SeedOn, a blockchain-based crowdfunding platform, starts officially accepting projects. Built on the Binance Smart Chain, the platform leverages its unique smart-contract escrow model to verify projects on three levels before they can start raising funds, offering the highest level of security and transparency. The expected launch of SeedOn’s platform will take place in late Q3.
In North America, $17.2 billion is generated through crowdfunding each year. Despite the ease of use and the potential to rapidly acquire cash, most crowdfunding platforms operating today come with inherent risks for project creators and investors. For project creators the risk revolves around privacy and the safeguarding of sensitive details, and for investors it has to do with fraud. While some of these crowdfunding platforms have made attempts to combat scams and fraudulent projects, the vast majority fail to effectively protect both investors and entrepreneurs.
SeedOn’s platform makes equity crowdfunding safer for investors and entrepreneurs alike by leveraging the transparency provided by blockchain technology. The platform releases the raised funds in stages based on the achievement of specific milestones, returning remaining funds if a project falls short of any milestone. Projects looking to raise money on SeedOn undergo a three-step verification procedure before they are approved. The startup screening process starts with an AI algorithm checking for copyright infringements, and ultimately ends up with a human manually checking and validating the AI system’s findings. SeedOn protects project creators by requiring investors to sign an NDA, which protects intellectual property by only allowing registered investors access to the project’s sensitive information.
To participate in a SeedOn crowdfunding campaign, investors simply purchase SEON, SeedOn’s native token, on a public exchange to then deposit into the SeedOn Finance wallet. Users can also pay with fiat money either directly on SeedOn—which is then converted to SEON on the platform’s backend—to raise the balance of SEON in the investor’s wallet, or pay directly through the crowdfunding campaign investment section, offering a viable option to non-crypto holders. SeedOn offered two pre-sales, one private and one public, during SEON’s token launch in December 2021, collectively raising $1.4 million and selling out the second presale in under five hours.
“We are currently vetting a handful of projects for our platform, and we are excited to onboard innovative Web3.0 projects and start the process of transforming the crowdfunding industry,” says Constantin-Claudiu Minea, Co-founder and CEO of SeedOn. “Equity crowdfunding provides great value for both investor and project creator, but transparency and security are a necessity. This is exactly why we built our solution on blockchain and developed our smart contract escrow model.”