CyBit PROJECT (ICO 2018)-THE POWER OF CROWDFUNDING

INTRODUCTION

Crowdfunding is the practice of funding a project or venture by raising small amounts of money from a large number of people, typically via the Internet. Crowdfunding is a form of crowdsourcing and alternative finance. In 2015, a worldwide estimate totaling over US$34 billion was raised by crowdfunding.

Although similar concepts can also be executed through mail-order subscriptions, benefit events, and other methods, the term crowdfunding refers to Internet-mediated registries. This modern crowdfunding model is generally based on three types of actors: the project initiator who proposes the idea or project to be funded, individuals or groups who support the idea, and a moderating organization (the "platform") that brings the parties together to launch the idea.

Crowdfunding has been used to fund a wide range of for-profit, entrepreneurial ventures such as artistic and creative projects, medical expenses, travel, or community-oriented social entrepreneurship projects. Some requests, such as those to pay for optional expenses, such as vacations, weddings, or cosmetic surgery, are widely derided as internet begging or cyberbegging.Crowdfunding has a long history with several roots. Books have been crowdfunded for centuries: authors and publishers would advertise book projects in praenumeration or subscription schemes. The book would be written and published if enough subscribers signaled their readiness to buy the book once it was out. The subscription business model is not exactly crowdfunding, since the actual flow of money only begins with the arrival of the product. The list of subscribers has, though, the power to create the necessary confidence among investors that is needed to risk the publication.

War bonds are theoretically a form of crowdfunding military conflicts. London's mercantile community saved the Bank of England in the 1730s when customers demanded their pounds to be converted into gold - they supported the currency until confidence in the pound was restored, thus crowdfunded their own money. A clearer case of modern crowdfunding is Auguste Comte's scheme to issue notes for the public support of his further work as a philosopher. The "Première Circulaire Annuelle adressée par l'auteur du Système de Philosophie Positive" was published on 14 March 1850, and several of these notes, blank and with sums have survived. The cooperative movement of the 19th and 20th centuries is a broader precursor. It generated collective groups, such as community or interest-based groups, pooling subscribed funds to develop new concepts, products, and means of distribution and production, particularly in rural areas of Western Europe and North America. In 1885, when government sources failed to provide funding to build a monumental base for the Statue of Liberty, a newspaper-led campaign attracted small donations from 160,000 donors.

Crowdfunding on the internet first gained popular and mainstream use in the arts and music communities. The first noteworthy instance of online crowdfunding in the music industry was in 1997, when fans underwrote an entire U.S. tour for the British rock band Marillion, raising US$60,000 in donations by means of a fan-based Internet campaign. They subsequently used this method to fund their studio albums. In the film industry, independent writer/director Mark Tapio Kines designed a website in 1997 for his then-unfinished first feature film Foreign Correspondents. By early 1999, he had raised more than US$125,000 on the Internet from at least 25 fans, providing him with the funds to complete his film. In 2002, the "Free Blender" campaign was an early software crowdfunding precursor. The campaign aimed for open-sourcing the Blender 3D computer graphics software by collecting $100,000 from the community while offering additional benefits for donating members.

Crowdfunding started to gain mainstream traction with the launch of ArtistShare (2003). As the model matured, more crowdfunding sites started to appear on the web such as Kiva (2005), IndieGoGo (2008), Kickstarter (2009), GoFundMe (2010), Microventures (2010), and YouCaring (2011).

The phenomenon of crowdfunding is older than the term "crowdfunding". According to wordspy.com, the earliest recorded use of the word was in August 2006.

Today, I will be presenting you a particular Undisputed project called: CyBit

WHAT IS CyBit?

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CyBit is an Open Source Ecosystem to facilitate Crowdfunding! CyBit platform is built on ERC-223 protocol with smart contracts for highly secure validation of transactions and protection from malicious attacks. It adopts methodologies that support infrastructure flexibility and ensures safety & stability of the system. CyBit supports three kinds of fundraising campaigns; Initial Coin Offering, Crowd Investing, and Crowd Funding. CyBit offers a unique vehicle for Investors to finance projects through CBT as an underlying value token! CyBit providing a comprehensive smart-contract capability for seamless execution of projects with full transparency and liquidity.

ABOUT CyBit

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CyBit is a Blockchain-based crowdfunding platform that helps people who have the desire to establish a new business (Start-ups) or undertake a worthwhile project. It enables individuals to make use of crowdfunding techniques to raise the required funds. At the same time, CyBit helps investors to evaluate potential business proposals to fund. CyBit is the emerging platform that informs investors and establishes a connection to investors and those start-ups or individuals seeking funding. All these interactions will be possible through the use of a Cryptocurrency token called “CBT”.The vision for the CyBit project is to introduce a new Global Marketplace that utilizes a credible Blockchainbased token as a payment system through forex transactions and crowd-funding sources. It utilizes methodologies that will encourage and support infrastructure exibility. We intend to provide a comprehensive smart-contract capability for seamless execution of projects with full transparency. The CyBit team is focused on assisting clients to handle increased customer demands without incurring increased costs.The CyBit solution empowers ICO developers to visit the platform, submit their funding requirements, and use CyBit channels to get evaluated by potential Investors. Upon successful evaluation, the Investors will invest in their projects using CyBit Tokens. The entire process is secured using smart contracts. The platform protects the rights of each stakeholder.