SHOOTPAD: IDO Launchpad to Supercharge the Cardano Ecosystem
With the increased adoption of blockchain technology and decentralized applications, the world is changing faster than most realized. Legacy systems of finance are fading into the background as decentralized systems take root.
Unbeknownst to most, this decentralized interconnectivity was the original idea behind the internet and it goes beyond applications in finance. One of the blockchains spearheading a move towards a truly decentralized internet is Cardano.
Cardano’s ecosystem stands out for its unique layered architecture. A layer is a separate autonomous network within the blockchain network that is designed to handle specific functions on behalf of the entire network. Therefore, a blockchain can have a layer responsible for handling transactions and another for launching decentralized applications. This approach reduces the load on the main blockchain while also making it easy to update or upgrade the network if necessary.
Cardano’s scalable blockchain
With Cardano, you get a settlement layer as well as a computation layer. The settlement layer is responsible for managing ADA transactions as users move the cryptocurrency from one wallet to the other. The computation layer is used to build decentralized applications (commonly referred to as dApps) with smart contracts.
While this approach appears to be similar to Ethereum’s EVM (Ethereum Virtual Machine), it differs in the sense that Ethereum’s network has both layers (computation and transactional layer) merged, whereas Cardano’s network has both layers separated.
This makes Cardano more scalable and adaptable for decentralized applications. Furthermore, Cardano’s programming language for smart contracts makes it easy to identify and resolve bugs or errors in the smart contract proactively, whereas this type of programming flaw is common in the Ethereum ecosystem.
With the released hard fork (code-named Alonzo) in August 2021, a smart contract functionality has been added to the Cardano blockchain enabling developers to build decentralized applications on top of the Cardano network for the first time.
One of the applications set to highlight Cardano’s capabilities while also advancing the growth and adoption of the Cardano blockchain is Shootpad.
Shootpad: The Future of dApp Funding
Shootpad is a community-based IDO Launchpad for innovative blockchain projects. The team at SHOOT seeks to adopt a decentralized approach to crowdfunding with a keen eye on ensuring the validity of funded projects. Where most launchpads rely on their own criteria for launching projects, Shootpad will rely on a community of investors who browse through verified projects and conduct their own due diligence.
Just like any decentralized application, Shootpad users control the entire process from the inception stage to the final launch of a project. Unlike most launchpads that only serve as a transactional platform between the investor and the investment, Shootpad is set to enable community interaction.
This will allow investors prospecting on certain projects to share ideas and criticisms about them in an environment where passionate investors and project creators interact freely. The outcome will be a well-thought-out investment strategy that promotes long-term thinking and not unfounded hype.
Given the complexities of investing in blockchain and crypto-related projects, Shootpad’s solution seeks to simplify the entire process by using improved user interfaces, a well-equipped customer support team as well as a platform-level Shoot Smart Contract to mention a few.
Ultimately, Shootpad hopes to change the current reputation of investing in crypto and DeFi projects from one driven by hype, scam projects, and speculation to a mature and value-driven investment space.
How Shootpad will accelerate Cardano’s growth
As a third-generation blockchain, Cardano promises to be the computing machine of a multitude of decentralized applications. From banking to marketing, to supply chains and even healthcare, Cardano is building the infrastructure that will enable the existence of seamless, scalable decentralized applications.
However, these futuristic applications will only be as decentralized as their source of funding. This is where Shootpad will come in handy.
By establishing a decentralized crowdfunding venue, Shootpad is set up to facilitate the successful growth of decentralized applications that will soon launch on Cardano. Unlike the current investment landscape that comes with the risks of investing in scam projects or even locking funds in faulty smart contracts, Shootpad will leverage Cardano’s superior blockchain to cultivate a community of value-driven investors.
Sure, everyone is in it for the profits, however, Shootpad will encourage the growth of an active community of investors giving projects that launch on its platform a strong user base as well as sufficient financing.
Welcome to a future of decentralized funding
Decentralized technologies are changing every aspect of life. While in the past, projects have relied on venture capitalists to fund their projects, Shootpad is re-imagining the funding process with a crowd-sourced framework for the benefit of all stakeholders. Even though several decentralized launchpads exist, they feature complex processes that are riddled with risks both for the project creator as well as the investor. With a completely decentralized Launchpad, investors will be protected from the risks, and project creators will have a source of funding that gives them the freedom to create. This synergy between Shootpad’s crowd-investing ecosystem and Cardano’s scalable blockchain will give birth to a new internet of decentralized applications.
About Shootpad
Shoot is empowering startups and investors with technology that supports sustainable growth. We work to make decentralized funding simple and accessible as we believe in financial inclusion and an economy where innovation can benefit society as a whole.
Combining simplicity, security, and transparency, we are determined to reset the world’s expectations of what a decentralized launchpad is and help evolve the reputation and maturity of the DeFi space and crypto ecosystem.
