Fund Request Initial Coin Offering
Details and Interview
“FundRequest is more than a platform to fund projects. We provide the best experience to fund an issue and incentivise the open source community. FundRequest breaks down barriers traditionally encountered in open source by providing a support layer between no support and enterprise level support.” – Fund Request
Interview with FundRequest
Bitcoin Chaser: What kind of problem, market deficiency or opportunity inspired you to launch your project?
FundRequest: The past decade we have actively been working as software engineers and have joined the open source revolution. We use, develop and collaborate on open source platforms such as Github and StackExchange and benefit from co-creating with like minded individuals. Red Hat Incorporated is an organisation that creates, maintains, and contributes to many free software projects and has given the open source the ability to grow on an enterprise level by offering premium service level support.
With open source platforms and blockchain technology we’ve noticed that we aren’t collaborating in a centralised manner and as individuals or community we can’t rely on enterprise service level support or expensive monthly license fees to accommodate our needs. As individuals we need help as well and we’ve often encountered that we don’t get enough support. We develop FundRequest based on our own needs. We want to incentivise our peers to help us out because we didn’t get enough support in the past and there wasn’t a mechanism to help us out.
BC: How will your project address this problem, market deficiency or opportunity in a unique way?
FR: FundRequest is a platform to integrate with existing open source platforms. We choose to focus on open source software development platforms as our initial target market segment but in essence we provide a mechanism to fund tasks and questions to receive adequate support from any community.
BC: How do you think that competition will develop following your ICO?
FR: There is already some competition and we believe this is a good sign. Competition tells us there is a real need and opportunity for FundRequest. Following our ICO, competition will grow but it is our duty to outpace competitors and offer the most attractive service and market it successfully. We are vigilant regarding competitors but we must draw strength in our abilities as a team to develop our vision based on market needs.
BC: What are you planning to do with the proceeds of your ICO, and why?
FR: We will spend the majority of funds on platform development, operations and marketing. The marketing budget is used for targeted marketing to stimulate adoption of the FundRequest platform. Although we already allocate a large budget for marketing FundRequest will allocate a separate budget to fund a bounty program using the FundRequest platform which will enable user adoption as well.
Although we can’t go into too much details let’s delve into the broad topics of how we plan to launch the FundRequest ICO.
- The ICO will last for at least 3 hours: We want to give each investor, innovator and early adopter an equal chance to invest in the FundRequest platform.
- The ICO will last for 2 weeks max: It’s our job to raise awareness and we don’t believe we need more than two weeks to launch an ICO
- The ICO will have a public soft cap: FundRequest will abide with a public soft cap. All profits exceeding the hidden cap during the first 3 hours of the ICO will be utilised to fund additional features. Some of these features will be developed by the core team, other feature requests will be transferred into GitHub issues and we will then use our own platform to fund the development of these features. We will enable carbon voting so the token holders can choose what additional features should be developed relatively to the amount they have invested.
- Some ideas to kick off:
- Instead of funding issues on Github, why not add the possibility to fund an entire project or a development competition?
- Let’s fund questions on StackExchange
- Why not develop a JIRA plugin to fund User Stories, Bugs and Change requests?
- Some ideas to kick off:
BC: For all those who have read your white paper and are still on the fence about contributing to your ICO, what can you tell them that could lead them to buy into your project?
FR: Although the FND-tokens will be tradeable, we hope investors will become platform users as well. At first, users will be able to fund new and existing issues on the Github platform but we plan to develop features to fund entire projects and create development competitions.
FundRequest will develop a leaderboard and ranking displaying the top developers per region in a certain field. A LinkedIn integration would be a great match as the rankings and recommendations could be a valuable asset to search and attract star performers.
Github is our initial targeted platform to integrate with but we have other platform integrations in the pipeline such as StackExchange and Atlasssian’s Jira. Depending on how much is invested in the ICO we can grow and pivot at an accelerated growth rate.
Bottom line: never mind the sector, platform or tool. Using fundruequest will encourage community support at lowest cost.