Questions for FundRequest’s CEO, Karel Striegel, by Cryptocentral.io
1. There has been lots of criticism of the Gig economy model, primarily about exploitation of workers. What are your views on that and do you think this model will continue to grow?
In regards to the Gig economy I don’t see it as an exploitation of workers but more of an opportunity to spend more time doing the things you love to do. In regards to the criticism, I assume you’re referring to Uber where there is a centralized party taking too big a fee compared to the drivers and this has caused a ruckus in the media some time ago.
For FundRequest we believe in the gig economy where developers can produce quality code for the projects they love to support. We as a provider do not take any fees. However we have seen that project owners and maintainers would like a share in the profits for their services as well. This makes sense to FundRequest and as a service provider to both project maintainers and developers we can find a way to make the contributions split fairly between developer and maintainer.
2. The open source development space has had its own share of problems. Could you shed some light on the challenges within this space?
The main problem with open source is that it has become so successful that businesses and governments are leveraging open source software and expect support whenever they have an issue or want to build on top of the software. Project maintainers, who work as volunteers, become overwhelmed with issues to resolve, become demotivated and abandon the project.
3. What is FundRequest? How did the idea come about?
FundRequest allows businesses to incentivize the open source community to fix issues they have while using open source projects. We are users of open source software and encountered the problem ourselves and with the lack of good solutions we decided to start FundRequest. The idea of open source incentivisation is not new but there are only a few successful projects out there. We believe blockchain decentralization and the wave of the gig economy was needed before funding in open source would be accepted by the community.
4. Could you briefly explain the FundRequest model of problem solving for open source software development?
By incentivizing open source we allow businesses to seek support from the people building the software. Adding money to open source sheds a light on what is important for the people using the open source software while helping out the maintainers of the projects to pay their bills.
5. How important is the self resolving mechanism on the FundRequest platform? How will it be achieved?
FundRequest is an integrated platform where we use the logic of the target platform (for example GitHub) to determine whether an issue is resolved. When an issue is labeled resolved, the solver is notified that a reward can be claimed. A cool down period is set to avoid abuse of the system, to give the funder time to evaluate whether his problem is solved or to raise a dispute.
The self-resolving mechanism is fundamental to grow within the ecosystem.
6. I believe the FundRequest platform will not charge any fees from the requesting company or the solver. How will the company manage to run the platform without charging fees?
That is correct.
The FundRequest business model is primarily based on token economics. We have our own token called the FND token, which is used to fund issues and unlock premium services within the platform. In time we allow funding in any ERC20 token, fiat currencies or PayPal but the FND token will remain to play a key role as a utility token for the FundRequest platform.
We have a token sale to raise funds to develop the FundRequest platform and grow a community around it. These funds are used to develop the product. The goal of FundRequest is to make a self-sustaining platform where the FundRequest eco-system funds issues to have it developed. The teams incentive is aligned with platform adoption. We consider token economics and valuation the fairest method to manage the platform to be in line with the open source philosophy.
7. What is Skill Token Factory and the Skill Tokens? What is the idea behind this?
SkillToken is used to measure the reputation of a funder or a developer. It is a separate token as the token is non-transferable and can only be earned. When a developer successfully solves an issue he receives a monetary reward (FND tokens) and reputation based reward (SkillTokens).
The idea is that these tokens represent a developer’s skillset and that they can only be earned. The premise is that a developers reputation is important and we want to merit them by giving recognition. Instead of listing skills on LinkedIn you earn skills and this is far more valuable for both the developer and possible companies seeking to work with the best developers out there because these skill tokens represent verified knowledge.
8. Will the FundRequest platform be accessible to third party applications? Will other ERC-20 tokens also be usable on your platform?
9. What is the native token on the FundRequest platform? What will it be used for?
The FND token. In essence the FND token is the primary utility token used on the FundRequest platform and is essential to provide the flexibility of creating a marketplace that accepts each currency type. Funding in ETH or BTC limits to potential growth and adoption of the platform as it makes it harder to also allow non crypto assets for funding.
ICO related Questions
10. When does the main sale start and end?
After a release of our first working product to the Ethereum Mainnet. This will be end of Q1, beginning of Q2 2018.
11. Is there a registration process for participating in the main sale?
Yes. Participants should register on: https://register.fundrequest.io
12. Are there any bonuses available during the main sale?
Developers who participate during the token sale and register on our platform can apply to receive a 20% bonus in tokens.
13. What is hard cap for the main sale?
15 Million USD.
14. What is the total token supply?
Tokens are generated during the sale. The total supply is not yet fixed as it depends on the ratio. We aim to raise 15 Million in ETH equivalent which represents 40% of the total supply. Assuming a ratio of 300 ETH/USD that would be selling 90 Million FND and a total supply of 225 Million FND.
The total supply is distributed accordingly:
- 40% is Available for Sale
- 30% is used to platform growth and funding open source projects
- 10% is held in cold storage for 2 years
- 18% is held by the team with a vesting period for 2 years
- 2% is held by advisors with a vesting period for 6 months
15. Are the FND tokens utility tokens?
16. Will the FND tokens be tradable on exchanges?
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