DeCrowd: A Blockchain-Enabled Decentralized Crowdfunding System on Ethereum for Enhanced Transparency and Security

Abstract

Regular crowdfunding platforms are excited by the mystery, centralization, and abnormally high rates, and, in turn, the search for less traditional ways for this purpose. In this paper, we present the work of designing and evaluating a donation system to leverage the Ethereum-supported blockchain along with emerging web tools. The objective is a transparent, auditable system. Users can launch fundraisers, donate Ethereum, and monitor their progress. Actors are struggling to keep up. The core mechanical pieces are driven by smart contracts written in Ethereum’s Solidity. These contracts define the driving terms of the agreement, including funding amounts, degree of wet service access, and agreed-upon payment plan, cash call, and payback. The front end is integrated with React.js, and Ethers.js is an easy-to-use client library that uses blockchain to communicate with MetaMask. Functionality was tested with starting drives, donations, and withdrawals using development environments of Hardhat, Ganache, and Remix IDE. Avg. Transaction processing costs were in the ballpark of 200,000 Gas units, which was acceptable for Layer-1 Ethereum networks. The system is designed with security features, implementing access control, timestamp verification, and reentrancy protection as a step toward addressing common smart contract vulnerabilities. We will soon integrate DAO governance, the ability to convert fiat to crypto, phone support, and enhanced Layer- 2 scaling.