FundRequest is an integrated platform to fund open source projects, thus financially incentivizing the open source community.
|Description||FundRequest is an integrated platform to fund open source projects, thus financially incentivizing the open source community.|
|White Paper URL||https://docs.fundrequest.io/display/PUB/Whitepaper|
|ICO Launch||2017/11/20 00:00|
|ICO Closing||2017/12/01 12:00|
|Coin Price||0.20 USD|
|Funding Target||2,000,000 USD|
|Funding Cap||15,000,000 USD|
What is FundRequest?
FundRequest is a decentralized platform offering open source software solutions to the public. It is a platform through which software developers will get paid fairly for their work and people will be able to provide incentives to programmers and developers for fixing their computer issues. Open source software refers to the source of coding without copyrights. Individuals, as well as groups, are free to write and develop new programs using their expertise, or they can use the open source coding platform to add value to existing software. The platform is based on Ethereum and it is the only source of currency supported at FundRequest for transaction purposes.
FundRequest is a place where individual professionals and expert groups having IT background will come to interact with each other and share their skills. The main idea lies in the concept of elimination of middleman and getting the reward for your efforts fairly.
For example, if you’re a programmer and know source coding and you have recently developed an app that can be very useful for the people related to finance industry. You can sell it directly to anyone interested in purchasing your app without the intervention of any software house. Doing so would bring benefit to both of you. You as a programmer receive compensation for your hard work and the customer who bought your programs now owns the right to use the app. There was no third party involvement, and therefore, both of you don’t have to pay any commission. Remember, all transactions are based on ethereum and will be carried out using blockchain technology.
People can earn tokens by investing in the ICO. The ICO has devised its funding campaign into three rounds. First round was held for private seeding that started on 1st Sep 2017 and ended on 5th September 2017. The second round invited public seeding which began on 27th of Dec, 2017 and was closed within 24 hours after collecting denominations equal to USD 300,000. The third round will be open to the general public and is expected to take place on 20th November 2017.
Since all transactions will take place using blockchain technology, therefore, people need to have an e-wallet account to get their transactions settled. Blockchain allows users to pay and receive payments securely and transparently. The other benefits include the absence of any transaction cost.
The ICO Distribution
The event of FundRequest ICO is planned to take place on 31st January 2018 and will last for a month that is till 28th February 2018. The ICO plans to raise a minimum funding of 2,000,000 USD with a soft capping of 15,000,000 and hard capping of 20,000,000
The ICO plans to allocate 68% of its total funding for general public. The quota for founders of the ICO is estimated to be equals to 20% of total investment. The remaining 12% will be distributed in a ratio of 10:2 between bounty programs and advisory board respectively.
The ICO has devised a projected use of funds as per the following pattern
- 60 % funds will be used for development programs
- 15% funds are expected to be spent on operational activities
- 10% funds will be spent on marketing campaigns
- 9% reserved is planned to be maintained to meet legal obligations
- 3% is to be spent on IT Security
- 2% for IT Infrastructure
- 5% for Contingency Budget
Like other ICOs, FundRequest also plans to offer a bonus scheme to its Investors during the first day of funds generation. People buying tokens of the ICO on the first day of its launch will receive a bonus of up to 20% FND.
As per the available information, FundRequest team has four core members. Once FundRequest is launched, we will be able to see complete details of ICO’s team members and also what profession they belong to? To know the exact details, we have to wait a bit more until the ICO is launched.
We reviewed the FundRequest ICO and found it to be very appealing. The concept of empowering programmers and connecting information technology with blockchain is something seen as a tremendous effort by FundRequest Team. We do hope that more and more people subscribe it after its launch.