ICO Evaluation of Root Project
Co-founded by Dr. Nicholas Adams Judge and Chris Place (Political Economist and A Y Combinator Fellow respectively), this non-profit organization has recently passed milestone of becoming the much hyped and most successful pre-ICO which closed on last Friday (10 July 2017 till 28th July 2017). However, what impressed us more was the fact that co-founders are keeping zero tokens for themselves, basically, beyond a reasonable salary, nothing extra will go to co-founders account which is new and quite amazing to know.
Understanding RootProject in detail
As we came to know from the team members, RootProject isn’t an impulsive decision, rather it’s a result of late night discussions and continuous dialogues revolving around what methods they must apply which will assist them in providing a nonprofit organization with a standing without losing its identity in the crypto asset world of for-profit organizations. After all, while it was important for the team to come up with a model of work for this project, they were well aware that the same will support in changing the economics of nonprofit organizations forever.
So what exactly is RootProject and how they are planning to accomplish their goal, let us understand this in points.
RootProject is all about structuring a nonprofit organization, whose core activity would be more about anti-homeless work programs. As a matter of fact, the team is basing the project on successful American urban policy programs, like in Albuquerque and NM, and they even have data to prove that these projects they went into are quite successful.
Basically, the sole reason to bring this project on the platform for crowdfunding is none other than the belief that people or large institutions can crowd fund projects which they believe can change the society.
While team members have made sure that donations they are receiving are tax deductible (that’s a big deal as per US tax law), however, the donations which will be received for business improvements specifically won’t be tax deductible.
In short as we can make out from the information provided above, RootProject is definitely different from all the various charities which are in process right now, as while other project initiators might complete the project, RootProject believes in giving the labor task to vulnerable people as the same will not just help them in gaining experience but wages as well.
However, it won’t be wrong to say that ROOTS token has been designed keeping two objectives in mind
· To generate a righteous development cycle that associates asset worth and institutional evolution (while shielding the organization from descending tremors of the asset’s price by holding numerous years’ functional budget in USD).
· To decrease unpredictability and connections with the crypto assets that are supposed to be apprehended in the same depositor collections as ROOTS tokens.
Facts to help us understand how they are planning to raise the demand of tokens.
Crowdfunding Remuneration — essentially a 10% fee will be charged on the donation for the particular project, which is then used to purchase tokens on the open market format.
Pension Fund Contribution — prepared in form of ROOTS token which is acquired on the open marketplace, pension fund support is sponsored like rest of the projects from the crowdfunded contributions for a specific project.
Hefty Contracts with Organized Contributors — be it an intention to do good or planning for a positive PR- both comprise a minor percentage of dollars going to the buying and burn of tokens.
With their proficiency of explaining the project in plain English, we are quite convinced of the fact that people involved in RootProject do hold the expertise to run something this big with efficiency. However, we always believe in providing our reader with the basic details of team members which will assist them in not just knowing the product better but help them in foreseeing its future growth. Thence below are few basic facts related to the RootProject team.
Anton Kraminkin- Development Director — an economist and initial Blockchain supporter — worked with Oliver Wyman (a prominent international management consultancy firm), Anton completed his graduation with a degree in economics, from the University of Warwick (UK) and is planning to soon start M.A in social science from the University of Chicago.
Chris Place — Co-founder — with a BA (Hons) degree in industrial design, Chris holds the position of the co-founder of Prepd and a Y Combinatory fellow. Also, Prepd has enjoyed more than $5 million sales within 1.5 years under his supervision. With the experience of working with award winning designer on globally recognized brands, Chris has a marketing experience in both traditional as well as start-up settings.
Dr Nicholas Adams Judge — co-founder — a political economist from Boston and currently living in New York City, Nick completed his PhD from the Department of Political Science at The University of Wisconsin Madison in the year 2013. Before founding and building wander+, Nick worked with revolution analytics as big data programmer
Dr Ashley Hooper — Advisor — living in San Francisco, Ashley completed her PhD from the department of economics at the University of California San Diego. Proceeding to the position of senior economist at Keystone strategy, Ashley was working as the head of CRE and CMBS research at Deutsche Bank.
Zac Filan — Principal Software Engineer — holding the degree of MS and BS in computer science, Zac works as a principal software engineer at Allscripts, also he had spent more than two decades in engineering roles (roughly half that time at IBM).
Alex Bazhanau — Principal Ethereum Engineer — worked for Adform and Itransition as backend software engineer, Alex was hired by IBM to assist development of applications on Hyperledger (for Africa). With MS in computer science, Alex holds the position of smart contract developer at RootProject.
With some of the smart contracts already on project’s GitHub page, as per project team, some of the code for the crowdfunding entity is still local. Also when asked about the purpose of token, we were told that -
· The same is to encourage decentralized governance and to enable the feedback loop.
· To act as an asset in the pension fund
· To enable rapid scalability in an area where the problem is scalability.
· To create liquidity for ROOTS, which will be traded on major exchanges after the ICO
Although we are sure that with more than 1000 member on slack, RootProject team is definitely succeeding in building a community around their idea. However, we didn’t wanted to miss the chance to understand more about the project from the team itself. Thence when asked we were told that not only they are succeeding in helping investors understand about the product but have raised 260% of the total collection they planned for pre-ICO sale.
Our take on project — Why involve cryptocurrency in charity project?
Definitely, the idea we have discussed holds potential, after all the same provides not just wages to people and saves them from brutal suffering, but assists them in gaining job experience as well for future opportunities. But while all this is good it’s hard to accomplish something big like this until an organization is provided with resources, and for this project, entering the world of cryptocurrencies will do the same. Thence team has introduced a token named as ROOTS, which investors can buy. Also we would like to state the fact that ROOTS token is designed to appreciate over time. Thus, RootProject is not a charity — it is a platform to connect the interests of investors and the poor.