Pledgecamp promises no more $600 dollar water cooler scams with its blockchain backed crowdfunding site

Pledgecamp uses smart contracts to hold its pledger’s funds in escrow, instead of the creator getting all the money upfront. Funds are released based on the backers, who vote based on if the development plan is on track.
When crowdfunding platforms first exploded back in 2009, it seemed like everyone was investing in some sort of new technology. The idea of funding a futuristic project that you fully support, without having to spend the big bucks was appealing to many. However nowadays, when you search crowdfunding you will see plenty of successful ventures, but alongside them appears articles detailing the latest scams of crowdfunding and their angry investors.

Jae Choi, Eddie Lee, and Sam Pullman are three people who know what it is like to put on a successful crowdfunding campaign. The three are behind Podo Labs and have successfully raised more than $2.2 million, making them one of the top raising groups ever. Podo Labs produced a various devices via crowdfunding, ranging from one that makes any set of headphones wireless, to the creation of a powerful speaker or wireless camera.

The founders of Pledgecamp

Despite all of Podo Labs successful projects, the three were well aware of the scams out there. From Beef Jerky that raised $120,309 before amounting to nothing, to the $600 water coolers, that did not in fact exist, the amount of money lost to “scam” crowdfunding campaigns has never been totaled; however, 85% of campaigns end up being delayed, with another 14% failing to deliver.

Pledgecamp is working to reverse this problem with its blockchain based crowdfunding platform. The platform is unique in that it allows investors to back campaigns without the risk of losing all their money. Pledgecamp uses smart contracts to hold its pledger’s funds in escrow, instead of the creator getting all the money upfront. Funds are released based on the backers, who vote based on if the development plan is on track. If the plan is not on track investors can cancel funds, withdrawing remaining funds and redistributing them. For what may be the first time ever, creators will be held accountable for their products, forcing them to set reasonable delivery expectations and update investors every step of the way.

The company also guarantees that creators are sticking to their goals with a Pledgecamp Ecosystem and Market Network. The network provides creators with the help they need to create their products. Whether it is targeting key partners or finding the perfect vendor to grow the creators business once the campaign has been completed.

The company has already raised 17 million USD, through crowdfunding, with plans to raise another 3 million in its public token sale, which lasts until mid-March. Pledgecamp plans to launch its native token, the Pledge Coin in Q3 of 2019, with advisors such as Randi Zuckerberg, Matt Curcio, the VP Data at Ripple, Keith Teare, a founding Shareholder at TechCrunch, and Prince Abdullah of the Saudi Royal Family backing the venture.

“At Pledgecamp, we strive to incorporate the benefits of blockchain technology into crowdfunding. Our primary mission is to restore trust, accountability, and collaboration in the crowdfunding community,” explained Jae Choi, CEO of Pledgecamp. “By implementing a secure and trustworthy financial framework, crowdfunding can once again thrive and meet expectations, all while driving entrepreneurship and economic growth globally.

Pledgecamp has made big promises, from founders with real crowdfunding leaders. Despite all the scams that have been on sites like Kickstarter and Indiegogo the communities supporting the sites are large, with avid fans. Are companies prepared to list their products on a blockchain based site? More importantly, will the community follow?

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