Blockchain-Based Crowdfunding: A ‘Pay-itForward’ Model of WHIRL

Abstract

Crowdfunding has revolutionized the way of raising funds for not only start-ups but for all traditional or existing businesses. Crowdfunding made it easy for fundraisers to raise funds as they don’t have to knock on doors of banks and financers and get the desired amount in return of interest or offering equity or even through donation, or reward. Blockchain, on the hand, is decentralizing the system of records and control which makes crowdfunding more transparent and secure. Though a number of blockchain-based crowdfunding platforms are already doing good business and they vary in crypto, model and type of crowdfunding. The study is conducted on a very new blockchain-based crowdfunding platform, WHIRL. The unique and different in this model is the model, “pay-it-forward” itself. The model assures that members will get their legit project funded after they help other projects succeed. The study also highlights some thoughts from the Executive Board of Directors and co-founders after doing a brief discussion with them.