It is a well-known fact that the history of crowdfunding began in 1713 with 24-year-old poet Alexander Pope. While still completely unknown, he translated Homer’s Iliad into English with iambic pentameter. A considerable amount was needed to publish this titanic work. So, Pope decided to ask for help from all lovers of literature. He offered them to pay a fixed amount for a future copy. A marketing campaign was carried out, as announcements were placed in the Daily Courant newspaper, letters were sent to acquaintances, and a word of mouth campaign was launched in literary salons. Among other things, Pope promised his future readers new ways of typography, better paper, and ink, and also stressed that the book will be decorated with monograms made with copper paint.
The steps Pope took were impressive in their results, as 750 people donated money. The series was then published and the popularity of the poet grew in a matter of days. As we can see, with the help of crowdfunding, young poet simultaneously solved three problems at once, as he collected the funds, sold the goods and increased his recognition! That is, the advantages of such a model over classical methods of attracting funding became apparent at the beginning of the XVIII century. However, the real flourishing period of the industry fell on this decade, when social networks, marketplaces, and IT platforms appeared. In this case, it is impossible not to note an amazing fact. Over the past 300 years, the rules and risks for crowdfunding participants have changed little. Creators still have to put a lot of effort into organizing product marketing and earning the trust of the audience. The backers, on the other hand, continue to rely solely on their own instincts on whether the project will fulfill its stated obligations.
Today, with the help of blockchain and IT technologies, the W12 platform radically changes the rules of the game for the first time by making crowdfunding more convenient and more attractive. We give the creators a launching pad where they can raise funds to implement their wildest dreams without any initial expenses. The backers receive certain guarantees, firstly, by using the W12 protocol with built-in escrow services and secondly, due to the fact that all ongoing transactions are recorded in the blockchain, thus making the product creation process completely transparent.
On our platform, users can support any project they like, as well as buy a unique product or service with a big discount when creating one!
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