Last updated 4 years ago
GoFundMe & JustGiving are fund raising sites - the processing fee is controversial. A low cost system that stakes funds would be better
This is the total amount allocated to FOX Gifts & Fund Raising.
Collaboration with Stakepool owners to create a better solution to raising funds for personal events such as funerals, low income projects
I have been astonished at how much has been deducted by websites. This year £308k was deducted from £32M raised by Captain Tom for NHS in UK
*** see PDF attachment for the full proposal laid out properly - the text is copied below as well but its not a readable***
Overview
FOX Funds is a low cost smart contract based middleware platform that allows projects to be gifted funds by donations or using P2P trading and reward distribution.
The gifts are sent as either Fiat Currency (such as British Pound £ or American Dollar $ etc.) or Digital Currency (such as Bitcoin BTC, Ethereum ETH, Cardano ADA, Ripple XRP etc.) by users known in this document as FOX Gifters.
FOX Funds is aimed at the following:
There will be 3 ways to gift to a project:
FOX Gifters
The FOX Gifter agrees to support a project financially for a length of time. The FOX Gifter may specifically choose a project, or a project is chosen on their behalf if they have delegated the gifting decision to someone else e.g. a stake pool or charity.
Funding Process
When a project is created the following happens:
Any gifted Fiat Currency to a project is immediately converted to a stable coin and made available to lenders so it earns interest (this should be a Cardano stable coin when available).
FOX Funds aims to return more value than donations would have done using traditional Fiat tender.
The owner of the project receives a market reward based on the value of the fund plus any additional rewards that were earned through staking and/or through lending.
Funding Lifecycle
The owner of the project initially owns 100% of the ownership rights - this means they are entitled to 100% of the market rewards. The ownership rights can be transferred to single or multiple people and the market rewards will be distributed based on the ownership ratio.
Donations
Fiat Currency Donations are converted to a stable coin and interest is generated by borrowers who secure borrowing with digital assets. This will eventually be a Cardano stable coin.
When the project donation period ends (determined by the Project owners Smart Contract) the 'FOX Funds' borrowing is cancelled and interest gained through lending is released and the user can withdraw them.
Staking
Staking is used in 'FOX Funds' as a new payment system that enables rewards to be received for projects. Staking increases market rewards through the temporary deposit of ADA on a Cardano staking pool. The market rewards for staking are owned by the project owner(s) according to their ownership ratio.
When the staking period ends (determined by the project owners Smart Contract) the 'FOX Funds' staked in the project are released and the user can withdraw them.
The Staking pool is chosen at random or can be specifically chosen from a list of stake pools that are subscribed to the 'FOX Funds' platform.
Stake Pools
Stake pools that subscribe to the 'FOX Funds' platform will be given 'web integration code' so projects can be created, viewed and funded on their website.
Any projects created on the stake pools own website will automatically be staked to that pool (the option to change stake pool provider will be hidden)
The stake pool operator will gain the following benefits:
FOX Gifts Project Requirements
The project requires the following:
Process Flow
The following is a high level overview of the process.
(see attachment)
What does the current team look like?
I have a small team of developers, testers and analysts at my disposal that have worked together on many projects. The current team is as follows:
Rob Greig – CEO/CTO
https://www.linkedin.com/in/rob-greig-2076b053/
Rob is a serial entrepreneur, building businesses and developing software for 20 years in various industries. Highly skilled developer and Business Analyst. Previously built an estate agent monitoring system and an advanced automated backend/ cloud API business that was sold to one of the largest UK estate agent portals (Fish4) and media company 'Trinity Mirror'.
Excels in software planning, development, management along with building and mentoring small to medium development teams.
Ant Renicks - COO
Ant is a serial entrepreneur, building businesses and testing software for 20 years in various industries. Fully Trained software tester previously worked for large high street companies (Maginus/Torex Retail/PC World/Matalan) testing their in-store user systems. Was part of the same company that built Agent Analyser and House Fusion later sold to 'Trinity Mirror'.
Dave Berner – Lead Developer
Dave is a highly experienced and loyal web and API developer that has worked for small and large companies and worked with the original Rockstar Games (Grand Theft Auto). Energetic and a team player who loves to explore new technology.
David Picksley – Developer
David is a youthful experienced and loyal web developer that has worked for small and large companies and is trained in Salesforce CRM development.
Callum Greig – Social Media Marketing
Callum is a talented Photoshop and Video creator who has previously helped Luxury Car Showrooms build their Instagram followers from 0 to 300k in 3 months. With a keen eye for Photography and editing he is an asset to any team.
Future Positions
There are plans for more developers, analysts, admin, sales and marketing employees if larger funds became available and the project gained traction.
What will the Cardano Funds be used for?
I will use the Cardano funds to pay for the development of the main website and to begin the advertising/promoting of the site.
Ant and I will continue to bootstrap the project and will not take any wage for ourselves and contribute an additional £7,500 to the fund to go towards wages and other costs.
Having worked on the project plan more extensively I would require funding for 3 people for 6 months working out to be approximately 250,000 ADA
Roadmap
What does success look like from Fund2?
To have the main website and the 'Support via Staking' funding working.
Initially I would like to trial the system with a small number of stake pools then build to offering the system to them all.
I would like to have 100 projects created within the first 6 months before the large rollout happens.
Future Funding and Enhancements
I will need to update the website with feedback from the initial trials and start to build the remaining funding options, this would involve researching Fiat onboarding, Cardano stable coin and lending as these are not currently available.
As the system will not be generating income for the initial 6 months I foresee it would require more funding to continue the project.
I would like to build a large social media following via YouTube, Instagram, Facebook, Twitter etc. as this has worked very well to grow previous brands my team and myself have previously worked on.
What value does FOX Funds bring to Cardano?
FOX Funds is aimed at building on top of existing Cardano stake pool infrastructure and offering a new Use Case for Staking Pools.
It will encourage ADA to be staked and be locked up for periods of time, which is very positive for the price of ADA and encourages Stake Pools to promote their services.
The charity, donations and crowd sourcing project sector is extremely large worldwide and are always looking at new innovative ways to generate income. The Unique Selling point of FOX Funds is the donations should actually return more revenue than is pledged and be a great ambassador for Cardano.
The interaction with other Defi applications will also highlight to other developers the flexibility of the Cardano Platform, and the project funding will offer an easy entry point for developers to seek funding.
To setup the website and to begin the initial marketing - 250,000 ADA