Published on June 11th, 2017 | by olcaytu2005
Fund Your Brightest Bussiness Ideas Through FundYourSelfNow
As the crypto scene is hotter than ever before (have you seen the Wall Streat Journal featuring Bitcoin on the first page?!) new bright ideas emerge almost everyday. Unfortunetly, not all of them can survive as the ideas might seem great theoretically but has no use practically. That’s why when an idea that could really work in practical life (love watching Kickstarter movives – yes, I’m a Blue Mountain State fan, so what?), I have an urgent feeling to write about it. I’ve recently talked about FundYourSelfNow project on the Turkish part of my website, now it’s time to tell my international readers what this awesome project is about.
Let’s start by talking how crypto scene attracted many new investors. The whole market capital has grown exponentially in recent months. Even avarage Joe decided he could put some of his life’s savings to crypto investments. The problem is, however, most of them has no practical real world use – most of them won’t ever have a real world use. And the recent volatalities and liquidity problems have scared avarage Joe from the trading scene. How should he add value to his holdings? I guess Poloniex lending is not the real answer as a local bank would give higher returns. This is where FundYourSelfNow goes in, as I think the project is far more important for investors than project creators (I’ll also talk about the benefits for the project creators later on, don’t worry). Avarage Joe will be able to add value to his crypto holdings by investing in projects that he thinks would be succesful, in other wards the bussinesses that would yield profits.
I haven’t talked about the best part of the FundYourSelfNow platform. The best part is that every single proposed project will have it’s own ECR20 token and those who decided to invest in the project will get that specific ECR20 token propotionally to their investments. They will also be able to reward the community with bounty rewards through their ECR20 tokens. I guess you’ve got the idea buy now! Yes, it is a automated ICO platform. The escrow is the platform itself, backers have more control and vote power on their assests and all in all it opens a great wide door where anyone with a good idea can fund their project while any investors can add value to their crypto holdings without trading the highly volatile market.
So how will the investors be more safe?
FundYourSelfNow has created a protocol called proof of progress. With proof of progress, creators will have to prove thier continuing development. This system is called milestone based funding system. If creators fail to prove their progress investors have voting rights to delay or even stop the next milestone payment. Needless to say, this will work exactly like a large company where every stake holder has a voting right propotionally to the shares they own. The advantage is that this voting and fund locking/delaying will be automated through the FundYourSelfNow platform, so all investers has to is to vote if they feel the progress proof was enough to release the next batch of ICO funds.
This will prevent scam projects as well as projects that can’t go further. The unused and unrealesed funds, if decided by the investors as so, will be returned to them. This way investors will be able to at least get some of their capital back if the project doomed to fail.
How will FYN token holders will profit?
The hardest problem today’s startups face is to find a way to earn money through their system. Remember Twitter? They couldn’t find how to earn money from their platform for 2 big years. Needless to say, a lot of ICO’s lately are failing to make an incentive to buy and hold their tokens. FundYourSelfNow team has came up with a good solution both targeting a guaranteed liquidity for FYN token markets and ensuring the value increasing every 6 months.
The system FYN team came up with is to buy back the FYN tokens every 6 months with %70 of the profits generated through FundYourSelfNow platform. FundYourSelfNow platform will generate profits from fees that project creators and investors will have to pay to use the system. Instead of going through the profit sharing road, they choose this way simply because to protect FYN investors from paying continues takes each time they recieve their share. This time, they will only have to pay taxes when they liquidate their FYN holdings. The tokens bought by the FundYourSelfNow platform profits will be burned which means the value of remaining tokens will gradually increase over time and the incentive to hold them long term will be lucrative.
So what is the difference fo FundYourSelfNow platform from other projects like Kickstarter in the industry?
Already existing crowfunding platforms charge project creators with insane amount of fees. A project creator has to pay at least &17 of the funding to Kickstarter for reasons like transfer and listing fees. This effects both the creators and funders as almost one fifth of their money goes into Kickstarter fees. Through FundYourSelfNow platform project creators will only have to pay %5 listing fee is the crowdsale is successful. This would give more money to fund the project and less funds destroyed through fees.
Let’s first give the specifications of FYN token:
Token supply: 10 million
Crowdsale: 8 million (80%)
Early stage marketing and bounties: 300,000 (3%)
Advisors and initial supporters: 700,000 (7%)
Founders, Development Team and Future Employees: 1 million (10%)
The crowdsale will commance on 13th of June and will last for 1 month. Early birds will be able to get 120 FYN for each Ethereum they invest. After the bonus period each Ethereum will buy investors 100 FYN. Since the FYN token is a ECR20 token, the tokens will be automatically issued to the Ethereum addresses of investors. Needless to say token supply will be fixed.
The minimum funding goal of FYN team is 1.5 million dollars and the price will be determined through Ethereum’s dollar value at the end of the ICO.
To learn more about FundYourSelfNow visit: http://www.fundyourselfnow.com
They actually have a working demo, but thats my second article’s content. You will just have to wait for a while as I review the demo platform and share my feedback.
To visit demo platform visit: http://demo.fundyourselfnow.com/
To read FundYourSelfNow whitepaper click here!