Betfunding: A distributed bounty-based crowdfunding platform over Ethereum

Abstract

Blockchain, the technology behind Bitcoin, is a permissionless distributed database which allows distributed storage and computation over a large network of nodes. This technology has been applied recently to many other fields besides e-currencies (Bitcoin 2.0 projects). In this paper we present Betfunding: a blockchain based decentralized crowdfunding platform. On the contrary of regular crowdfunding platforms, our system does not require a central and reliable organization. In Betfutding users bet whether the project will or will not be implemented in a given time frame, increasing the bounty and incentive for potential developers to carry it out.