(Cancelled) Now accepting “Grant-Lending” Contributions for Trust-Ledger-Prototype
Edit: This fundraising effort has been cancelled. I intend to start another fundraising effort on an actual fundraising platform, to support a range of potential digital accounting projects, where I personally match funds. I think this will be better than my original plan of having half the money go to my personal use.
In financial terms, this is small potatoes. I’m raising up to $2000, to help me a get an implementation of trust-ledger, trust-ledger-prototype, working, as well as possibly promote it. There is a $500 maximum contribution limit for individuals.
I don’t need this money, and raising the funds will not affect my plans for the project, including the “worst-case” scheduled timeline. But it will help me do the project, and increase my ability to build it more quickly.
Because this is a small amount, legally, I am considering half of any contributions to be a personal loan, and the other half to be a personal gift. Unfortunately, it’s impossible to be aware of all potential legal implications from the outset. I want to make sure, first of all, that the way I raise money is ethical and clear. I will research additional legal issues as I go, and conform to legal requirements to the best of my ability. If you are aware of any legal problems with these financial arrangements, I would appreciate you letting me know.
What Is Grant-Lending?
It’s like a loan, and like a grant. Part of your contribution will be personally repaid by me regardless, but more will be repaid if the project is successful. Details given below.
How the money will be used
Half the raised money, up to $1000, I will use for personal spending, and the other half, up to $1000, will be reserved for direct spending on the project, such as for hiring someone else to help with the project, advertising, web hosting, or other costs.
What you are promised, in return for “grant-lending” contributions to “Trust-Ledger Project”.
I am personally guaranteeing 60% repayment of the money you contribute. The repayment period will start 6 months from today’s date, August 29th, 2017, on March 1st, 2018.
Monthly repayments of 10% of the money raised, will be due on the first of each month, for 6 months, starting on March 1st, 2018, with the last scheduled payment on August 1st, 2018. If I raise the full $2,000, this will require a payment of $200 on the first of each month, with each contributor due an amount proportional to their contribution.
Payments not made by the end of the day(my time), on the scheduled payment date, will result in a late fee, of 10% of the amount deficient. Total late fees, on personal repayment, are capped at the amount of 1 single payment. Deficient payments extend the monthly scheduled payments, until the total amount promised is payed, including late fees, but do not increase the amount due at the beginning of the next month.
If two scheduled payments in a row are deficient more than half of the due payment, you may use civil legal means to recover ALL of the remaining amount of personal repayment promised IMMEDIATELY.
How 3rd Party Transaction Costs and Fees Will Be Considered
The full amount you pay, including 3rd party transaction fees and processing costs, is your contribution. These fees will be counted as project costs, deducted from the amount set aside for direct project spending. Similarly, the full amount payed in repayment, including 3rd party fees, is counted as repayment, so these costs will reduce the amount you receive in repayment. There will be no such fees or processing charges applied by myself or the project, this only describes fees and processing charges made by third party financial services.
Project repayment, conditional on continuation of “Trust-Ledger Project”, of which, “Trust-Ledger-Prototype”, is a sub-project.
After the personal repayment period is finished, or when 2 consecutive extended personal payments due, after August 1st, 2018, are deficient more than half of their required amounts, the project repayment period will begin on the 1st of the next month. Thus the project repayment period will begin, at the earliest, on September 1st, 2018.
Project repayment is conditional on the continuation of the project. The status of project continuation I will make known by announcement.
Project repayment will also be 60% of the initial contribution amount, and is subject to the same monthly schedule, amount, and terms as the personal repayments, except beginning at the beginning of the project repayment period, and the payments will be made by the project and not by me personally.
TL, DR :)
I will work on the project for 6 months. Regardless of what happens, I will personally repay 60% of contributions over the following 6 months. If the project is successful, and keeps going, the project will then repay another 60% of your contribution, over 6 more months, so you would get 120% back. That’s a 120% return after 1.5 years, which is a 13% yearly return.
Project Announcements and Disclosure of Contributions
I will make project announcements and make a post that lists all contributions by contributor. I would prefer to list contributions with at least your first name and last initial. But you can also use a pseudonym if you prefer.
For now, this information will simply be shared in this publication. If for some reason, I decide to find another channel to share this information, I will try my best to make sure everyone knows about it.
How To Contribute
Contact me personally if you want to make a contribution, and we will work out the details!