The FundRequest business case
With the rise of Ethereum and blockchain technology the landscape has changed yet again and we believe we can move one step further and support open source development with enhanced decentralised funding. With FundRequest, we offer the users of open source communities the ability to fund open issues on any project and to reward the people that are contributing their free time and effort to support open source software. Both open source and blockchain technology is here to stay and FundRequest aims to provide premium support at a low cost.
When Karel Striegel, the founder of FundRequest, explained his vision we quickly understood the value proposition of his idea. We built a website, wrote a draft whitepaper and developed an MVP in the form of a demo video. The response was overwhelmingly positive so we went ahead with the project and developed an ICO-model to fund our ambitions.
FND-token as a value token
Our original plan was to make the FND token an Investment token where backers receive a ROI, but with the help of expert financial advisors we dropped the idea and chose to move forward with a FND value token to be used on the FundRequest platform. Backers of the FND-token can use FND to fund open source issues on the FundRequest Platform and will do so because they believe in the project, team and in the value proposition and thus the token value of FND will rise in ratio with other crypto pairs after launching the service. By creating a value token instead of an investment token we are following the best practices of successfully launched ICO's such as Gnosis and ICONOMI and Brave browser's Basic Attention Token. Details can be found in the new version of our whitepaper (v1.2) to reflect the changes of our ICO model.
Before launching any ICO we plan to launch a pilot version on the Ethereum testnet, to build the FundRequest platform and integrate with existing open source platforms.
We continue to refine our strategy to asses possible integrations with new blockchain tech assets such as the Bancor Protocol to allow direct trading of crypto-assets without passing an exchange such as Kraken or Coinbase. Next to funding issues with crypto assets we will allow transfers of non-cryptocurrencies to fund issues on the FundRequest platform.