In the era of the disruptive blockchain technology and crowdfunding, a new economic ecosystem is surfacing. The new era is disrupting the traditional banking industry and payment services. Crowdfunding and money circles have greatly influenced the financial market and fundraising space. Companies such as Republic, Kickstarter, and Start Engine have revolutionized the world of start-ups. However, some problems still breed within the fundraising platforms. On one end of the spectrum, the crowdfunding platforms are not easily accessible to all startups and only support promising projects, on the other end, money circles are not very reliable. Blockchain being a decentralized distributed ledger technology ensures security, transparency, and integrity of data. The technology has great potential in the financial sector as it cannot be tampered with.
We have developed a platform on the blockchain technology to enable easy access to raising funds. It offers a decentralized application for users to run their own crowdfunding campaigns and money circles. It is an attempt at financial inclusion by reaching out to the unbanked community and small households and resolve problems faced by investors in the traditional ROSCA funding and crowdfunding. To fuel the smart contracts on the platforms, the native AZ token has been created.
AZ Token — Fueling Smart Contracts
Each money circle or crowdfunding will run through unique smart contracts which require the AZ token as a fee payment. However, users are not required to buy these tokens as the fee deducted from the payments automatically buys the AZ tokens. Also, the token will be bought back from the market through transaction fees, thereby generating a continuous demand for the token. The fee deducted on the platform is 1% per withdrawal. ROSCA and crowdfunding accept donations in cryptocurrency on the platform. It also accepts Ethereum, USDC and fiat currency for now and more cryptocurrency will be added in the future.
The secure mobile application requires KYC/AML verification and Google authentication to eliminate risks of fraud and fake accounts being created. Users on the platform can view and verify credit scores and ratings of other users. High reputation scores enable users to create lucrative money circles by leveraging their background and reputation.
With the token sale starting in tomorrow on Friday March 1st, we are all set to bring a revolution in traditional financial practices helping the small investors and startups to showcase their potential. Attempting to leverage blockchain technology and ROSCA funding benefits, it intends to revamp the fundraising landscape.
Become a part of our project via AZ Token. Learn more about the project & join our token sale at www.azfundchain.io
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