Published 1 year ago
Acorn Collective is a new project that aims to address this issue: It presents itself as the first blockchain crowdfunding platform. Acorn Collective is able to set crowdfunding projects without fees by means of the ERC-20 token, which offers smaller transaction fees than those of other platforms..
The proceeds from the Acorn ICO will fund so-called "Revenue Generation Mechanisms," enabling the project to avoid charging platform fees. In order to finance its own platform, Acorn offered an ICO pre-sale of its OAK token, selling out of all 7 million tokens during the event..
The OAK token powers transactions on the Acorn platform. The project website indicates that the token is used on Acorn Hub, the zero-fee crowdfunding platform, as well as in the Acorn Marketplace, which houses funded products, and on Acorn Local, a point-of-sale service for payments..
As of this writing, the Acorn website indicates that "due to regulations in the U.S. and China, [the Acorn project is] unfortunately unable to accept contributions from those regions" for the ICO event. Whether or not the platform will be available to investors in the U.S. and China remains to be seen; if not, this could put a damper on Acorn's aim to democratize the crowdfunding process by making free crowdfunding available to investors and projects the world over..Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full