Crowdfunding has become an extremely popular way of raising capital, especially in the case of fintech startups. This relentlessly innovative sector keeps spilling forth exciting projects that have the potential to radically change and improve the world we live in.
The crowdfunding practice has successfully taken root in developed countries. However, the problem of financing still exists in developing and emerging economies where small businesses struggle to get capital. The crowdfunding market remains an exclusive membership club of sorts: the largest platforms select a limited number of projects which meet their requirements, charging fees and denying access to less economically developed countries.
Acorn Collective aims to solve these problems by presenting the first blockchain crowdfunding platform. It is designed to eliminate high entry barriers and provide even small businesses with democratic, free, and open access to the crowdfunding market regardless of their location. With Acorn, any lawful and ethical project will be able to get funding.
The Acorn ecosystem will consist of a crowdfunding hub and a secondary marketplace for selling post-campaign goods and services using OAK - a new ERC-20, fixed-supply token on the Ethereum blockchain. OAK is designed to serve as the main exchange mechanism within the Acorn ecosystem, facilitating all transactions in the Acorn hub and connecting backers, founders, and consumers. With the OAK token, users will be able to fund projects, purchase goods and services, get access to Acorn support services, and conduct point-of-sale transactions via the Acorn Local mobile payment app.
Current platforms are equity-backed, and they always prioritize projects promising the best returns. With Acorn’s approach to crowdfunding, project backers will be token holders, not equity holders, so the value of any project will be equally defined by the growth of the entire Acorn ecosystem and OAK.
The team behind the project has successfully closed the pre-sale round, with all 7 million OAK sold out. Now it is getting ready for the ICO, which starts on April 28 and is scheduled to close on May 28. The total supply of OAK tokens is limited to 90 million, with 72 million (80%) of them available for sale and distribution in the ICO.
The exchange rate is set at 1 ETH: 800 OAKS. The project developers hope to reach a hard cap of 65 million OAK. Please note that OAK cannot be mined, and no new tokens will be created after the sale closes.
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