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SeedOn Features Smart Contract Escrow Model, Reduces Fraud-Induced Loss
Published Jan 24, 2022 09:27AM ET
SeedOn Features Smart Contract Escrow Model, Reduces Fraud-Induced Loss
- SeedOn uses the Smart Contract Escrow Model in its crowdfunding process.
- The model runs on the BSC network.
- SEON is the native token of SeedOn.
SeedOn, a blockchain-based solution that revolutionizes the crowdfunding process, conducts project funding via its Smart Contract Escrow Model. In this system, project owners have access to limited cash flows until their objectives are met and completed. This way, in case of unforeseen events that may lead to failure to start, losses are kept to a minimum. Meanwhile, the rest of the fund is given back to the investors.
In addition, SeedOn’s Smart Contract Escrow Model’s blockchain service is built on the Binance Smart Chain (BSC) network. In turn, this provides transparency to stakeholders as they can track the fund’s movements during the course of the deal.
Generally, crowdfundings are susceptible to regulatory breaches and scams. That said, SeedOn plans to turn things around by adding an extra layer of security to its crowdfunding process. It carefully screens each project and its owners before approving their listing. This is done to prevent fraudulent parties from participating.
To join SeedOn’s crowdfunding campaign, interested investors must purchase its native token–SEON on public exchanges and then deposit them into the platform’s wallet. Aside from that, users can also pay directly using fiat. In this case, SeedOn’s backend will convert the money into SEON in the investor’s wallet.
Last December 2021, SeedOn held a private and public sale during SEON’s Initial Public Offering (ICO). Overall, it raised $1.4M while selling out its second presale in just less than five hours.
Moreover, CEO and Co-founder of SeedOn Constantin-Claudiu Minea further commented:
At SeedOn, we strive to encourage the future generation of crowdfunding. There are enough challenges for startup developers; funding should pave the way for project growth, not prevent innovative ideas from evolving into fruition. We are thrilled to bring ease to this process by reducing scams and in turn, reintroducing trust into crowdfunding.
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