One of the main part of “Illuminates Platform” structure is Crowdfunding platform. In this article we want to talk about the benefits of the platform and describe the mechanism for implementing the basic functions.
Many startuppers face the problems of insufficient funds for the launch and development of the project, the insufficient of knowledge to attract investments, the lack of professionals. “Illuminates Platform” help people to change the world with their ideas, find practical solutions to implement these ideas and don’t be afraid to be deceived and trust partners in a business relationship. We make money and reputation together.
“Ideas are easy. Implementation is hard.” — Guy Kawasaki, founder of AllTop.
For startuppers “Illuminates Platform” offer:
- the ability to attract the necessary basic and additional investments;
- find executors to work together on projects;
- get an expert assessment of the idea at an early stage;
- copyright preservation in blockchain;
- access to a wide audience of investors.
In other side the platform provides unique opportunities for investors:
- access to a comparative analysis of a pool of proven startups with detailed, confirmed information about the team and their experience;
- an opportunity to attract experts to make the final decision — whether to invest in a startup or not;
- guarantees protection from fraudulent projects.
How it will be implemented? The main goal of the project — create ecosystem where is your reputation will be more expensive then profits that user will receive from frauds. If you will lose your reputation, there is no chance in future to create new account with “clear” reputation again.
So first of all — to create your, you need to register and complete special KYC and AML procedure. All this information, received after KYC procedure will be hashed and hash will be saved, so there is no chance that you will complete KYC twice using same information. After that, founder will got to complete special agreement with Illuminates platform, and define project soft cap (if project wouldn’t reach soft cap, all invested funds will be returned to backers).
When on Seed stage project SoftCap reached — first obligatory requirement will be official registration of company in selected jurisdiction. Such services will be provided on platform by validated lawyers. Founder should to choose this service provider before the crowdfunding launch. The legal company wallet will be added on the stage of the smart contract creation and the moment when soft cap will be reached needed amount for legal entity registration for (ICO) and license/regulator approval (for STO) will be automatically send to the Layers.
After that, they will sign the confirmed status of approbation from regulator — founder will receive access to the money from investments. Founder could choose the law companies from registered on a platform, or even brings his own law company to the platform and after validation use their services.
Another level of security — judges system. There will be special category of users — judges. To become one of them user first of all will need to proof his/her expertise on illuminates freelance exchange. Judges will have a chances to rate the project risking their reputation, but receiving benefits for doing this.
Additional there is will be special tournaments, you can read about that in current version of WhitePaper.
We tried consider all possible problems and make our platform as transparent as possible. We are also look forward to receive feedback from our community, what’s will allow us to update, expand and make our platform even safer.