[WDC] Crowdfunding Platform in the works

[notaek]

Currently we are in the phase of creating a crowd funding platform for WDC, in an effort to promote new services being designed for Worldcoin.
 
Here are some diagrams that explain how a service like this works, from the standpoint of the investor and the developer:


                                          Developer                                                                                                                  Investor      

                                                                 
 
If we're able to implement something like this, it would be a tremendous boost to the development of new projects and services for WDC.  The problem is that in order for us to make this possible, we need funding. I know that I would love to see this feature become a part of the forum. It could allow many projects to be created that otherwise wouldn't have been possible.  And at the end of the day, all of this helps the WDC community.
 
Just as a note, I will not be involved in any of the actually development or designing of the feature.  I will be coordinating the funding, contracting developers, and helping to get this project started.  I will have input on the final product, but none of the money will be going to me. ALL of the donations received will put into the service, developers, designers, servers, etc.
 
That being said, our goal is to raise 50,000 WDC.  We currently stand at 39,531 WDC, which is 79% of our goal.
 
You can send any donations to: WmWDHcc5sJLYrQFcCUfFTkf4o1bc2NYSg3 see new wallet in edit!
You can look at the balance of the wallet here: http://wdc.p2pool.nl...FTkf4o1bc2NYSg3 see edit!
Any amount would be greatly appreciated.
 
If there are any features that you would like to see feel free to share them.  Questions are welcome as well.
 
 
Edit:  I have sent the WDC to an online wallet.  This is to reduce the risk of a faulty hard drive/malware making me lose the funds.  
You can send any donations to WmpEc9BqHEJ1bpZetLYtTBYJrBAzKxPorN
You can view the money we raised at the new address here: http://wdc.p2pool.nl/address/WmpEc9BqHEJ1bpZetLYtTBYJrBAzKxPorN
 
 

Questions and Answers:
 
Q1:On questions if you don't mind. Are the developers you hire for this project going to be paid in WDC, or is the 50k going to be dumped on the market to pay them in fiat?
 
A1: Of course in a best case scenario I would be able to pay the developer in WDC, and considering that we will have so much time before this project gets fully funded, the chances of me being able to find a dev who will accept WDC as payment are fairly high.
 
If this project starts moving and the only thing preventing it from moving forward is finding a dev though, only then I would start to consider paying a developer in BTC.
Since it is not my WDC, I would have to see what the general consensus is among those who pledged their WDC if it got to that point.
 
Q2: "...and how can we be sure this wont be scammed? Someone gets funding then does a runner for example?"
 
A2:  So when a dev asks for money, part of the service is sort of an escrow. The dev knows that they will get x amount (x being the amount of money they raised) if they complete the project. If they don't complete the project, they don't get the money raised. If they do complete it, they get the money.  None of the money is in the developers hands until they complete the project.


You can see the original post on Worldcoinforum here: http://worldcoinforum.org/topic/167-we-need-funding-for-a-crowd-funding-project-11-of-50k-wdc-goal/?p=1841

[Kruncha]

This is gonna be great. I'll be giving some more soon, gotta make them first

K.

[mr_random]

I have a question about how the CrowdFunding platform would operate (I am new to this idea, but have heard of Kickstarter vaguely). A person submits his proposal for his project and seeks funding. People pledge different amounts of coins to help the person reach his target. Say the target is reached, then what happens? Does the person just receive the funds? If not, when? And who judges if the resulting work by the fund raiser satisfies the objectives laid out in his proposal?

[notaek]

I have a question about how the CrowdFunding platform would operate (I am new to this idea, but have heard of Kickstarter vaguely). A person submits his proposal for his project and seeks funding. People pledge different amounts of coins to help the person reach his target. Say the target is reached, then what happens? Does the person just receive the funds? If not, when? And who judges if the resulting work by the fund raiser satisfies the objectives laid out in his proposal?

They do not receive the funds immediately.  They need to reach their target.  The people invested will be able to choose when they want to release their funds.  If they feel the work is sufficient, then they can choose so. 

The person would also have the option of setting multiple targets.  Say they need 100,000 WDC.  They can say that once they have the website up, they need 25,000 WDC of the total to continue work on the project.  If the donors see the website and it seems sufficient, they can vote to release the 25000 WDC and the rest can be released on the completion of the project. 


In all of these scenarios, the donors make the decision.  We will also push for them to ask questions, and if something seems suspicious we will point it out.  Again though, the people with the money invested call the shots; in no situations will the moderators or admins of the site shut down the project because they feel a certain way.

[clint25n]

Are we still looking for a crowdfunding app to be coded here?
Maybe something that tracks progress to be displayed at homepage?

[notaek]

Are we still looking for a crowdfunding app to be coded here?
Maybe something that tracks progress to be displayed at homepage?

Yes that would be great

[drummerjdb666]

This looks like an excellent idea!   

[intellivision]

Will the source code of your site, when developed, be available for others to tinker with and look at?

[notaek]

Will the source code of your site, when developed, be available for others to tinker with and look at?

Not quite sure about that.  I would probably say no, but if there is a demand for it we might consider releasing it.  It really depends on who codes it for us.

[portice]

Almost 80%, good job sir

[Kruncha]

Made another donation, we're nearly at the first goal post

K.

[Thorgrim]

Yeah we are getting there. Made another small donation myself.

[RaymanJr]

Great idea, donation sent !

[intellivision]

Will the source code of your site, when developed, be available for others to tinker with and look at?

Not quite sure about that.  I would probably say no, but if there is a demand for it we might consider releasing it.  It really depends on who codes it for us.

Well if you're interested in making the source code for this website open (I'd recommend the AGPLv3 license since it prevents source closure by 3rd party projects) I'll donate towards this project.

[Kruncha]

When's the next one? - should get in while the price is low (people donate more, I know I do).

K.