Crowdfunding and cryptocurrency can form an intriguing and powerful combination over time. Rather than rely on ICOs in their current form, EtherParty is ready to take this concept to a whole new level. Some blockchain startups have already signed up with this new platform as a way to raise capital moving forward.
EtherParty Improves Upon the ICO Model
It is evident that blockchain technology can transform a lot of business ideas. To do so, however, companies will need a lot of money to build up their infrastructures. Raising such vast amounts of money has proven somewhat difficult in the past, although most companies see a lot of success by embracing the Initial Coin Offering model. Even so, the ICO concept is still subject to many pitfalls.
EtherParty wants to make a positive impact in this regard. The company primarily focuses on smart contract technology, which is already used by most ICO projects these days. With such contracts, tokens are automatically distributed to investors as soon as their money is transferred. Even so, EtherParty sees a lot of room for improvement when it comes to hosting ICOs using smart contracts. Several blockchain startups seem to agree with this vision.
Importantly, the EtherParty ICO model does not require weeks or months to complete. Instead, companies can focus their attention on building and marketing their projects in a more efficient and streamlined fashion. There is no reason for them to worry about token creation or the development of smart contract code for crowdfunding efforts themselves. It seems EtherParty will provide an all-in-one solution which will be of great interest to a lot of companies.
EtherParty has been working on its crowdfunding application for some time now. It is the first blockchain-based solution which the company will offer moving forward, although it may be the only one to focus on crowdfunding and ICOs. Depending on how this particular project evolves, more functionality may be added over time, though. We do know that EtherParty’s tools will utilize the FUEL token to pay for access to platform functions and tools.
Among the blockchain startups to sign up for this new crowdfunding platform are the companies working together with the Vanbex Group. They will all launch their tokens and crowdfunding projects on this new platform in the future, although no official dates have been announced as of right now. It seems the first projects may come to this new platform this spring. By that time, the product should officially become available to users.
More competition in the area of organizing ICOs can only be considered a good thing. In most cases, projects use the same standard Ethereum-based template with some minor modifications. However, there can always be issues with the code used for such contracts, which is why EtherParty may become a worthy alternative. Its approach focuses on providing secure solutions which – seemingly – have been audited before being shared with the public.