[Anuhya Gankidi(015897323), Anujot Singh(015963662), Jayanth Reddy Sheri(015242565), Xialu Zou(011353316)]
Every year billions of dollars are lost in badly planned and executed startups that look perfectly legitimate at the first glance
- iBackPack: At first, iBackPack seemed like the perfect Indiegogo investment. It had diagrams, happy videos with lots of millennials, and an interesting concept: An urban backpack that could store, charge and help provide hotspots for iPhones on the go, with plenty of room to spare. It was also vastly successful, raising more than $720,000 in 2015 alone, plus more from Kickstarter. Then iBackPack vanished. YouTube videos were taken down. Communication ceased almost entirely, and updates stopped completely with no word on if the backpacks would ever exist.
We want to create a platform where the probability of investors losing money is drastically decreased, the uncertainty of the project is reduced, and the chances of fraud are mitigated.
Online fundraising has revolutionized the way of raising funds for not only start-ups but for all traditional or existing businesses. This 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 funding more transparent and secure. A smart contract is similar to a contract in the physical world, but it is digital and represented by a tiny computer program stored in a blockchain. These smart contracts can be used to implement logic. We want to propose a method that uses smart contract to manage all the activities performed in a funding event.
Online funding enables people to raise funds for their project. People who are interested in a project can donate by making an online transaction. The existing method of online funding has a major drawback. It does not allow contributors to have control over the money they have contributed. Since in the existing method the project manager has all the control over the money contributed, he can very easily perform malicious activities. We want to address this problem faced by the existing online funding platforms by using Ethereum network and smart contract. Using smart contracts we will implement a solution where the star-up manager will be able to send money to any address only after a consensus from the investors is reached.
Further, we can track on the blockchain where exactly the money is going.
- Investor / Contributor
- Founder / Project Manager
APP Link: http://13.59.109.60:3000/ To use the functions of this project Chrome metamask extension is required
Source-code: https://github.com/sjsucmpe272-fall21/Investor-Protector