TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
WeFund to bring forth open, democratized crowdfunding
The advent of a new era of globalization and technology brings numerous ways of bringing people together.
Change Size
T
he advent of a new era of globalization and technology brings numerous ways of bringing people together. In the past, the rise of Web 2.0 brought people together to pool their resources for initiatives featured on Indiegogo, Kickstarter and GoFundMe.
The platforms mentioned above are centralized, following strict corporate policy and terms of service. Indiegogo and Kickstarter have fundraising limitations depending on location, including specific territories. Most recently, GoFundMe took down a campaign without warning and did not forward the money raised to the original cause, against the wishes of the campaign’s backers. This is a major flaw with centralized platforms with strict terms of service.
The rise of Web 3.0 and decentralized platforms can alleviate the current flaws in Web 2.0 crowdfunding. People will be able to create the social initiatives they want, pool resources and know that their resources are safe and secure without anything happening against their wishes. WeFund is an ideal alternative to centralized crowdfunding platforms.
Decentralized in nature, WeFund is a community crowdfunding incubator for blockchain, real-world and charity projects that are built on various blockchains like Terra, Solana, Ethereum and more. WeFund’s platform and native token,WFD, are built on the Terra blockchain, a stablecoin-based ecosystem with high-quality protocols, low gas fees and a vibrant community.
WeFund has the capability to implement various blockchain and real-world projects, bridging the gap between the two. In addition, WeFund is being developed into a 360-degree incubation service for projects hosted on its platform by providing support and guidance before, during and after the fundraiser is completed. WeFund’s strategy for scalability is to build and maintain a strong community with voting power that provides continuous feedback for our platform and the projects WeFund incubates and hosts.
WeFund works by inviting project creators or any individual to launch their projects and initiatives on the platform. These are then vetted by a community of backers, not WeFund, ensuring that the process begins with the will of the people. The community determines whether these initiatives align with their passion or promise value. WeFund does not participate in the community vote. On WeFund, the community drives the platform forward, as well as all the initiatives on it.
Our greatest value added is providing security for project investors through our unique milestone funding release system, with smart contracts and the use of Anchor Protocol. For example, if a project is looking to raise US$100,000, this is broken down into milestones, such as $10,000 for website development, $15,000 for marketing and so on.
All initiatives have a dedicated smart contract to deposit all funds in Anchor Protocol, a savings protocol offering low-volatility yields on Terra stablecoin deposits. WeFund does not touch the money. The project will then receive the initial capital of $10,000 to complete developing its website by a specified date. Milestones are approved by the project’s investors for releasing the next set of funds from Anchor. If the project does not get approval from backers, then the money will be returned to the investors. The money that has already been released to the project is nonrefundable. This strategy is to provide security for project backers while holding the projects accountable for their development.
WeFund is dedicated to the growth and sustainability of our community. We have a reach that extends across Southeast Asia to Latin America, the Middle East, Europe and more. We are bringing crypto communities from around the world to WeFund, where we offer our support and community reach to promote the projects on our platform so everyone is aware of these opportunities. In addition, projects also have the option to dedicate a portion of the funds raised to WeFund and/or share with a charity. WeFund does not take any commission from the funds raised, and only takes a 1 percent transaction fee from a proejct’s backers.
For charity projects hosted on our platform, everything will be done using blockchain so investors can track exactly where their funds go. WeFund is building our platform to be as automated as possible to minimize risk and provide full transparency. This will prevent that issues that other crowdfunding platforms have.
WeFund’s mission is to host and incubate high-quality projects that align with its investor community, its principle of community-driven decision-making for 100 percent transparency and managing funds exclusively on Terra’s Anchor Protocol, using smart contracts for security.
The WeFund brand is about quality, transparency, community and security. WeFund’s mission fosters growth and trust between charities, project creators and backers without a middleman or centralized power to disrupt the process. Baked into the system, this ensures that the WeFund administration takes a hands-off approach to all fundraisers to the resources are pooled and used as its community wishes.
