PLEDGECAMP- A Decentralized Crowdfunding Platform

Pledgecamp is a blockchain based decentralized crowdfunding platform. It focuses on ensuring and enhancing funding confidence and rightly assigning user incentives in crowdfunding. It believes that great ideas should be aided and encouraged and that everyone should have an opportunity to become an entrepreneur. Pledgecamp platform is where the great ideas can seek the best mentors and financing without involving any third party for raising investments.

What generally holds back investors from funding good projects is lack of trust and misaligned rewards. Not only the lack of trust but also the lack of investors may hinder the growth of great ideas. Pledgecamp implements blockchain to allow people from across the world to participate in crowdfunding by providing a programmable framework of trust. Pledgecamp aligns decentralized funding and innovation with blockchain to guarantee the highest level of trust by using smart contracts. It provides an escrow wallet service which allows users to self-regulate their funding. No intermediaries- No incremental charges.

Pledgecamp uses the term “Backers” for those who financially participate in the crowdfunding campaigns. So, for the backers, Pledgecamp provides security in the form of insurance called “Backers Insurance”. It has also defined requirements for Creators- those who seek crowdfunding. Its decentralized platform allows participants to be compensated for their efforts and has no demographic or geographic limits for participation in the ecosystem.

Pledgecamp has a two-token economy. The first one is Pledge Coin (PLG) which is a utility token native to the platform. Pledge Coin will be used within the ecosystem for payments, as a security, for rewarding and for staking. It incentivizes users for their engagement with the platform and eventually aligns the interest of the users. Through this, Pledgecamp moves towards its vision of establishing global innovation. Users are also rewarded for their good behavior and their involvement in the growth of the network.

The second token is called Camp Share. This token owns a very interesting feature of assigning users the status of Moderators on the platform. For gaining the status of Moderator, eligible users go through a KYC testing. Those who pass can stake their PLG coins to get CS tokens. The PLG coins put on stake become non-tradable. The ratio at which the conversion takes place is 1:1. Moderators are defined to govern the platform by generating consensus. The moderators are compensated for their work as well.

Hence, Pledgecamp aims to take society to a new level of securing investments and empowering entrepreneurship. It is building a global crowdfunding platform. This platform will redefine crowdfunding by implementing blockchain. They utilized all the data existing in the market and its trends to build a clear vision of how to reassure trust and decentralization in the financial funding sector. They made an ecosystem where they can actually utilize their tokens and create value for it. They have already run around 4 successful crowdfunding campaigns.

Pledgecamp’s future seems to be promising as their roadmap depicts a very clear picture of development and growth. By the end of 2019’s first quarter, they aim to begin the implementation of the finalized platform with Mousebelt and by the end of 2019, Pledgecamp will fully launch its platform for all. Pledgecamp has been ranked in the top 1% of projects who got the most investments in private.

Pledgecamp’s team is a collaboration of very young, experienced tech enthusiast but they lack experience in crypto and crypto dynamics. They have the vision of bringing blockchain and entrepreneurship together to life. The team is putting in the work and effort to make this project stand out and stand strong but is making naive mistakes. They consider ICO as a bad word and rudely responded to the early community members. Maybe this happened because of the heavy private investment. Pledgecamp team is not working as a startup because they are choosing expensive and top teams to build their product’s front end instead of focusing on backend scalability challenges.

The team has some very strong backup support. Their advisers include Randi Zuckerberg (CEO , Zuckerberg Media), Matt Curcio (VP of Data, Ripple), Dr. Ryu Jung Hee (CEO, FuturePlay), Dr. SungJae Hwang (CEO, Foundation X), Prince Abdullah (Suadi Royal Family), Spencer Yang (Founder, #Chain), Jinen Kamdar (VP, BuzzFeed), Jorge Rodriguez (Developer, Ethereum) etc. It is built in partnership with Metalab, BitForex, Mousebelt and a few more. Metalab itself is a forum that helps entrepreneurs to achieve their dreams by converting their great ideas into workable prototypes and eventually end products.

Pledgecamp’s coin supply is very high while they are still unable to attract much attention. Strong marketing might be the need of time for this project. It lacks partnerships with accelerators and startup hubs which might be a reason for this project’s lack of popularity. Despite opening its public sale with a small cap, it failed to get much fame and attention. Their token allocation and supply details are as below:

Sale Details:

Some of the top crowdfunding platforms have the following rates of project failures which eventually decrease the trust level of investors:

Kickstarter: 9 percent (Survey by a scholar from the Wharton School of the University of Pennsylvania)
PledgeMusic: 10 percent (Article -Ari Herstand)
Crowdfunder: 81 percent (Article- Catherine Clifford)
Indiegogo: 87 percent (Article- Catherine Clifford)
RocketHub: 89 percent (Article- Catherine Clifford)
GoFundMe: more than 90 percent (Journal- Social Science & Medicine)

These failure rates are alarming and eventually lead to move good investors away from crowdfunding platforms. Also, very few countries have access to these websites and are not global. Pledgecamp provides an opportunity for all countries to be listed on it and to actively participate in crowdfunding and entrepreneurship. This platform ensures trust, efficiency and reliability for a better experience for both the backers and the creators.

Overall, Pledgecamp seems to be a very promising project and will be a huge success if it effectively manages to engage the community. RNS Solutions team is looking forward to invest in its public sale. Pledgecamp is currently selling its tokens publically and also has its bounty schemes in progress. However, everyone is suggested to do their research before making investment decisions.