Verification in the CrowdWalrus platform marks an initial step toward decentralizing project oversight operations. A core mission of CrowdWalrus is to create an open, decentralized platform that enables everyone to launch diverse projects. While we cannot prevent individuals from initiating projects they wish to fundraise for, we can establish trust by providing clear indicators of a project’s legitimacy and reliability to users and investors.
Past experiences have shown that achieving this through cumbersome forms, intricate processes, document requests, and reviews of individuals’ backgrounds and online credibility is highly complex. To address this, our first step is to introduce decentralization through a single admin role. Over time, this admin can onboard additional verifiers to the platform. These verifiers, contributing as their schedules allow and without excessive time demands, will form a community capable of conducting verifications. This process ensures that projects and campaigns receive a verified badge, confirming they are legitimate, comply with terms of service, are not fraudulent or illegal, and are supported by reputable creators.
The verification process begins with the creation of a project or campaign by a user. Here’s how the system functions:
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Admin Role: Initially, a single admin will be responsible for granting verified badges to projects and campaigns. This ensures that the platform maintains a consistent verification process.
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Decentralization Over Time: As the platform grows, additional verifiers will be onboarded. These verifiers can contribute based on their availability and without the need for excessive time commitments. This decentralized approach ensures scalability without overburdening any single individual.
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Verification Criteria:
- Projects and campaigns must comply with CrowdWalrus’s terms of service.
- They should not be fraudulent or illegal.
- They must be initiated by reputable businesses/creators/nonprofits/public-goods with a track record of legitimacy.
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Badge Assignment: Once a project is verified, it will receive a verified badge, which will be publicly visible on the project’s page. This badge acts as a clear indicator of the project’s legitimacy, offering users confidence in their investment decisions.
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Smart Contracts for Transparency: The verification process is supported by smart contracts on the Sui blockchain. These contracts ensure that the verification criteria are met before any project is granted a verified status. All project data, including verification status, is stored on-chain for transparency.
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Decentralized Oversight: By introducing a decentralized verification process, CrowdWalrus ensures that no single entity controls the verification process. This approach promotes fairness and inclusivity, as the community of verifiers can grow organically over time.
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Enhanced Trust and Transparency: The verification badge serves as a guarantee that the project or campaign has been vetted and meets CrowdWalrus’s high standards for legitimacy. This enhances the trust between backers and project owners.
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Scalability: The system allows for scalability without overburdening any single administrator. As the platform grows, more verifiers can be added, ensuring that the platform remains decentralized and efficient.
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Secure and On-Chain: All data associated with verification is stored on-chain using smart contracts, ensuring that the process is secure, transparent, and tamper-proof.
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Support for All Projects: Whether it’s a small community project or a large-scale fundraising campaign, all projects on CrowdWalrus are eligible for verification, which promotes inclusivity across all sectors.
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Easier Onboarding for Project Owners: Project owners can easily create and manage campaigns with the help of the decentralized verification system. Once verified, their projects gain increased visibility, which can lead to more support from backers.
Initially, an admin role will oversee the verification of projects and campaigns. As the platform grows, multiple verifiers can be added to perform these tasks. The role of the admin and verifiers is crucial in maintaining the platform's integrity and ensuring that projects comply with CrowdWalrus’s standards.
- Admin: The admin has full control over the platform’s verification system. They can onboard new verifiers and grant them the authority to verify projects.
- Verifiers: These community members will contribute to the verification process. They can grant verified badges to projects that meet the platform’s standards, ensuring decentralized oversight.
The verification system integrates seamlessly into the CrowdWalrus platform. When users view a project or campaign, they can immediately see if the project is verified by the presence of a verified badge. This badge increases trust and helps guide backers toward legitimate initiatives.
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For Project Owners: Project owners won't apply for verification once their project is created, the request will be autogenerated. Once approved by Admin or Verifier, their project receives the verified badge and a custom subdomain, improving its credibility and visibility.
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For Backers: Backers can easily identify trustworthy projects through the verified badge. This reduces the risk of fraud and increases confidence in their contributions.
In the long term, CrowdWalrus aims to evolve the verification system by introducing a community-led governance model. This will allow the community of backers, project owners, and verifiers to actively participate in shaping the rules and criteria for verification. By incorporating decentralized governance, CrowdWalrus will become even more community-driven and transparent.