In the age of shared economy, innovative projects do not have to rely on institutional investors to raise the required funds. If an idea is attractive enough for the general public, they can contribute towards the idea to make it a reality. The introduction of crowdfunding platforms as a…
The introduction of crowdfunding platforms as a mean to support ideas is now possible. Most of such platforms are currently tied to traditional models. They deal in fiat currencies, and therefore limit their global outreach. Starbase, on the other hand, is a crowdfunding platform which exclusively relies on blockchain to bypass territorial limitations.
The cryptocurrency-based crowdfunding/crowdsourcing platform is founded by Tomoaki Sato, a blockchain engineer. The platform allows startups and individual project creators to list their product ideas and goals, to raise funds from the diverse cryptocurrency community. Starbase supports a range of cryptocurrencies like Bitcoin, Ethereum, etc., to make it easier for both the contributors as well as the project owners to send/receive transactions. Even institutional investors, VC firms, angel investors can become part of the Starbase community and invest in projects.
The cryptocurrency community is a great target for fundraisers as the digital currency’s volatility, and the natural curiosity and affinity to tech among the members make them more likely to support projects that strike a chord. Also, the cryptocurrency based crowdfunding projects will enable anyone from anywhere to contribute to the project against equity, shares or rewards.
Starbase’s initiative not only opens up the whole world to entrepreneurs to raise funds from, but it will also act as a robust validation mechanism for project creators to understand the needs of the community and whether there is a market for it or not. Based on the track record of fundraising projects listed on Starbase, even mainstream investors can gauge the startup/product’s potential and decide whether to make big-ticket investments or not.
The creators of Starbase believe in blockchain as the “Internet of Value” for open innovation foundation for every individual. The transparency offered by a public blockchain makes Starbase even more attractive. In order to facilitate the development and adoption of Starbase platform, the creators are organizing a crowdsale of its STAR tokens, starting May 2017. The two-month long crowdsale will allow people to buy into the platform and receive incentives in return for their support.
The platform has a reward structure defined for STAR token holders. The crowdfunding platform gains revenue from Token sale fee, Token issuance fee, and Work-payment fee. Starbase will be sharing the revenues from the Token sale fee among all token holders, while the revenues garnered from the other two sources will be distributed after a period of one year from the initial launch.
Starbase is preparing itself to take the crowdfunding, crowdsourcing and crowdinvesting market by storm. Those wanting to be part of the initiative have to wait until May 2017.
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