Polyfund: Polygon - Based Crowdfunding Dapp

Abstract

The rise of information technology has led to a surge in interest of investors and businesses in advanced futuristic technologies like Blockchain and Cryptocurrency. Blockchain is the heart of web3 technologies. One of the fields that could be revolutionized using it is crowdfunding. Crowdfunding is the process of supporting a project by obtaining modest contributions from a large number of individuals, usually online. Modern day crowdfunding websites are centralized, prone to cyberattacks, charge high amounts of transaction fees, have print rules & regulations and intellectual property risk. Blockchain has emerged as a technology which promises decentralization of a system along with a highly secured database. Blockchain is a distributed immutable ledger used to record transactions. Our project proposes a model to switch traditional crowdfunding processes on a Blockchain Network called Polygon. Apps made on Polygon use the same frontend as that used in traditional web2 websites but the backend instead of being a centralized database is an open peer-to-peer network. Our proposed work has a promising future and lots of room for development.