We are
EOS FinCrowds, based in Montreal Canada and we are candidates in the EOS Hong Kong Hackathon, on June 9-10
Please LIKE our video and give us a chance to qualify for this Hackathon:
https://www.youtube.com/watch?v=IVIGjQkl0NQ&feature=youtu.beIntro: we want to make crowdfunding more accountable and transparent by using EOS smart contracts. we want to create a blockchain based solution for project financing which will govern the gathering, custody and distribution of funds related to a common enterprise.
Think of GoFundMe, with added transparency and accountability mechanisms built in.
Problem:
Currently, once a crowdfunding is complete, initial backers of the project lose control and oversight over the funds raised. And there are no reliable ways to manage the risk of resource misallocation, exit scams and failure to share profits or honor equity.
This is a big problem, It is estimated that enterprise financing fraud amounts to over $57 billion dollars annually, this includes both crypto-related frauds as well as those in traditional finance.
Solution: Our solution will address these problems by ring-fencing the funds with the implementation of a smart contract that will define the timing, manner and amounts of future disbursements while also providing a mechanism for redistributing excess profits or honoring equity.
On top of that, our solution will provide transparency and auditability of the account holding the funds. Which would encourage more people to participate in crowdfunding!
In this way, the community remains the effective custodian of the funds, while the project provider will be held accountable for the use of funds as well as for the equitable distribution of income.
This dApp has thousands of applications! From a GoFundMe-type-project to crowdfunding equity, and from ICOs to charity projects or even disaster relief funds.
Why blockchain / EOSWe are building this solution in EOS blockchain because:
Of its proven potential to handle a high transaction throughput to provide a high-performing application that is seamless to the end-user
And ability to correct coding mistakes and restore accounts
And more importantly because of the friendly community
Why UsWe have a strong and balanced team of software developers, entrepreneurs and researchers. We will build our dApp upon the latest go library created by EOS Canada.
Conclusion Help us making crowdfunding more accountable by liking this video and sharing it with your friends!
We look forward to seeing you all this coming June, in Hong Kong!
