FundRequest – THE FIRST DECENTRALIZED MARKETPLACE FOR OPEN SOURCE SOFTWARE DEVELOPMENT
What is Open Source Software?
Open source software is based on the power of contribution and cooperation. It has emerged as the ultimate panacea for reducing the burden of regressions, accelerating the flow of innovation and sharing the task of security review. Open source software’s source code is released to the public, and developers are able to review it, modify it and redistribute it. By opening the code to others, it allows developers around the world to contribute code, add new features, improve the present code, report bugs, and submit fixes to the current version. Open source is getting all the traction it deserves, as it leads to increased transparency, greater flexibility in shaping of the final product and most importantly it is preventing monopolistic conditions in the software development sector. As per reports, the biggest factor that has propped up this alternative approach of software development, is the fact that consumers are saving substantial amount of money, to the tune of US $60 billion per year.
Despite the unprecedented growth, all the previously mentioned advantages and economic benefits in the open source model, several open source projects fail. Shockingly, the failure rate is almost 80%, as most of these projects fail prior to completion. Lots of projects have been rendered useless primarily due to the lack of incentives for the developers. In some cases projects get abandoned due to stronger competitors usurping the development. To add to the woes, critics have no qualms in labelling the open source model as a way for employers to exploit developers by not hiring them full time.
Advent of Gig Economy
Investopedia defines Gig economy as: temporary, flexible jobs are commonplace and companies tend toward hiring independent contractors and freelancers instead of full-time employees. A gig economy undermines the traditional economy of full-time workers who rarely change positions and instead focus on a lifetime career.
Internet has enabled the creation of transparent and efficient marketplaces that connect freelancers with buyers of their services, the so called gig economy. Taking Uber as an apt example, their platform connects drivers with riders, on a global scale. As per estimates, the online gig economy in the US and Europe alone has approximately 160 million active participants, and is growing at an annual rate of 26%. The growth and rapid adoption of the gig economy model is due to the fact that the workers involved in this sphere are more independent, satisfied and productive than full time workers.
FundRequest.io – The Uber of Open Source Software Development
FundRequest is aiming to solve the problems plaguing the Open Source space, and they are doing it by creating a marketplace where companies and developers will come together, and the developers will get adequately remunerated for the solution they provide. Similarly like Uber does for taxis, their platform will match the supply and demand for open source software development. This way developers will be able to earn extra income and maintain flexible working hours. Companies requesting software development will benefit from lower costs and tailor made solutions on ad hoc basis. This definitely, will be a game changer for the entire open source ecosystem.
FundRequest platform’s value proposition is the provision to fund open issues (bugfix requests) in virtually any programming language.
FundRequest’s platform will be built on the ethereum blockchain, and by using smart contracts, it is envisaged that all contracts on the platform will have the power to self resolve. Using the escrow feature, funds will be kept securely allotted to a particular request. Once the developer’s solution is validated, smart contract will automatically release the funds to the solver.
FundRequest’s decentralized platform will not charge any fees from the requesting organizations or the developers. This obviously is only possible due to blockchian technology’s decentralized features being extremely cost effective. Providing a friction less environment with in built efficient features will truly take open source development to new heights.
The fact that all historical data pertaining to such development requests will be available on the distributed ledger, this will provide highest levels of transparency. This will lead to a more efficient market functioning. Also, the FundRequest platform will be made accesbile to third party applications, such as Trello, a web based project management application. They will be able to use Fundrequest smart contracts and API’s to offer a fund functionality on their own platform.
The FundRequest platform will have a native token called FND, that will be used for making payments between the requesting companies and the developers. FND token will play a key role in the bid to incentivise non-profit open source communities.
FundRequest is using the correct tools for removing the hurdles that are slowing the pace of open source development space. Since, its platform will be an amalgamation of open source, gig economy and blockchain technology, it seems that it has all the characterisitcs to be a prominent player in the world of decentralized applications and platforms.
Opening Date: Nov. 20, 2017
End Date; Dec. 1, 2017
Platform: Ethereum, ERC20
Exchange Rate: 1,800 FND/1 ETH
Hard Cap: USD $15 Million
Total Token Supply: 85 million FND
Rocket chat : https://fundrequest.chat
Twitter : https://twitter.com/fundrequest_io
Telegram : https://t.me/fundrequestofficial
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