Recently, blockchain crowdfunding has enabled contributors from all across the world to support new technologies and ideas.
Here are the top 10 crowdfunding projects of all time. How many of them do you think use or plan to use blockchain?
#10: Elio Motors
Elio motors is building a 3 wheeled “autocycle”. Founded in 2009, the company has yet to ship its first car. The company has announced delays in production that have led some to question when the product will be released.
Status is a client for browsing, chatting and making payments on the decentralized web. In 2017, Status raised the equivalent of $103,000,000.
Polkadot is protocol that allows blockchains to exchange information. Polkadot was founded by Gavin Wood, who cofounded Ethereum, coded the first version of the Ethereum Virtual Machine, and wrote the Ethereum Yellow Paper. In 2017, Polkadot raised 144.3 million dollars worth of funds.
#7: The DAO
The Decentralized Autonomous Organization, or DAO, raised 150 million dollars in 2016. The goal of the DAO was to allow tokenized voting and curation to support projects in a more efficient, transparent way.
The DAO was a smart contract based project that was hacked and led to the split and subsequent creation of Ethereum Classic (ETC) and what is now generally called Ethereum (ETH).
Unfortunately due to the complexity of the original code and the speed with which it was deployed and used, multiple vulnerabilities in the smart contracts were not addressed until an attack had occurred.
#6: Bancor Protocol
The Bancor Protocol aims to provide a “decentralized liquidity network” between tokens, and raised $153,000,000 in 2017.
#5: Star Citizen
Star Citizen is a multiplayer space game that has raised over $191,000,000 as of September 2018. Funding for the game is ongoing. Due to delays, the multiplayer game has not yet been released.
#4: Sirin Labs (SRN)
The project plans to bring a cryptocurrency-oriented phone to the market and raised the equivalent of $158,000,000 in 2017.
Tezos is a blockchain project aimed at competing with the big players like Ethereum and EOS.
Unfortunately, Tezos has been mired in legal troubles after disagreements between the financial versus intellectual property section of the project.
Despite these issues, Tezos has released a Beta version of the blockchain. It remains to be seen whether Tezos will survive in the future.
Filecoin is a decentralized storage network and raised 257 million dollars in 2017.
After raising a massive 4 Billion dollars by 2018, EOS became the highest crowdfunding project of all time.
Whether or not EOS, which bills itself as a scalable competitor to Ethereum, can live up to its claims remains to be seen.
There have been claims, however, that the constitutional nature of EOS’s architecture leads to centralization.
Of all of these projects, only 2 out of 10 of them don’t plan to incorporate or connect to some form of blockchain.
This doesn’t mean that blockchain projects will be or are “worth” more than traditional companies, but rather that is easier to raise large amounts of funds via blockchain and that people see hypothetical value in their future potential.
A blockchain project is also hard to compare to traditional companies since tokens generally don’t represent shares in a company (or at least, not yet).
This has turned out to be somewhat of a double-edged sword: having too much capital but not finding a product-market fit has led some blockchain companies to fail to deliver useful products and arguably makes founders passive.
Other projects, like Ethereum, have shown that blockchain based crowdfunding is a great way to secure large amounts of capital while avoiding traditional investment routes.
At ELIX, we’re experimenting with smart-contract based crowdfunding. Launch your own crowdfunding project here in less than a few minutes.
Stay tuned and follow this blog for interesting news and updates about blockchain and ELIX.