Presenting Fundition – The Innovators of Crowdfunding Industry

Dear Steemians,

Here I want to present you Fundition – The first decentralized peer to peer crowdfunding platform, that is the innovation brought to Crowdfunding Industry.

What is Fundition?

Fundition is a next generation decentralized peer-to-peer crowdfunding & collaborating platform built on the Steem blockchain that aims to replace old centralized models like Kickstarter, Patreon, and GoFundMe, and offer a way for people to crowdfund or participate on a project. Fundition introduces a new way to help projects become more than a simple donation. As the concept of some actions turned into currency has proven its feasibility and capability as seen on Steem Apps ecosystem. One of our key features based on Steem Upvote is the ability to donate one amount and release the funds over the projects a lifetime span with simple likes.
Source: http://purplepaper.fundition.io/

Fundition Platform is a missionary platform aiming;

To become the biggest decentralized crowdfunding platform. Our goal is to help raising funds for the campaigns with Steem and other cryptocurrencies which will pay out in Steem coins.

Fundition uses the Blockchain Technology and the Steem blockchain

Why Steem Blockchain?

Steemit—a social network that pays its community
Steemit is a blogging platform with its own SMT called STEEM. These tokens are distributed to content creators and curators daily as rewards, based on community voting.
Aside of the fact that Steem is a reward based blockchain. With an average of 1.6M transactions per day Steem blockchain also proved its scalability, using only 0.13% of its total capacity, while most of the other blockchains cannot achieve half that figure. So Steem is scalable to almost the infinite while others blockchains ask for fees for even a small transaction.
The STEEM is the token of all Steem blockchain ecosystem daps, it’s distributed to the most valuable contributors by "upvote" and "like"-based algorithms and can be integrated with websites to motivate participations between application owners and community members to spur growth. STEEM is a tradable token that is easily exchanged into other cryptocurrencies and therefore into FIAT!”

What differs Fundition?

Decentralization: In contrast with others crowdfunding platforms, Fundition removes the intermediate between the Founder and the project’s followers.

Collaboration: Fundition is the first crowdfunding platform that will allow project founders to work together as a team.

Gamification: Fundition has a gamified approach to crowdfunding, using the blockchain to reward all contributions, no matter how small.

For a project there must be a Creator and the Backers (donators that will support and donate to the creator) also the collaborators, the guys which will be able to update the projects of creators and collaborate all together (thanks to Fundition gamification method)

Why Innovation of Crowdfunding Industry?

Crowdfunding was an emerging industry in the last decade, by bringing a very big change into the old traditional crowdfunding way. It has become a powerful way to support campaigns or fundraisers of people by giving small donations - without expecting anything in return. But it just turned to be online and digitized two decades ago.
Normally Crowdfunding existed or let me say was born a hundred years ago, where it shows its first roots back in the years of 1700 here is a fact for you

Did you know that Eiffel Tower in Paris (built in 1887) and the Statue of Liberty in New York City (built in 1888) were both crowdfunded?

But by time the crowdfunding gets modernized back in the year of 2009 where it became an emerging industry among the ideas of entrepreneurs which were inspired by the innovations made back then.

Source: Fundable.com

GoFundMe is the biggest crowdfunding platform, responsible for raising over $5 billion since its debut in 2010. GoFundMe receives over $140 million in donations per month.
You may ask how did they end up being so rich?
It has been almost 8 to 9 years that the traditional platforms such as GoFundMe, Indiegogo, Kickstarter use the same structure to get the donations for their campaigns published in their platforms.

They generate a great amount of money by the fees of each transaction, this is one way how they became super rich. They helped so many people, on the other hand their pockets are getting full day by day though. This is not only the issue that people are worried, the platforms are centralized and they have a management team that has full authority on the decision-making process, totally opposite from being decentralized. The other issue are the rules and regulations, where not every citizen can have a access on this platforms, lastly the payment process fees. Since the initial launch no innovations have been made so far. And here is a problem because the technology is changing and the technology era brought in the blockchain technology.
As you know the blockchain technology is a digitized, decentralized, public ledger of all cryptocurrency transactions. It allows market participants to keep track of digital currency transactions without central recordkeeping.

Source: https://www.investopedia.com/terms/b/blockchain.asp

The actual problem within traditional crowdfunding industry serves to hinder projects in various ways. One current platform puts great pressure on founders, only “allowing” a project to be funded if it reaches a target amount before an arbitrary deadline; if the founder doesn’t reach his/her goal, their project receives nothing, despite countless hours of effort on all sides. A satellite problem—as a result of this flawed model—is that many founders ask for much less than they require for a successful project, hoping to reach their target before time runs out.

Another challenge for all major crowdfunding platforms is broken promises. The current method of crowdfunding generally offers no protection to backers. After backers give to a project, founders often fail to deliver on the sacred promise they made to their all-important funders. Sometimes, these founders disappear. Other times, the product they deliver is not what they had initially promised.

Current platforms also have an unintentional bias towards larger-scale projects. For example, if founders launch a campaign with certain platforms, they are required to reside within the application country. This leads to a mountain of paperwork, and deters smaller-scale founders from even attempting the project; unwilling to satisfy the legal or financial restrictions imposed by the platform.

Centralization
Centralized crowdfunding platforms are traditionally focused on the management and decision-making of a centralized executive team. Within this rigid system, information trickles down from top managers to various arms of the business, without a lean approach to innovation.

The decentralized organizational structure consists of manifold small executive units, all operating in harmony. This allows for close-knit chains of command, and tight testing and feedback loops, allowing for growth mindset and rapid innovation. This is the model for Fundition, as we believe that short-cycle change is what founders require in the coming generations.

We invented PoM ( Proof of Merit)
An Ethical Overlay For The Steem Blockchain

At Fundition, we believe strongly that plankton, minnows, dolphins, and whales should have relative parity. We also believe that Steem seeks such equality for its users, though it has struggled with uneven distribution of Steem (mirroring income inequality in the fiat world). We see the following challenges to the Steem ecosystem:

Fundition Team saw the actualized industry as a problem, and we worked hard to bring a solution for that!

A decentralized approach to crowdfunding allows us to eliminate all fees for the founder, give the backer more of a share of the project, and allows for a peer-to-peer relationship between the founder and backer, without an unnecessary middleman. Without the hindrance of a centralized corporation, Fundition also increases the transaction speed by many times, allowing for donations to be available quickly and securely. The Steem blockchain is known to have one of the fastest transaction speeds in the industry.

By creating these opportunities:

• 0% fees for donations as Fundition backers (as accountholder of a complimentary Steem account) vs. 5%-15% fees on other platforms.

• 0% fees for support as Fundition founders (as account-holder of a complimentary Steem account) vs. 3+% fees for other platforms.

And to continue to work toward our goals;

• Fostering decentralized funding
• Allowing for simpler collaboration
• Diversifying crowdfunding
• Releasing exclusive features

OUR AIM IS THE SMT ( SMART MEDIA TOKEN - read about SMT )
STAY TUNED FOR HEART TOKEN - Where you will be able to share your support and love with the heart tokens !

And many more other benefits and changes - direct to the link of our purplepaper.

you may wonder - Who is behind Fundition holding the credits?

First of all, I want to congratulate to my idol, legend, whatever I say won't be enough to present him, for his effort and time given for coding - day and night; for more than three months to Mr @hightouch - our founder and CTO of Fundition!

In the team I am included too - always bothering my team-mates for doing some stuff ( sorry if I made you tired - and I know when you saw me messaging you'd say ; oh its again you? )

Special thanks to our Mrs. Always smiled face and sweetest person - @addicttolife - thank you for motivations given through this journey - and in upcoming paths

My dear big brother - @burakakdogan Thank you for your creativity and ideas brought to Fundition. @goyard I have to specially thank you - this all started with your initiation, our @theshinstory - thank you for your rumors and bringing happiness to the team. @fredo77200 - thanks for business advices - I learnt a lot from you - and for your advice brought to Steem.

I appreciate your effort and advises more than anything @drkent - Thanks for making Fundition greater. Thank you @acidyo for your support. @free999enigma lets stay strong for our upcoming travels - thanks for the Slack bro!

One more special appreciation to a visionary person @ekitcho ! And one last appreciation to @informthecold

Thank you; @coldbolt, @alucare, @liveyourdream, @nannal @planetenamek @candia @overmybrain
We are thankful to @reggaemuffin and @redjepi for our discussions.

THANK YOU DLIVE @dlive - watch our Introductory video at www.dlive.io - First decentralized live streaming and video sharing platform on the STEEM blockchain!

Give Feedback
We are open to your valuable feedback, to be able to build a good product that you may love. If you have any feedback or ideas that you would like to share with us, please comment under this post or feel free to contact us in our Discord channel.
READ OUR ANNOUNCEMENT POST

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For business or partnership inquiries, please feel free to email your proposal to [email protected] or [email protected]

THANK YOU ALL - FUNDITION LOVE - #GOFUNDITION