Bitcoin Forum

Hello all (again).  I am toying with ideas for how to use crypto to crowdfund a life.

The overall idea is that the person mints a token and sells it to people (sponsors).  In turn, the person agrees to whatever contract terms were included for the investors.

For example, churches who send humanitarian missionaries could use it to raise funds for trips.

Maybe someone else starts a company...

In a perfect world, the person includes financial obligations to investors.

Thoughts? ???

You can do the same without it, including financial obligations. Does it really need to mint a token? I don't think so. A token is not the main motivation, nor an interest while participating in a crowdfunding campaign.

How a token could help or attract more people to participate? Just to get a souvenir to remember they participated in? lol

The "sponsor" needs to have something worthy to buy that minted token. Means from the other side the person minting the token needs to provide some service to the sponsor to make them buy the token.

I can see a similarity with what ICOs have done. They created their token and provided the investors with benefits to the token holders. For example, an exchange token gives a reduced fee to a token holder, a marketplace token gives the investor cashbacks and discounts on purchases, a gaming token gives special skins and mods to the investor-player.

It does not necessarily have to be a religious organization. It can be any company but thing is, first you need to get people to use crypto and then only you can start projects on it in your country.

What happens if the person cannot afford to do what the contract stated?  What can the investor do?

This sounds like some cyberpunk antiutopia where you sell your body to a company with a binding contract. But luckily we don't have the laws to support that, so legally speaking the "investors" won't be actually able to force a person to do anything. And then there's a problem with identity - scammers might use stolen data to make contracts on behalf of other people, but without verification anyone could ask for funds and then disappear.

It good to offer a project that has to do with humanitarian services which i believe will impress some investors but if you're planning to make it go crypto, it thinks you'll need to add another concept which you know will captivate crypto investors to the project or else i don't see any reason in minting any token.
In the meantime, i hope you have a plan that will be profitable for the investors though.

One more token to mint... don't we have enough tokens now or we need more of them?
How would person mint this tokens and how would they found sponsors?

So basically, you're trying to tokenize a contract? Similar to what Spencer Dinwiddie is doing with his basketball contract;

https://decrypt.co/9303/nba-player-tokenize-34-million-contract-sell-shares-ico-sale

Not a new concept at all, but there are challenges involved, since these tokens would be considered securities. In the USA at least, only accredited investors would be able to buy them.

Even the bounties that are so common here on bitcointalk are a similar example, where people essentially tokenize their efforts.

I would completely discard anything to do with tokens, especially your own. You may well be creating legal problems as mentioned above. No one is going to want them so they're effectively donating to you anyway. Better to not insult them by offering something utterly worthless.

I'd go straight to bog standard crowd funding.

Instead of thinking about creating more tokens, why isn't it the trend about how to use existing cryptos to solve some of the problems facing others?
Issuing more tokens for a dedicated purpose similar to the government's printing of money to solve their financial problems. If it doesn’t have any fundamental advantage, you are betting on a short-term investment.

Bringing crowdfund will be easy if the investor feels that the money he pays will lead to good results in the future.

this sounds more like begging and donations. it is not crowdfunding or investment. specially with your example.
in which case a token is completely useless, there simply is no reason for the person making the donation to receive a token in return. not to mention that it greatly reduces the number of target audience because the person participating has to have a cryptocurrency wallet, and not just any wallet a wallet that supports that token!

basically when you want to create something new for something that is already happening you have to first think about how it is being done already and how your new thing is improving that or what it is solving.
for example take a look at bitcoin. as a payment system it solved the issue with people not being in full control of their own money among many other things. if bitcoin came and did what was already being done by payment systems in a worse way it would have never lived past the first month let alone 11 years.