A Decentralized Startup Crowdfunding System
The team has implemented a solution to the screening centralized problem by using a Dapp Token (GODZ) as an economic voting system reward, giving financial incentives for people to participate in the screening process; and if the voters approve, the Startups can then launch crowdfunding campaigns. To be published and attract voters, a Startup creates a Voting Smart Contract and provides it with some amount of GODZ as an incentive to the voters instead of paying that fee to a centralized trusted third party. This amount of GODZ will be available to all voters in a specified proportion for the winning and losing sides, as a reward after the auction period ends.Once the startup has received a positive voting result, meaning that the majority of the votes were YES, the startup is allowed to issue its ERC20 Token. The Tokens issued by the startup will immediately be available to be traded in Godzillion’s Startup Market.
How did you come up with your project idea?
At the end of 2015 we saw the potential of the Blockchain Technology in reducing friction in financial processes, decentralizing transfers and record keeping. After the Ethereum Project and the Smart Contracts logic was launched, we started to realize the enormous potential that blockchain will accomplish for trading and corporate finance. At the moment that we were learning about this technology we immediately saw its suitability, and we began to program our first smart contract on Solidity and deploy it on the Ethereum Blockchain, using our central server as private node. In the first quarter of 2016 we coded our first smart contract to manage the issuance of bonds for companies and individuals, with a primary market and a private secondary market linked together in a central server.
After learning from that experience, we decided to get 100% into blockchain technology, leaving behind the centralized logic, and we started to build a fully decentralized platform as a Smart Contract Architecture on the Ethereum Blockchain, the result is Godzillion.
What main challenges have you faced so far?
We think the most challenging aspect of running an ICO has been the security issues and promotion of the godzillion features. It inspires us the Ethereum founder team, they were the first to really promote a fully decentralized computation secure logic. We follow Gavin Wood and Vitalik Buterin from almost their start with Ethereum. When we start to wrote our first smart contract on solidity, ETH was at 8 USDT.
How do you see your project’s future?
We see it as a global startup decentralized market place, where people will create, support and trade startups worldwide.