Pledgecamp is a crowdfunding platform and a community of people funding and launching creative projects. Crowdfunding means collecting small capital from a large group of individuals to fund a business. The Pledgecamp platform aims to support creators in funding their dreams and protecting backers with features emphasizing security and accountability by incorporating blockchain technology. In addition, Pledgecamp was born with a mission to create a trusted and open crowdfunding ecosystem. Also, the vision is to allow entrepreneurs to fund and deliver their innovations with the support of a global community. The platform has teamed up with the makers of Slack and Coinbase to make Pledgecamp fun and easy to use.
According to its whitepaper, many crowdfunding platforms lack security features protecting backer funds and keeping project creators accountable. Consequently, the projects on these platforms exhibit high failure rates. Pledgecamp aims to fix the problems in crowdfunding by introducing accountability and transparency with smart contracts and aligning user interests through a rewarding token economy. The economy’s design objective is to align the incentives of all participants in the network via Backer Protection. Backer Protection (formerly known as Backer Insurance) is the number of campaign funds held in the smart contract and released according to the creator's development timeline.
Pledgecamp aims to offer the following features:–
For Creators: Pledgecamp charges low fees, provides support, and can be a post-funding storefront allowing creators to support their business without setting up their E-commerce system.
For Backers: The platform offers Backer Protection allowing voting to cancel backed projects and get a refund.
Vendor Network: The network is a decentralized marketplace for services where creators can hire professionals to work on the projects. Also, vendors get incentives to contribute to the network.
Knowledge Center: The Knowledge Center seeks to catalog the crowd's expertise, specifically product development, entrepreneurship, and crowdfunding.
A two-token economy with Pledge Coins (PLG) and Camp Shares (CS) powers the platform and compensates users for their contributions to the ecosystem. PLG is an ERC20 token on the public Ethereum blockchain, enabling the platform's key features. The token is used as a borderless, low-fee currency to back campaigns and hire services. Also, PLG enables Backer Protection and Campaign Deposits to restore trust to crowdfunding. Another use of the Pledge Coin is to enable automated bounties for the smart crowd performing verifiable tasks. In addition, staking pledge coin awards camp shares to the users.
History of Pledge Coin (PLG)
The complete Pledgecamp platform was launched in Q4 – 2019, but the team has been crowdfunding since 2014. The Pledge Coin (PLG) team includes founders Jae Choi – CEO, Eddie Lee – president, and Sam Pullman - CTO. In addition, there is a development team, key advisors, a business/marketing team, UX/UI team, agencies, and sponsors. The whitepaper of the token was last updated on December 30, 2019.