Empowering Communities Through Democratic Crowdfunding Decisions
摘要
One of the key limitations of any crowdfunding platform that uses blockchain technology is the lack of transparency regarding fund usage by campaign creators after receiving donations. The current paper addresses this issue. For this investigation, we conducted a detailed examination of the relevant literature on decentralized applications (DApps) and the use of smart contracts to automate administrative tasks. We identified a significant gap in existing platforms: the ambiguity surrounding post-donation and how fund management can be unfair, which blockchain alone does not address effectively. Our findings highlight the strengths of blockchain security and automation capabilities, which ensure a safe and trustworthy environment for users. Our proposed solution integrates a decentralized voting model and a collusion prevention algorithm called EigenTrust to empower donors with a participatory role in decision-making processes, eliminating the need for centralized authority. In this study, we implement and evaluate a decentralized voting model that uses specific techniques to prevent any attacks or chances of misuse of powers that would then empower donors to participate in critical campaign decisions, enhancing trust and satisfaction by allowing them to verify the responsible use of their contributions. By reducing uncertainty around fund allocation, our model increases a more engaging and end-to-end secured donor experience, encouraging donations and supporting the long-term success of social crowdfunding projects. In all, this paper presents a novel approach to increase crowdfunding platforms using blockchain technology with a voting model paired with collusion prevention to address the issue.