Crowdfunding Innovation! Is Fundition’s Blockchain Funding Model Th...

Over the last few years, crowdfunding as a model for charity and altruistic projects has really taken off.

That is a great thing, as it has opened up a lot of people and their projects to new possibilities.

Recently, crowdfunding has become even better....

What if your supporters could fund your projects with real money, without actually spending any of their own money, by “liking” your project and updates?

What if they could do this over and over again, so each individual could fund your project, at no cost to them, just by “liking” each update that you make?

Thanks to the innovation of Fundition, the new crowdfunding platform hosted on the STEEM Blockchain, this is now possible!

So, how does it work?

Put simply, the STEEM Blockchain generates an amount of crypto currency each day, which is distributed among its users in the form of upvotes. These are the same as “likes” on most social media platforms, except that they also include a financial reward. The size of the reward depends on the STEEM currency stored by the voter in their account (known as STEEM Power)

The amazing thing about this is that the vote has value, while the voter doesn’t have to give away any of their currency for the receiver to benefit.

And, yes, this is real money! It can be exchanged into another crypto-currency, such as Bitcoin and then into the currency of your choice.

The whole process takes 1-3 days, depending on the exchanges you use. I’ve done it several times and it’s pretty simple.

So, just this alone makes the Fundition model very appealing. After all, it’s easy to be generous if it doesn’t actually come out of your pocket!

However, Fundition has many other awesome benefits for both crowdfunding project founders and their donors. Here are some of them:

Fees – the mainstream crowdfunding platforms all take significant fees from the amount collected. Of course – after all, they have to fund their infrastructure, staff etc.

The industry average is around 12% of the total collected.

Fundition takes ZERO fees!

How is this possible?

Thanks to the STEEM upvote model, Fundition is able to cover the costs of infrastructure and its team in two ways:

Firstly, as a project, it has been delegated a sum of 1 million STEEM POWER (currently around $1million) by Steemit Inc. This means that they have the use of that STEEM POWER to pay their team via upvotes and also for the second part of their funding, which is through…

Curation – this is another cool feature of the STEEM platform where it is not just the authors of posts who earn rewards. People who comment and even upvote on posts can also earn rewards. By upvoting projects and updates on its own platform, Fundition actually gets paid, as well as supporting the founders of viable, quality projects.

Not only that, so do supporters of each project, as they are also eligible for curation rewards based on their upvotes!

What About More Traditional Forms of “Giving”?

Fundition can also accept direct donations which currently are done either by cryptocurrency or fiat currency, via an exchange.

Holders of a STEEM account can also make direct donations in STEEM or SBD (STEEM Blockchain Dollars).

Exposure

One feature of the STEEM Blockchain is that any post is only active (able to receive upvotes) for seven days.

This means that in order to keep a crowdfunding project live and able to receive donations, it is essential to do at least one update every seven days.

This is actually great for exposure, as the updates can be made on any of the many platforms on the STEEM Blockchain. These include video platforms such as DTube, Steemit for written blogs and DSound for audio. These can then be shared and give a new opportunity to receive funding via upvotes and other means.

It’s also great, as articles on the STEEM Blockchain rank very well in SEO terms, so by taking this into account, it is possible to drive organic traffic to your project.

I have already used Fundition for a crowdfunding project and had excellent results in the first stage. I hit my initial target and was able to fulfil one of the aims of the project. It is called Healing With Heartpower and you can read about it here - https://fundition.io/#!/@eftnow/3wubtjkpo

I will continue to use Fundition as, for me, this model is a great example of the paradigm shift offered by these technologies.

Blockchain technology has incredible potential to disrupt the current way of doing things in most industries.

Fundition is an incredible example of that in action. The structure and transparency make it very appealing. We will see it grow and grow, as the team have stated their aim to make it the best app on the STEEM Blockchain!

If you are crowdfunding, or want to explore the site and find out how you can support altruistic projects in this new way, check it out at any of the links below:

Crowdfunding Innovation! Is Fundition’s Blockchain Funding Model The Future?