FundYourselfNow — In Their Own Words
We previously did a profile of an ongoing ICO, FundYourselfNow.
Through our review, we summarised what they had to offer and what we found interesting about their project and ICO.
Since the time of that profile, we have been in touch with the FYN team and we have produced an interview with them that we present below.
Have a look at what they have to say, it may help you decide if this is the ICO for you.
What is FundYourselfNow?
FundYourselfNow is a revolutionary crowdfunding platform, designed using the latest block-chain technologies to build up the ecosystem within the platform for project creators, backers and project helpers.
What’s the difference between FundYourselfNow and traditional crowdfunding site?
We look at ourselves as the hybrid between Kickstarter and cryptocurrency. So in FundYourselfNow, there are 2 ways for people to raise money:
- Through a traditional crowdfunding model where no tokens are issued, but the project is backed by a smart contract.
- Run a crowdsale on the platform issuing tokens to your backers who participate in the crowd sale.
We are also creating a talent marketplace will allow creators to find talented helpers to launch their idea.
How do you ensure the quality of projects on FundYourselfNow platform?
We have very stringent KYC process. Only companies are allowed to register projects on FundYourselfNow and all company documents needs to be submitted for verification. Profiles of Founders and Key Employees need to be submitted for identity verification. On top of that, for selected projects, FundYourselfNow will provide guidance on the tokenization model and marketing support.
At FundYourselfNow, our eventual goal is to allow verified creators wide flexibility in creating their ideas and projects. We are a platform for ideas, so even if it seems crazy, you can come to our platform to fundraise, because you have the right to show your idea to the world through our platform and build a community around it. Most game changing ideas start off from crazy ideas before it becomes a reality.
How do you protect backers in the platform?
At FundYourselfNow, we are implementing a milestone based payment system enforced by smart contracts to ensure the accountability. This is a first in any crowdfunding platforms out in the market. Each project will have at least 2 milestones, with the final milestone set to a mandatory 20%. FundYourselfNow tokens will always be used in the last milestone payment. In the unfortunate event that projects fail to deliver on its promises, backers can vote to stop or delay a payment and get their money back.Who can benefit from FundYourselfNow platform?
Who can benefit from FundYourselfNow platform?
As we all know, some people may have the brilliant ideas but they lack the keen to actually make it reality. So FundYourselfNow will help them to make their idea alive easier because of the ecosystem we’re going to build. Project creators can find proper project helper like designers, web developers or people who is related to their project easily in the FundYourselfNow ecosystem. Also the project helpers can also show their talent and gain different jobs on the platform.
Why get FundYourselfNow Tokens?
FYN tokens holders will be able to invest in projects listed on our FYN platform, at preferential rates. Project listed on our platform are expected to accept up to 20% of their funding in FYN tokens. There is no upper limit on the amount of FYN tokens a project can accept. 70% of the profits made from FYN platform will be distributed to investors, via a token buyback program. The tokens bought back will be burned to reduce the overall FYN token supply. This program will be executed every 6 months. The remaining 30% profits will be re-invested to grow the company.
A gradual reduction in token supply will eventually increase on the token value, benefiting all token holders. In addition, the top 100 token holders will be part of the FYN VIP exclusive club. VIP club members have exclusive access to buy into upcoming promising projects featured on the FYN platform (normally at a discount), during their pre-sales period. For project creators, this will help good projects build momentum before their actual sale.
What is the future of crypto-currency crowdfunding?
Crypto-currency crowdfunding is rapidly rising as an alternative means to raise funds for high investment grade projects, due to the ease of execution and global reach. Companies now prefer to do ICOs than go to VCs to raise capital and we foresee that this trend will continue to accelerate. At FundYourselfNow, we believe that we are well-positioned to take advantage of this trend, given the vacuum in the realm of global crypto-currency