FundYourselfNow, Crowdfunding Evolved!
Crowdfunding has become more and more common in recent years, and it has become a way for consumers to directly fund the creation of products they would like to have. Unlike traditional modes of business, there is no board room meeting full of investors who have to guess whether a product will be popular and sell well Crowdfunding websites like Kickstarter and Indiegogo have now made it possible for a product to come to fruition through its popularity.
However, there are still many obstacles to face for both creators and backers when it comes to crowdfunding projects. The greatest of these obstacles is the high transaction costs companies such as Kickstarter and Indiegogo charge, lack of support or mentorship, and lack of security for backers. To alleviate this, a new competitor has emerged in the form of FundYourselfNow.
FundYourselfNow is a crowdfunding platform that uses blockchain technology and virtual currencies which means that project creators can fundraise with many common cryptocurrencies without the need for technical knowledge. Through the use of smart contracts, FundYourselfNow will collect and disburse collected money and tokens automatically. Not only is this convenient for creators, but it’s also an extra safety measure for backers. Delivery milestones can be added to the contract, giving backers the power to delay or prevent disbursements if promises aren’t kept. This will hold project creators accountable for their schedule and time.
Creators won’t be left to the mercy of the crowd however. FundYourselfNow realizes that the reason many projects fail is simply because its creators don’t have the proper knowledge or skill set to make it succeed. Skills such as marketing, creating a budget and schedule, and use social media are crucial for a campaign to succeed.
To help with this, FundYourselfNow plans to allow creators to seek project help from the community. Project helpers are rewarded with bounty credits which can be exchanged for credit for backing projects, other cryptocurrencies, and eventually cash.
Finally, FundYourselfNow plans to compete with other platforms by charging less in transaction cost. Kickstarter has transaction fees as high as eight to five percent. FundYourselfNow, however, will charge a 5 percent listing fee for each successful campaign, saving creators up to 44 percent.
Currently, FundYourselfNow is still in it’s early stages of development. An alpha demo exists to show what each project page will eventually look like. For those that are comfortable with transactions through cryptocurrencies, FundYourselfNow is a good option. With its added features such as creator support and backer security, this platform is poised to change the crowdfunding industry.