Corona Announces Crypto Crowdfunding Model

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Corona Network Announces Fundraiser and Innovative Crypto Crowdfunding Model

The Corona network has just announced that beginning June 1, they will be launching a fundraiser with the goal of promoting decentralized application (Dapp) development. Exclusive to this fundraiser is the brand new Hybrid Proof of Participation (HPoP) fundraising model, which allows supporters to participate with dozens of different cryptocoins, including cryptocurrencies such as Bitcoin. Fundraiser participants will receive Coronaz, membership credits which grant access to Dapps within the Corona network.

Developed by financial mathematicians and the Corona team, HPoP relies on the Corona Index, a rating system that fairly assesses each cryptocoin’s true value according to broad historical market data. This extensive rating system is defined in the Corona Index whitepaper. It aims to solve the problems that have plagued previous fundraisers that accepted more than one cryptocoin, thereby guaranteeing a fair and open distribution model of Coronaz.

The HPoP model also introduces a new and interesting feature – participants can choose whether to donate or burn their coins. The option to burn, or destroy, gives the participant the choice of whether or not to support the Corona project financially, while in both cases still being acknowledged as a contributing member of the network. This feature amongst other HPoP innovations have been implemented in Corona’s new fundraising platform.

According to Corona Founder Daniel Greene, “The purpose of the Corona fundraiser is not just financial; it is to help bootstrap a unified community, encourage involvement, and generate awareness of our project. This is why we are accepting so many different cryptocoins and giving the participant a choice of how to show his or her support.”

Corona hopes that accepting all major cryptocoins will help build a strong network effect and attract developers from all corners of the cryptocurrency community, including Bitcoin. “By providing an opportunity for anyone to directly participate in the fundraiser without the need to exchange their altcoins for Bitcoins, we have significantly lowered the barrier to entry and created a bridge to an untapped market of talent and support.”

The donated funds will be used by Corona to support Dapp projects that add value to the Corona network. The funds will also help expand its reach in order to promote the adoption of decentralized technologies by developer communities. “Our main focus is the adoption of smart contracts and blockchain technology. I believe decentralization is at the core of the next generation of internet applications, and it is my mission to bring these amazingly beneficial technologies to the masses.”

The fundraiser is scheduled for a period of 21 days to start on Monday June 1, 2015. To participate visit the Corona website https://corona.info/.

About Sean Williams 109 Articles
I'm markets editor and journalist for DFN. I've been involved with crypto for over 4 years and am an enthusiastic advocate. At DFN I try and combine my knowledge of markets with my knowledge of crypto to give a good overview of changes in the financial aspects of cryptocurrencies.

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