Hello, FairEco!
Trusted and Fair Financing for The Community
Introducing a safe and fair Crowndfunding on Earth, FairEco platform, a Crowdfunding platform built on Blockchain technology.
With the idea of Transparency as no centralized wallet in the platform, with veto vote for Backers as the Investment Assurance and project management platform for Makers to ensure the Continuity of the project.
The powerful platform for Makers raising fund and unleasing true potential and the safe place for Backers contributing to the community confidentially and delivering the impact together.
Executive Summary
Crowdfunding becomes extremely favoured due to its simplicity but
effectiveness which opens the opportunities to inspired and innovative
Makers in offering their products or services that address the real world
challenges and also create the massive and positive impact to the
community. Crowdfunding is the practice of funding a project by raising
small amounts of money from Backers who believe in products and services
that could potentially disrupt the existing models or invent the great things.
From the study in projects that have successfully raising fund, we found that
there are significantly increasing in number of projects that fail to deliver
products and services as state in their project plans, which effect to Backers
who lost their investment and unable to request any refund from Makers
due to its nature in Crowdfunding platform.
What is FairEco Platform ?
FairEco platform, a Crowdfunding platform leveraging the Blockchain
technology is designed and engineered to be the fair platform for Makers
with innovative ideas to offer their products and services and also provide
an appropriate margin for Backers to support the project at the reasonable
amount of the investment. The platform also enables Backers who support
the project to have an opportunity to confirm with the Maker for their
executions of the project that they have invested from the start until project
complete.
FairEco platform is designed to ensure that it is fair for EVERYONE who
truly believe in Crowdfunding.
The Challenge
1. No control over project execution
Fundraising via Crowdfunding is a way to raise the fund from Backers who
are interested and confident in good projects, in project that aim to solve
and effect the society in positive way or impress with commitment of the
Makers. In return, Backers would receive good products or services, along
with Backers would get the chance to be the first group to use the products
or services, which quite often these first group of users create
acknowledgement to wide range of society.
Crowdfunding statistic of year 2012–2015 found that number of projects were increasing in every year. From statistic on 8 June 2018 found that there are over $3,720,870,063 pledged to fundraising via Kickstarter platform and there are over 145,091 projects successfully funded.
2. All or Nothing
With Crowdfunding fundraising, Backers are able to participate in any
projects they like or believe in and decide to support Makers freely. Fund will
be raised through the platform designed to facilitate both Backers and
Makers to transfer fund from Backers to Makers. Makers are responsible to
provide attractive project proposal including the innovative solution, sound
execution plan, the deliverable items, tangible products or services, team or
group of people working for the projects, and also creditable investor or
shareholders in order to ensure that they can deliver according to the plan.
However, the platform NEVER assure whether Backers will receive products
or services. Simply put this way, if Backers have invested in any projects, all
their fund after platform fee applied would be transferred to Makers and it
is solely the right of Makers to manage fund return to Backers in case they
decide to terminate the projects or unable to continue the execution
according to the plan. For example, fundraising for innovative iPad was
decided to terminate the project and it appeared that there is no money
return to Backers.
Our Approach
Because of above issues, FairEco has fundraising platform for Crowdfunding
on Blockchain technology that aim to mitigate project execution risk as well
as financial risk with no central wallet maintained, periodic project payment,
and veto vote supporting for Backers.
1. Fair Contract
Contract of the projects in FairEco platform is a contract only for Backers
and Makers. The platform has NONE of wallet that store money for any
related parties.
2. Project Payment
FairEco platform is the Crowdfunding developed on Blockchain technology
and designed to govern the payment policies for any projects created under
the platform. Payment cycles, duration of each payment cycle and approval
period for the payment are the set of payment policies that support in the
platform. This help mitigating the risk in losing investment money for
Backers that pay through Platform to Makers.
3. Veto Vote
FairEco Platform is able to define payment policy within the projects and
utilize such policies as a tool in reducing risk of Backers. Backers could vote
to stop paying investment fund to project, if that projects indicate that they
cannot operate as plan, delay in delivery, or likely to terminate the projects.
We are waiting for you to make the better world.
