WHIRL- CROWDFUNDING PLATFORM WITH A DIFFERENCE
We’ve all heard or seen cases where people with the brains, will and dream to achieve greater heights end up failing to just because they can’t get that start-up fund. People with ideas that can literally change the world but they just can’t afford that bank collateral or can’t keep up with the interest rate to be paid on loans or people in dire need of humanitarian assistance worldwide that can’t afford basic needs like food, water, shelter etc. These are all common case scenarios.
Ever heard of the phrase “one good turn deserves another”? Well, this is what WHIRL is all about.
WHIRL is a crowdfunding platform to be built on the blockchain and designed to solve the problems faced by previous crowdfunding platforms. It is to have WRL tokens as its primary means of payment.
HOW IT WORKS
To get to have an understanding of how the platform works, let’s, first of all, understand a unique feature found on the platform and its functions.
This feature is known as the KARMA.
KARMA are tokens that are used as a form of reward to all users of the platform that have taken part in a crowdfunding campaign. Different users could get a different amount of karma tokens when participating. For example, for every dollar donated to a crowdfunding campaign by a user that paid using the WRL tokens, they could get 10 karma tokens; for those that paid using other cryptocurrencies, they could get 8 karma tokens and those that participate in humanitarian campaigns get bonus karma tokens and could get 20 karma tokens.
Karma is also the means of eligibility for participation on the platform as users can only list their own campaigns when they have a minimum of 500 karma tokens. The amount of karma tokens one has translates to the amount he/she can raise in his own campaign. So, the user with 1000 karma can raise $1000 maximum. Karma tokens also give a competitive edge to users during crowdfunding campaigns.
Now, for a user with enough karma tokens that wants to start their own crowdfunding campaign, their applications are first of all reviewed by moderators that could either accept or reject them. Once accepted, the campaign joins the queue and moves forward based on the time spent and amount of karma tokens. Initially, only one campaign is featured at a time (apart from NGOs that are given special slots) and once they are done, there are two campaigns behind it waiting to move forward. However, only the one with higher karma tokens gets to move forward. The platform gets 5% of the raised amount as platform fees and the rest belongs to the campaign owner. Once the user has finished his/her campaign, his/her Karma tokens automatically read Zero but the platform keeps note of a user’s total Karma tokens for rating purposes.
To get full details of the process works out, read the whitepaper or go through the website.
ADVANTAGES OF USING THE WHIRL PLATFORM
Limited campaigns: unlike other platforms that end up a tad confusing prospective backers with too many campaigns at a time. Whirl limits the number of campaigns to a certain number to increase the concentration and focus on projects at hand. So projects get to be finished faster and backers don’t forego one for the other and everybody wins!
No regional restrictions: as a result of its presence on the blockchain and being backed by cryptocurrencies that aren’t under control of any central authority, users can raise funds and get their funds sent to them from anywhere and at any time without any restrictions.
First on the scene: WHIRL is to be the first blockchain based crowdfunding platform and hence will naturally enjoy the benefits which include more users, awareness and experience than any other platform that later comes on.
Incentivized participation: users just register on the website, back any active campaign on the platform and gain incentives via Karma tokens for doing so. Hence, this drives increased participation in crowdfunding campaigns as the saying goes “one good turn deserves another” so, a user must have participated in other crowdfunding campaigns to be able to organize theirs.
CONCLUSION
Going through the profiles of the minds behind this project it is obvious that they are all well experienced in their respective fields and hence, the project could be said to be in safe hands.
Also, with a market that is projected to raise over $300B annually for businesses throughout the world by 2025 (source), the crowdfunding market is not only rapidly expanding but is still very much untapped yet. So go out there and go get your projects crowdfunded. No bank loans! No high transaction fees! No fraud! Just plain old crowdfunding the way it should be… without hassles and overbearing demands.
So what are you waiting for? Go check out any of the following links for more information about the project:
BountyOx username- abdulmutalib1995