Harnessing the Power of web3: A Blockchain Approach to Crowdfunding

Abstract

Conventional crowdfunding methods frequently involve intermediaries, lack transparency, encounter regulatory challenges, and are not highly secure. Instead, a blockchain-based agreement can be formed, carried out, and enforced between members without the assistance of a third party. To achieve this, creating smart contracts, with blockchain-compatible executable code, is crucial. Additionally, cryptocurrency can be used, for which crypto wallets can securely store private keys, giving users access, control, and ownership over their digital assets while also encouraging decentralization and interoperability. Crypto wallets protect users’ assets against cyber threats and unauthorized access by utilizing technologies like encryption, two-factor authentication, and multi-signature support to provide strong authentication and protection. Using a web3 platform like Thirdweb eliminates the need for an administrator by providing automated tools and infrastructure that streamline the creation, management, and deployment of decentralized applications. This study proposes the use of web3 technology to create a multi-user cross-platform blockchain-based crowdfunding DApp which employs Ethereum, smart contracts via solidity and crypto wallets for decentralized fundraising.