Boomstarter bids blockchain-based access to global startup funding

Boomstarter.Network, a platform in Eastern Europe for generating pre-sales for startups, moves to blockchain to challenge a number of limitations that constrain existing crowdfunding services.

Boomstarter.Network will lift restrictions on which countries are permitted to take part. It will allow startups from any country to pre-sell their future products by accepting cryptocurrency. Boomstarter.Network will also provide tools to safely mine cryptocurrencies to buy products and services that startups offer on the platform.

A key priority is to remove country restrictions. The world’s leading fundraising platforms do not allow startups to launch crowdfunding campaigns if they reside outside a very limited number of developed industrialized countries.

Boomstarter.Network essentially aims to democratize crowdfunding by giving people in any country the ability to start their own product pre-sale.

After pre-ordering a startup’s product, the funds will be transferred to them quickly. Transactions will take a matter of minutes, while on existing platforms it can take weeks for funds to be sent and withdrawn.

Boomstarter.Network will also make it possible to support projects by mining for cryptocurrency. The platform will provide buyers with a safe and easy tool for generating virtual currency using just their personal computers. They will be able to retain part of the digital assets they have created and also use them to pre-order and support their favorite startups on the platform.

“We have been operating in the crowdfunding space for six years and we know the challenges that this scene is facing globally. Now with blockchain technology, we are able to offer solutions to these shortcomings and provide access to crowdfunding worldwide,” said Maria Dokshina, a certified fundraising professional and CEO of Boomstarter.Network.

The platform will use smart contracts based on Ethereum blockchain to ensure trust and transparency. These are computer algorithms that will guarantee people raising funds automatically receive the amounts they are due when their preset fundraising goal is reached.

Blockchain technology also offers transparency in how startups use the funds they have raised. This will allow the community of those who pre-ordered to track and offer feedback on how project creators have allocated the money they have collected to develop their product.