MetaLab announced that it has launched its decentralized crowdfunding platform Pledgecamp aimed at protecting investors who back Kickstarter projects.
In the past, creators would design a product or software and showcase a prototype to Kickstarter investors who would then decide whether to back the project or not. However, the Kickstarter projects lacked an accountability system, which typically resulted in many backers never receiving the products and services that they backed.
Pledgecamp solves the accountability issue plaguing crowdfunding projects by holding pledger’s funds in escrow accounts, instead of forwarding the pledges directly to the creators. Pledgecamp’s platform provides insurance to backers by holding creators accountable for their promises and giving backers the option of requesting for their funds if the project is going nowhere.
The creators of Pledgecamp, MetaLab, are counting on the underlying blockchain network to act as a self-regulatory system protecting both creators and pledgers.
The CEO of Pledgecamp, Jae Choi commented that:
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.
By implementing a secure and trustworthy financial framework, crowdfunding can once again thrive and meet expectations, all while driving entrepreneurship and economic growth globally.