with the frontend resources and sent to the
Smart contracts store the business logic for a dApp browser together with the UI. Interactions with smart
along with the state of the application. This is the biggest contracts such as signing messages and sending transactions
difference between a dApp and a traditional web to the smart contracts are usually conducted via a browser-
application, and what gives a dApp all the benefits based Web3 wallet, such as MetaMask.
mentioned above.

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Fig. 5: User Interface

C. Data Storage:  JavaScript VM: It creates a mock of blockchain

Most applications need to store data, but due to the environment so you can test your smart contract
distributed nature of blockchains, storing large amounts of functionality.
data on-chain is not feasible, and can get very expensive.
This is why many dApps that need to store data make use of  Injected Web3: This environment uses a browser plugin
off-chain data storage services such as Filecoin, leaving the or a blockchain based browser such as Mist to connect to
blockchain to store crucial business logic and state only. anyEthereum network (test or main).

We can also use traditional cloud-based storage  Web3 Provider: This environment connects to Ethereum
services. However, many developers choose decentralized node running at localhost and send the transactions to any
options to maintain and extend the trust-minimized network (test or main) as specified by the user
properties that a blockchain-powered dApp provides. Here
we are using Filecoin for managing data storage. A. Visual studio code:
Visual studio code is a code editor developed by
Filecoin functions as a decentralized storage Microsoft. It is a feature rich editor that supports code
marketplace on the blockchain, which rewards network highlighting, code debugging, intelligent code completion
participants who helpin storing files and retrieving them. and code refactoring to build web applications. It supports
wide range of programming languages and has a built-in
Filecoin is a decentralized protocol that allows users to terminal to execute command line commands. As
rent out spare storage space on their computers. crowdfunding is a frontend, heavy application with lots of
VIII. DEVELOPMENT TOOLS JavaScript Visual studio code was a best choice as the editor
to develop the application.
 Solidity: Solidity is an object oriented high-level
B. Meta Mask Wallet:
language used for writing smart contracts in the
MetaMask is a chrome browser plugin that acts as a
crowdfunding dapp. A statically typed language has
bridge between your browser and Ethereum blockchain by
features such as inheritance, libraries, and complex user
providing a secure identity vault, a user interface to manage
defined types. C++, python, and JavaScript, majorly
multiple Ethereum wallets and sign blockchain transactions.
influenced it. Solidity is compiled to bytecode that is
It is one of the best ways to send transactions to Ethereum
executable by Ethereum virtual machine (EVM). Using
blockchain because it keeps a track of transaction execution
solidity developers can write dapps that implement self-
and returns if any error occurs during mining or execution.
enforcing business logic contained in smart contracts,
It is an Ethereum community open-source project having
leaving an undeniable and permanent record of
more than million active users; hence, it is the most popular
transactions
plugin to interact with blockchain.
 Remix Editor: Remix Editor is a development
C. IPFS:
environment and testing framework. With Remix, Smart
IPFS stands for interplanetary file system. It is a protocol
Contracts are compiled and deployed and injected into
and network used to store and share hypermedia in a
web applications.
distributed file system. It is an open-source project
maintained by a hugecommunity of developers. The contents
Developing in remix assists developers to find bugs
in IPFS are accessed in two ways, via FUSE (in case of
and debug code with ease. Remix supports three different
Linux) and over HTTP even though IPFS wants to replace
kinds of environments to deploy and run the smart
HTTP. IPFS can be seen as a BitTorrent swarm, exchanging
contract:
objects within a single Gitrepository

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D. React Framework: As the world is moving towards Web 3.0 and
React is a front-end JS library for developing user decentralized systems to solve their daily problems, it is
interfaces or UI components. React JS helps in building a important to test and build new alternative architectures that
dynamic and efficient webpage. Especially, while loading show us the ideology to provide innovative solutions. With
the current blockchain network to the webpage. the existing solutions in the crowdfunding world created and
handled by intermediary corporations that have a say on
E. Web3.js Library: various parameters of a campaign, the alternative solution
Web3.js is a pool of libraries which permits us to interact based on peer-to-peer network handling the campaign
with a on-chain and off-chain remote Ethereum nodes, using transactions seems ripe. This project explores ways to
a HTTP or Inter Process Communication (IPC) connection. remove intermediaries in a crowdfunding business use case.
The web3 JavaScript library interacts with the Ethereum This was done with the help of smart contracts, written for
blockchain. It can retrieve user accounts, send transactions, the crowdfunding dapp application deployed in Ethereum
and interact with smart contracts. blockchain, that guide the execution of a transaction. This
interaction allows users to create and invest ether into
F. Next.js Framework: campaigns that interest them. Without much efforts campaign
On top of Node.js, the open-source development creators and campaign investors can perform their intended
framework Next.js enables server-side rendering and the activities using the crowdfunding platform.
creation ofstatic web pages for React-based web apps. When
constructing a server-rendered website using Node.js, Overall, blockchain-based crowdfunding projects have
developers are advised to use Next.js, which is included the potential to revolutionize the way we fundraise for social
under ’Recommended Toolchains’ in the React causes and promote transparency and accountability in the
documentation. Next.js is used to expand the capabilities of distribution of funds. As blockchain technology continues to
traditional React apps to include applications rendered on the evolve and gain wider adoption, we can expect to see more
server side. Traditional React apps render all of their innovative crowdfunding projects that leverage the power of
information in the client-side browser. blockchain to create positive social impact.
IX. SMART CONTRACTS XI. FUTURE SCOPE
The built private blockchain enables the creation of The future scope of this project aims to minimize the
smart contracts, which are rules for transactions. A smart transactional slippage while converting different cryptos to
contract is a self-executing, self-enforcing technology that stable coins by devising an algorithm to convert stable coin
maintains and implements contractual provisions through with the highest out amount within a given time frame. Since
blockchain and is regulated by its clear terms and at the beginning the fess is expected to remain high, we will
conditions. therefore aim to reduce the transactional fess in the future.
The transactions taking place in Ethereum network will be
Simple” if/when... then.” statements that are put into enhanced to other networks and ecosystems.
code on a blockchain using Solidity are what smart contracts
use to function. When preset requirements have been There are many opportunities for growth and
satisfied and validated, a network of computers carries out innovation in this space
the operations (registering an institution, issuing certificates,
and sharing certificates). When the transaction is finished,  Increased adoption of cryptocurrencies: It is becoming
the blockchainis then updated. more common for people to embrace cryptocurrencies as
blockchain-based crowdfunding platforms grow in
X. CONCLUSION popularity. This shift implies that more individuals will
In conclusion, blockchain-based crowdfunding has back various projects using these digital currencies,
emerged as a promising and innovative way to fundraise for causing more widespread adoption of cryptocurrencies
various social causes and projects. Blockchain technology is and potentialabandonment of standard payment practices.
revolutionizing crowdfunding. The decentralized and  Expansion of investment opportunities: With
transparent nature of blockchain technology enables tokenization, a blockchain-based crowdfunding platform
individuals to directly contribute to the causes they care could allow for the creation of new investment
about, without the need for intermediaries. Additionally, the opportunities, such as fractional ownership of assets or
use of smart contracts ensures that the funds are distributed revenue sharing agreements. This could attract a wider
fairly and transparently, reducing the risk of fraud or misuse range of investors to the platform.
of funds. By leveraging blockchain technology,  Integration with decentralized finance (DeFi): DeFi
crowdfunding campaigns can reach a wider audience and applications are built on top of blockchain technology and
attract more donors who are interested in supporting a allow for peer-to-peer transactions without intermediaries.
particular cause. Moreover, the withdrawal process ensures Integrating a crowdfunding platform with DeFi could
that the funds raised are used for their intended purpose, and provide more funding options for projects and reduce costs
the community of approvers helps to ensure transparency and associatedwith traditional fundraising methods.
fairness in the distribution of funds.  Niche crowdfunding: Crowdfunding for specialized
endeavors such as sustainability, social effect, or
neighborhood initiatives may be made possible via a

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Volume 8, Issue 6, June 2023 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
blockchain-based platform. This might draw supporters [11.] Yi-Hui Chen, Shih-Hsin Chen, Iuon-Chang Lin,
who are enthusiastic about these causes and produce a “Blockchain based smart contract for bidding system”
more focused fundraising experience. 2018 IEEE International Conference on Applied
 Improved user experience: Faster transaction times, System Invention (ICASI), Apr 2018, 978- 1-5386-
more intuitive interfaces, and lower fees are some of the 4342-6.
potential advantages that crowdfunding platforms could [12.] "Remix, Ethereum-IDE" [Online]. Available:
enjoy as blockchain technology progresses. With this https://remix.readthedocs.io/en/latest/run_tab.html
improvement, the user experience is bound to become [13.] Zhao, Hongjiang, and Cephas P. K. Coffie. “The
better over time. Applications of Blockchain Technology in
 Partnerships with other blockchain projects: Crowdfunding Contract” SSRN Electronic Journal,
Partnering with other blockchain-based projects is a 2018. DOI.org (Crossref),
potential strategy to enhance the benefits available to https://doi.org/10.2139/ssrn.3133176
users. If you partner with a blockchain project that focuses [14.] Buterin, "Ethereum Whitepaper” 2013.
on identity verification, it would notably increase the https://github.com/ethereum/wiki/wiki/White- Paper.
security of your platform and minimize the occurrence of [Accessed 21 September 2017].
fraud.

Using blockchain in your project on a crowdfunding

platform presents many exciting growth opportunities within
a promising future scope. Innovation in this space is abound.

ACKNOWLEDGMENT

We appreciate Ms. Raunak Sulekh, our project mentor,

for supporting us and assisting us in resolving some of the
most difficult difficulties in creating our project.

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