Crowdfunding platforms have changed the way people mobilize around a cause. On Kickstarter, consumers can support an idea before a product is even made. GoFundMe gives people the opportunity to raise money for noble endeavors. But unfortunately a lot of these crowdfunding platforms are skewed toward developed countries, shutting out most developing countries around the world.
That’s where the Acorn Collective comes in, providing a new open-access crowdfunding platform that uses blockchain technology. And it’s commission free, too, which means the funds raised from crowdfunded projects aren’t siphoned by the platform to feed shareholder returns. That’s great for a start-up on a budget.
The end goal is to build an expansive and wide reaching platform which supports a wider range of businesses and entrepreneurs. As long as your idea is legally and ethically sound, Acorn Collective will support it.
By using blockchain technology for transactions, Acorn is able to keep fees at a minimum; other crowdfunding platforms typically charge around 10-percent in fees when all is said and done. The platform itself is funded through an ICO, where Ethereum is used to purchase OAK tokens, an ERC-20 token built on the Ethereum blockchain.
Acorn is currently gearing up to begin its main ICO on May 26. When it launched its pre-sale ICO, the company sold over $1.5 million worth of tokens in just 48 hours, well on its way to its initial goal of $5 million.
Purchasing tokens will allow people to support projects and have exclusive access to post-campaign products.
Big crowdfunding platforms like Kickstarter and Indiegogo have been crucial to the success of thousands of projects, but it’s about time the idea of crowdfunding was reshaped into something better. By being friendlier to developing countries and eliminating high fees, Acorn Collective’s new platform could completely change the face of crowdfunding.
Acorn Collective’s pre-sale has already ended, with the main ICO set to begin on May 26.
Disclaimer: This post was sponsored by Acorn Collective.