Blockchain Crowdfunding Projects Evaluation Using GRA-TOPSIS

With the development of blockchain technology,traditional financial model has changed a lot.The crowd-funding model based on blockchain technology has become a new model for raisers to obtain financial support.This study takes the blockchain crowd-funding model as the research object and the evaluation of the blockchain crowd-funding project as the research purpose,aiming to provide decision-making basis for the participants of the blockchain crowd-funding project.Firstly,the characteristics of blockchain crowdfunding projects are summarized through comparative analysis of general projects and blockchain crowdfunding projects.According to its characteristics,an evaluation index system for blockchain-oriented crowdfunding projects is extracted.The indicator system selects10 secondary indicators,including Git Hub(a hosting platform for open source and proprietary software projects)code update,white paper,community maintenance and completion rates of financing,from three dimensions of labor,capital and publicity,to evaluate blockchain crowdfunding projects.Secondly,building an evaluation model of blockchain crowdfunding project.The principles and steps of relevant evaluation methods are introduced in detail,and the project evaluation model is constructed by combining with literature review.The qualitative index is quantified by triangular fuzzy number.This paper uses the Entropy method to calculate the weight of evaluation index.GRA-TOPSIS method was used to evaluate the performance of blockchain crowdfunding projects.In addition,analyzing the empirical results of blockchain crowdfunding project evaluation.Taking 30 blockchain crowd-funding projects as samples for empirical research,the evaluation results show that: firstly,the completion rate of financing,community maintenance and Git Hub code update index weight are relatively large.Secondly,the ranking results of the projects with detailed white paper content,pre-sale,financing completion rate is high.In addition,compared with the amount of financing,projects with high attention from online communities perform better.Thirdly,thepayment and settlement business,the poor liquidity of tokens and the projects with a long term of actual crowdfunding are ranked at the bottom.Finally,according to the empirical research conclusions,providing decision-making basis for participants of blockchain crowdfunding projects.When screening projects,investors should choose projects with detailed content,pre-sale,high completion rate of crowd-funding and high attention for investment.Avoid items with poor liquidity.In order to provide attractive investment,the project sponsor may increase the cost of publicity activities,set up special teams for community maintenance,and increase the reserve amount of reward for miners.