FundRequest (FND) Review – FundRequest ICO Rating and Details.

A decentralized marketplace for open source collaboration. FundRequest is a system for custom support that will boost the Open Source community as a whole – from developer to end user.

Ticker:
FND

Token type:
ERC20

ICO Token Price:
1 FND = 0.46 USD (0.00056 ETH)

Fundraising Goal:
15,000,000 USD

Sold on pre-sale:
9,000,000 USD

Total Tokens:
110,000,000

Available for Token Sale:
40%

What is FundRequest?

FundRequest attempts to capitalize on the emerging gig-economy by creating a way to incentivize bugfixes and fund open source projects. Open source software is software that allows developers access to the source code and allows them to modify it for their needs. In the ICO’s eyes, there is not enough incentive currently for developers to work on open source projects, which is where FundRequest is supposed to come in.

If you are a business or community that needs to modify or improve some open source software, you can create smart contracts for the jobs you need performed and post them to the FundRequest board. Developers can then accept the jobs, do the work, and be paid according to the contract.

According to the roadmap on the product website, in Q1 of 2018 they are planning to crowdsource open issues on GitHub. By the end of the year they are looking to allow funding through fiat currencies and adding some premium features to the platform along with a Service Level Agreement.

How Does FundRequest Work?

The website for FundRequest details the process of actually funding your goal or issue using a front-end application that can be used both online and mobile devices. The first step is to create the issue that you would like to see resolved, which they can do through the platform. For any feature they would like to add or bug that they want addressed an issue can be created, and a reward can be added on. The request and monetary reward are then validated by the Ethereum blockchain, and then a smart contract is created.

Next the issue is funded, and potential developers can propose the solution that they foresee for the issue. All submitted solutions are evaluated and the best solution is chosen. The solution is then applied to the problem and the issue is resolved. The developer responsible for the best solution will be notified so that they can get their reward.

Features and Benefits of FundRequest

Some of the potential benefits of FundRequest are outlined through the site. To start, the platform can be utilized to support and improve the community by requesting funds for what they see as the most significant or pressing open source projects. Getting attention for a cause can be the most difficult part, and FundRequest makes it simple.

As part of the gig-economy, developers can propose solutions and contribute to open source projects according to their schedule, therefore allowing them to devote their time elsewhere when they want or only work on the projects that they feel some sort of passion for. It can also allow developers insight into what projects and issues are most popular or pressing at that time, and they can focus their energy in those areas.

The main appeal is to those who propose requests, because it lets them be an active part of developing software that best fits their needs.

The FundRequest Token Sale

The token sale for FundRequest just started and it is running from February 12th to the 14th. It appears that the sale is open to everyone with no restrictions. The tokens are known as FND and will be distributed as ERC20. There will be a total of 110 million tokens created with 40% of those tokens being made available as part of the sale.

The fundraising goal is set at $15 million. During the pre-sale period they state that they raised a total of $9 million. The currency accepted for the tokens is ETH, and the minimum amount that could be purchased was 0.01 ETH, which equates to about 18 FND. The maximum that can be contributed for the first 24 hours of the sale is 1 ETH which equates to about 1,800 FND. In terms of cost, 1 FND is about $0.48.

Also, on the site is a graphic regarding the breakdown of the token distribution. As mentioned, 40% will be made available as part of the sale. Another 40% will be used to incentivize the ecosystem. 18% will go to the founders and the final 2% to the board. As far as the funds raised by the token sale, 60% will go to development, 15% to operation, 10% to marketing, and the last 15% to legal, IT security, IT infrastructure, and a contingency budget.

Who’s Behind FundRequest?

The team behind FundRequest is detailed through their website, starting with the founder and three co-founders. Karel Striegel is the founder and CEO from Belgium who previously founded a company by the name of STRIEGEL BVBA, where he also acted as CEO. Davy Van Roy is credited as being a co-founded and the CTO. He is tasked with platform architecture and development and has worked as a software engineer and developer at several other companies.

Gerbert Vandenberghe is another credited co-founder and the COO. His primary responsibilities will revolve around improving and perfecting the user experience and creating business value. His experience is working as a business analyst and project manager. The final co-founder is Tim Dierckxsens, who has also worked as a business analyst, strategist, and consultant.

Aside from the founders, the site also provides detail regarding the company’s core developers – Steve Maris and Quinten De Swaef. There is also an advisory team that consists of professionals with experience in areas such as finance, economics, and marketing. LinkedIn pages are provided for pretty much everyone listed as being involved with the project.

Conclusion

The outlook for FundRequest has at least a couple of reasons to look good. First off, open source is a popular issue currently and so is the growing gig-economy. By creating a platform that benefits both of those things FundRequest is generating a good amount of buzz based on that alone. FundRequest is attempting to gain traction by crowdsourcing issues through GitHub, which is one of the biggest open source platforms in the world. Furthermore, by not only monetizing the process, but using fiat currencies as well, the platform is already working to establish itself on a long-term basis.

That said, because open source is becoming so popular, there is significant competition gaining steam as well. Corporations like Microsoft and Apple have created their own development communities, though not based on blockchain technology, which is what sets FundRequest apart.

Overall, though the platform still has a long way to go, the future looks like it could be pretty bright for FundRequest. The early returns from their fundraising efforts have been pretty strong, and there are still more rounds to go. With only 7 team members, there is still plenty of room to grow for the ICO, but things are looking good for now.

Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

No comments yet.

Your email address will not be published. Required fields are marked *

Advertising Disclosure

Displayed content is offered by businesses which have been compensated. There is a potential effect on how, what, and where products may appear. All effort is made into providing full transparency, not all available products or companies are highlighted. Published material is offered without any slant or bias no matter what affiliation there is with sponsorship or association.