HaveFun(d)

The Problem It Solves: Traditional crowdfunding platforms face numerous challenges that hinder both campaign creators and contributors. High fees, limited payment options, lack of transparency, and potential mismanagement of funds deter users from engaging fully. According to Statista, the global crowdfunding market size is projected to reach $42.93 billion by 2028, yet trust issues persist, with 67% of contributors citing concerns about fund misuse as their primary barrier. Additionally, for many contributors outside the crypto space, converting fiat to crypto for blockchain-based projects remains a significant hurdle.

The Solution: What NeedFund Does NeedFund(d) revolutionizes crowdfunding by leveraging blockchain technology to provide a secure, low-cost, and transparent platform for raising and managing funds. By integrating innovative tools, NeedFund bridges fiat and cryptocurrency seamlessly, enabling contributors to fund campaigns globally, regardless of their financial or technical expertise.

Here’s how NeedFund works:

1. Campaign creators set up fundraising projects with detailed goals, deadlines, and descriptions.
2. Contributors can donate using either fiat or cryptocurrency, with fiat easily converted to crypto via Coinbase Onramp.
3. Transparent tracking of funds is ensured through blockchain explorers like Blockscout, allowing contributors to see exactly how their money is managed.
4. Low transaction fees are guaranteed through the use of efficient blockchain networks like Hedera and Bitkub, ensuring the maximum amount of funds goes to the campaign.

How Each Technology Was Used Hedera: Purpose: A fast, eco-friendly blockchain network that processes transactions efficiently and at a fraction of the cost of traditional blockchains. Role: All transactions are securely recorded on Hedera, providing a trusted and immutable ledger. Its low fees and high scalability make it ideal for handling a large volume of contributions without compromising speed or security.

Circle: Purpose: Stablecoin payments and crypto infrastructure. Role: Circle was used to manage stablecoin transactions, ensuring that contributions remain stable and unaffected by cryptocurrency price volatility. This offers security and predictability for campaign creators and contributors.

Coinbase Onramp: Purpose: Simplifies the conversion of fiat currency into cryptocurrency. Role: Coinbase Onramp allowed contributors unfamiliar with cryptocurrencies to use their fiat currency (via card or bank payment) to fund campaigns effortlessly. This lowered the barrier to entry and expanded the platform's global reach.

Bitkub (BK Chain): Purpose: A low-cost, high-performance blockchain. Role: Campaign smart contracts were deployed on BK Chain to leverage its minimal transaction costs and high throughput, ensuring contributors' funds were utilized efficiently.

Blockscout: Purpose: A blockchain explorer for tracking and verifying transactions. Role: Blockscout enabled real-time tracking of contributions, ensuring full transparency for contributors. Each transaction could be viewed on the blockchain, giving contributors confidence in how their funds were managed.

1inch: Purpose: Liquidity aggregation and optimized token swaps. Role: Used to provide contributors with the best possible rates when converting between cryptocurrencies. This ensured that campaign creators received the highest value for contributions in crypto, reducing inefficiencies and increasing trust.

Gnosis: Purpose: Secure fund management through multi-signature wallets. Role: Funds raised in NeedFund were stored in Gnosis Safe, requiring multiple approvals for transactions. This ensured that funds were only accessed and used for their intended purpose, eliminating risks of mismanagement or fraud.

Conclusion NeedFund(d) is more than a crowdfunding platform—it’s a global movement to democratize fundraising. By solving the critical issues of high fees, limited accessibility, and lack of transparency, NeedFund empowers campaign creators and contributors to make a real difference, securely and efficiently.

Technologies and How They Were Used

Hedera How It’s Made: Used as the primary blockchain for recording campaign metadata and processing contributions. Usage: Its low transaction fees and eco-friendly consensus mechanism made it ideal for handling high volumes of transactions cost-effectively.

Bitkub (BK Chain) How It’s Made: Smart contracts for campaigns were deployed on Bitkub to leverage its high performance and minimal costs. Usage: Enabled efficient handling of campaign-specific logic like goal tracking and fund releases.

Coinbase SDK How It’s Made: Integrated into the backend to provide fiat-to-crypto conversion functionality. Usage: Allowed contributors to use their credit cards or bank accounts to seamlessly convert fiat to crypto for funding campaigns.

Circle How It’s Made: Integrated for managing stablecoin transactions, specifically USDC. Usage: Ensured contributions remained stable in value and mitigated risks associated with crypto volatility.

Blockscout How It’s Made: Blockchain explorer integrated into the platform for real-time transaction tracking. Usage: Provided transparency for contributors by allowing them to view every transaction on the blockchain.

1inch How It’s Made: Integrated into the backend to aggregate liquidity and optimize token swaps. Usage: Ensured contributors got the best conversion rates when funding campaigns with multiple cryptocurrencies.

Gnosis Safe How It’s Made: Multi-signature wallets used for secure fund storage. Usage: Required multiple approvals for fund releases, ensuring campaigns were managed responsibly and securely.

Kinto How It’s Made: Decentralized database backend to store campaign metadata and synchronize updates. Usage: Enabled real-time data consistency across the platform for contributors and campaign owners.

React (Frontend) How It’s Made: Built the user interface with React to provide a dynamic and responsive experience. Usage: Allowed users to create campaigns, manage contributions, and track progress seamlessly.

Node.js and Express (Backend) How It’s Made: Developed the backend APIs to handle transactions, manage campaigns, and integrate with blockchain services. Usage: Acted as the middleware connecting the frontend with blockchain and payment systems.

How These Technologies Work Together Frontend: React handles user interactions and displays campaign details, fetching real-time data via APIs. Backend: Node.js/Express connects with Coinbase SDK, Circle, Hedera, Bitkub, and 1inch for handling transactions, crypto conversions, and blockchain interactions. Blockchain Layers: Hedera and Bitkub process contributions and manage campaign logic, while Blockscout provides transparency. Payments: Coinbase Onramp and Circle bridge fiat and crypto seamlessly for contributors. Security: Gnosis Safe ensures secure fund storage and controlled releases. This stack ensures a robust, scalable, and transparent crowdfunding platform.