A ‘Rapyd’ rise in Crowdfunding startups
In the modern age of digitalization, paper-based money continues to lose relevance as smart wallets and payment apps take a firm hold of the driver’s seat. Not only is this significant in terms of environmental sustainability, but it also warrants a call to developments in digital security. To this effect, we have RapydFund a breakthrough in crowdfunding startups. It is not a business, but an idea waiting to happen. This idea was coined by a team of three, participating in a hackathon organized by Rapyd Financial Networks Ltd.
RapydFund is a crowdfunding platform wherein there are two main parties- the investors and the project managers. The investor can be anyone with an idea that impresses, and similarly, there are no constraints as to who can invest in a particular project.
The problem it solves
A recent survey showed that approximately 10% of all money donated/invested in fundraisers, charities, and crowdfunding is embezzled, and an amount even higher than that misappropriated and subject to inefficient use. RapydFund a crowdfunding startup aims to tackle this problem by providing airtight security and transparency to all parties involved.
How it works
RapydFund allows its users to host and invest in various crowdfunding projects. It leverages blockchain technology to ensure not only the improbability of misuse and mismanagement but also seamless transacting and complete accountability.Both parties are provided with Rapyd smart wallets that they may use for all transactions on the platform. RapydFund’s unique offering is that not only can investors track the progress of their desired projects, but they can also monitor how and where their contribution is being utilized.
Once a project manager’s investment goals have been met, he/she can choose how to appropriate the funds acquired. However, as an added layer of security, he/she can only transact with a pre-disclosed and approved list of vendors (with Rapyd smart wallets of their own) to accomplish the specific requirements of that particular project. Leveraging Ethereum Smart Contracts, tracking and logging transactions become dead simple for all parties involved, with a transaction list that is crystal clear, complete with unique identification codes.
Finally, to make it even easier, RapydFund provides a dedicated transaction page, accessible by the investors and project managers, where a list of all transactions is maintained and displayed, thereby adding a layer of trust and security to the platform.
This idea has not yet gained the traction it probably will in the next decade or so. There is potential for limitless growth and capitalisation for crowdfunding startups– if only one were to act.