The Crowdfunding Platform
Crowdfunding is the practice of funding a project or venture by raising small amounts of money from a large number of people, typically via the internet. Approximately 32 Billion dollars alone was raised by this platform in 2018 alone.
The crowdfunding platform has been a growing practice for raising seed funds to support innovative ideas into project.
Financial details inaccurate with major crowdfunding platform due to lack of transparency.
Biased with selection of projects.
Lack of global reach.
Less security in the investment of Backer's.
Platform and payment fee is quite high as 8 to 10% of the total amount raised is charged by the platform providers.
Many of the cryptocurrencies developed nowadays is just a fork of bitcoin and its other forks without trying to utilize the potentiality of blockchain for the upliftment of technology and revolutionizing existing infrastructures and systems.
Fundin is a Blockchain platform which will increase transparency ensuring creators get paid after delivering on promised milestones with simpler and easy to understand Smart contract in the source (Bitcoin) blockchain with implementation of BIP65. Fundin Blockchain integrates pre-activated Zerocoin protocol from PIVX to ensures the privacy and identity security of both creators and backers.
A cryptocurrency called FDN will be used to facilitate crowdfunding process in platform enabling the blockchain features. In addition, the technology will also allow users to contribute not only finances, but will act as a platform to showcase their skills and talents providing them with exposure and financial rewards. With this in view, Fundin will be able to revolutionize the way existing crowdfunding system operates.
•Use of Blockchain technology to eradicate transparency issues and control over financial irregularities.
•Consensus voting for selecting project.
•Platform should be available for all the people living in any corner of the earth.
•Mechanism for security of Backer's investment.
•Platform and payment fee should be minimal.
In addition, the technology will also allow users to contribute not only finances, but will act as a platform to showcase their skills and talents providing them with exposure and financial rewards. With this in view we will be able to revolutionize the way existing crowdfunding system.
Many of the projects raising capital through crowdfunding takes away all the raised fund after paying certain fees to the platform leaving backers with nothing but a hope and excuses from the failing project putting their entire contribution at risk.
Our platform on the other hand puts the amount in multisig wallet where certain amount as required for one milestone is released to creators and after successful completion of the said milestone it is shared and confirmed by the backers and the next fund for another milestone is then released with low to no fee to the platform connecting backers and creators without any mediators taking decision of others vision.
Many creators and entrepreneurs in developing countries with groundbreaking projects are deprived from raising the required seed funds to start the projects because of lack of exposure. As blockchain itself is truly decentralize and make globalization a true thing.
Fundin blockchain is determined to take active role in providing investor protections, as current platform who adopt a more passive role with the apparent aim of avoiding liability.
With introduction of Masternode governance backers can easily select the projects with high votes from the Fundin community, this will be done only if the creators requires some support from the Fundin platform .
Due to existing platforms ignorance to secure backers and earning heavy fees backers are demotivated and rarely back other projects because they does not have control of their contribution flowing mechanism. Creators & platforms get paid upfront when fundraising is completed, which transfers risk of project completion only to the backers. Due to this creators despite of focusing on project planning and roadmaps focus more on marketing the campaigns. This is the reason of existing systems motivation to list the maximum number of campaigns possible regardless of their quality or potential. Enforcing more transparent disclosures, our model can mitigate and reduce the risk of backers losing all in a failing project and also motivating creators to focus more on project planning and achieving milestones for utilizing the funds as requested.
Fundin platform will accept any legal & ethical projects from almost any country.
At Fundin, users will be responsible for the important role of identifying campaigns that are illegal, immoral, or scams and remove them in a democratic, agreed-upon way. This will be determined by Masternode governance vote.
In order to create value to the native FDN cryptocurrency we will be partnering with vendors supplying products and services relating to the fulfillment of the projects funded from the Fundin platform.
For developers and technology peoples native FDN token will be awarded if they contribute to the updating and solving problems in the FDN platform if they have a idea to uplift the platform after voting from the Masternodes.
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