blog
  • 2018-06-15

What is Fundition?

Fundition is a next-generation, decentralized, peer-to-peer crowdfunding and collaboration platform, built on the Steem blockchain. Our aim is to replace old centralized models (such as Kickstarter, Indiegogo, Patreon, or GoFundMe), and offer a way for individuals and organizations to either fundraise for, or give to meaningful projects. Refer to our purplepaper for more details: http://purplepaper.fundition.io/

What are the basics of Fundition?

A Steem user chooses to be a Founder, a Collaborator, a Supporter, or a Backer on Fundition. The Founder launches a project (with the optional help of Collaborators), in order to raise funds from Supporters (giving heart donations via upvote) and Backers (giving heart donations via Steem, cryptocurrency, or fiat). The Founder sets a target Goal for the project, and various levels of support may be given Rewards (designated and delivered by the Founder to the Backer). All Supporters will be given automatic HeartPower (SP) rewards for their upvotes.

If you would like to know how Fundition works, click on “Start the tour.” Our tour will guide you through the most basic steps, and then you will be able to immediately start your new project. In order to log into, and use Fundition, you will first have to login with SteemConnect (securely using your Steem password). if you do not have a Steem account, you may sign up for a complimentary account at https://www.steemit.com (due to high demand recently, the wait time for new accounts can sometimes be more than 1-2 weeks).

Why Crowdfunding?

Crowdfunding was actually born long ago. For example, the Eiffel Tower in Paris (built 1887) and the Statue of Liberty in New York City (built 1886) were both crowdfunded. Crowdfunding on the Internet started in the early 2000’s; there was no way to raise money online at the time before that, and founders all had to create their own platforms from scratch. Since then, hundreds of crowdfunding platforms have arisen, all with much the same model: bring your audience with you, and figure it out (mostly) on your own. Those platforms have historically all taken a percentage of your hard-earned proceeds.statue.png

Throughout history, geniuses, inventors, and artists have had ideas that have changed humanity around them. However, one of the greatest challenges is that, most of the time, great ideas cannot be properly realized. Ideas remain ideas, because of the lack of adequate funding to support the project, the founder, and the team.

Crowdfunding platforms have changed the landscape of microfunding dramatically. However, digital crowdfunding platforms haven’t shown any significant innovation in nearly a decade. Fundition is steeped in innovation, and we believe that the Steem coin and its ecosystem will make a dramatic difference in fundraising for the next generation of founders.

How does it work?

In our day-to-day environment, when a founder has an idea, and wants to realize it, they might ask a bank for a loan. But what will the bank say? How about investors? The world has changed a great deal in the last decade, because now crowdfunding has made it possible to turn to a large number of friends, family, and followers (old and new), in order to fund a project.

When a Founder creates a new project, via the Fundition platform, Backers and Supporters donate hearts, and Collaborators give time. The founder must attract that support by presenting his/her idea in such a way that the idea, the purpose, and the benefits all become clear.

Fundition removes many blocks to this peer-to-peer relationship between Founder and Backer, making the experience more direct and more enjoyable for both parties. We have removed any intermediary, eliminated all fees for either party, and gamified the approach, so that all contributions (no matter how small) will be rewarded.

0 Comments

Leave A Comments