Traditional funding forms such as self-funding, venture capital or bank funding have been difficult and limited for businesses. Bank funding requires a good cash flow from a flourishing business; self-funding has to limit constraints whereas a venture capital requires a mass appeal for a product or service. The shift from traditional funding to crowdfunding has been effective, however, inefficient. Various crowdfunding platforms such as Kickstarter, Indiegogo and Crowdfunder enable businesses to raise funds from small investors. The limitation is that only businesses with an exceptional product or service have access to such platforms and have geographical barrier as to who can participate in a crowdfunding campaign. Similarly, money circles are used by certain people as an alternative fundraising method, but again with many constraints.
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Mohamed Asif, our CEO, believes in using disruptive technology to build ‘the next most useful thing’ rather than just ‘the next big thing’. Striving to bring financial freedom and a balance in the community, he took to integrating the blockchain technology with fundraising. Blockchain, most definitely, has the potential to disrupt all the industries. It makes the process of raising funds a safe, transparent and accessible one.
AZ FundChain attempts to use blockchain technology on its platform to help anyone raise funds. It is a decentralized and transparent crowdfunding and money circle blockchain application. The focus is to reach even the unbanked communities and small entrepreneurs. The decentralized feature of blockchain will enable trust and eliminate the high operating fees required in traditional fundraising. Fueling the smart contract on the platform is the AZ token. The token will be required as fees to create or participate in smart contracts to fund or join money circles. However, users are not required to buy the token as it would be automatically bought through the fees deducted from their payments.
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AZ Fundchain will be presented as mobile software to participants and will run on a public Ethereum blockchain. On the application, users can interact with others and also have reputation profiles. Available on iOS and Android, the app breaks the barriers of redundant geographic and regulatory restrictions and provides access to everyone. Donations in cryptocurrency are accepted through public based crowdfunding or ROSCA based money circles. Apart from USDC token and Ethereum, the platform also allows users to get the tokens onto their wallet using fiat deposits.
With our ICO starting a public sale in March, we are prepared for a bright future and success in using the blockchain technology to advance financial inclusion. The success of the technology in Bitcoin crowdfunding is already evident and therefore the platform is on the right path to build a decentralized world.
Note: This document with all the information in it is shared here to boost our knowledge of blockchain and crypto ecosystem, the original document can be found in document source, I have no ownership right over the document.
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