Corona, a newly launched community network for developers of decentralized applications, is introducing a crowdfunding platform that is compatible with multiple different cryptocoins including Bitcoin and various altcoins.
Corona will be entering a growingly crowded crowdfunding space in the cryptocurrency ecosystem, with platforms like Koinify, Blocktrust, and Swarm and protocols like Omni and Counterparty backing up crowdselling campaigns.
The Corona network has indicated that, beginning June 1st, they will be launching a crowdfunding campaign with the goal of promoting decentralized application (DApp) development.
The crowdfunding platform will be based on the 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 the Corona team, HPoP relies on the Corona Index, a rating system that assesses each cryptocoin’s true value according to broad historical market data.
The rating system is defined in the Corona Index whitepaper, which declares an effort to solve the problems that have plagued previous fundraisers that accepted more than one cryptocoin to guarantee 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.
Corona Founder Daniel Greene noted:
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, according to Corona, to support Dapp projects that add value to the Corona network, as well as 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.