[Bounty] FairEco [FECO] - Trusted and Fair Financing for The Community
FairEco platform , a Crowdfunding platform leveraging the Blockchain
technology is designed and engineered to be the fair platform for Makers
with innovative ideas to offer their products and services and also provide
an appropriate margin for Backers to support the project at the reasonable
amount of the investment. The platform also enables Backers who support
the project to have an opportunity to confirm with the Maker for their
executions of the project that they have invested from the start until project
FairEco platform is designed to ensure that it is fair for EVERYONE whotruly believe in Crowdfunding
Our Approach: FairEco Platform
Raising fund through Crowdfunding has 3 parties involved, which are
Makers who develop projects, Backers who invest into project and Platform
as a marketplace. Makers place the projects that they would like to raise the
fund from Backers, who put investment money into projects they are
interested. Backers will support Maker through the Platform, which Makers
will be able to use Platform to report progress of the projects after
successfully raise fund for the project.
However, with significant increasing number of projects that terminate or
unable to deliver products or services as planned, resulting in investment
money loss as no refund policy indicated in such projects.
Because of above issues, FairEco has fundraising platform for Crowdfunding
on Blockchain technology that aim to mitigate project execution risk as well
as financial risk with no central wallet maintained, periodic project payment,
and veto vote supporting for Backers.
1. Fair Contract
Contract of the projects in FairEco platform is a contract only for Backers
and Makers. The platform has NONE of wallet that store money for any
Platform helps facilitating the parties in the platform in creating contract that
able to define the project payment policy and provide opportunity for
Backers to approve or deny payment in each payment cycle to ensure that
the project execution remains under control and Backers will eventually
receive good products or services as expected
2. Project Payment
FairEco platform is the Crowdfunding developed on Blockchain technology
and designed to govern the payment policies for any projects created under
the platform. Payment cycles, duration of each payment cycle and approval
period for the payment are the set of payment policies that support in the
platform. This help mitigating the risk in losing investment money for
Backers that pay through Platform to Makers.
Therefore, the platform protects Backers fund and reduces any financial and
project execution risk to the acceptable level.
3. Veto Vote
FairEco Platform is able to define payment policy within the projects and
utilize such policies as a tool in reducing risk of Backers. Backers could vote
to stop paying investment fund to project, if that projects indicate that they
cannot operate as plan, delay in delivery, or likely to terminate the projects.
The ability to prohibit paying out investment money to project in each
payment cycle will make projects more transparent as it will be examined,
which is fair to members in the system who would like to raise the fund via
FairEco Smart Contract
FairEco Smart Contract or the contract comprises of the following components:
• Contract Attributes
- Contract Unique Number
• Stakeholders Attributes
- Makers information including wallet address
- Backers information including wallet address
- Any other Stakeholders
• Project Policies Attribute
- Fund Needed
- Payment Terms
- Payment Terms Conditions
- Veto Score
- Rescue Score
For the successful fundraising project, the FairEco smart contract will be
created and allocated exclusively for Makers and Backers on that particular
project. Project policies including but not limited to total amount of raised
fund, payment terms, amount of payment terms, deliverable for each
payment terms, veto score vote for payment term approval and also rescue
score will be encapsulated in the smart contract to ensure the continuous of
the project execution for Makers, investment assurance for Backers and
also transparency of project payment for both Makers and Backers. Ultimate
goal of the FairEco platform is to create the fair participation of the projects
for the community.
The platform can be utilized by Makers for project management such as
project status tracking, project report for involved stakeholders and also
communication channel for the project. Project management features are
one the main functionality designed specifically for Makers in order to
remove fundamental burden when carry on the execution and allow Makers
to focus on crafting product or services that need to be delivered within
agreeable time and plan.
Unique contract number will be assigned for any successful fundraising
project that later can be used by Backers and public users to observe or
track project status reported by Makers. Not only project status, but all
challenges, remain issues, estimate time to deliver, previous project
payment should be provided regularly by both platform and Makers. At the
same time, the status report can be viewed as updated news or
announcement of the project for marketing purpose in particularly.
Our ultimate goal is to open the opportunity for everyone in sharing the
success story together, become trustworthiness platform for Makers and
Backers in contributing to the society, facilitate the community in addressing
any challenging and complex projects to create positive impact and also
immune to any fraudulent activities by project empowerment. This is our
intention since the beginning and definitely be a part of FairEco platform, the
decentralized platform built on next generation of distributed computing
technology or Blockchain.
On the payment due date or Maker issues Payment Request, the status of
the project will be changed to “Waiting for disbursement approval”
according to the due date which identified in the payment schedule.
For the 1st payment, the system will manage the payment for Maker
immediately without the approval process. Exception can be defined in the
contract if any.
On the next payment, the platform will assign approval duration based on
conditions defined earlier in the contract. On the specified due date, the
system will inform every Backer participated in such project to veto vote or
appeal vote that payment. Right to veto for Backers is specifically designed
and built in the Platform for each payment.
Backers in the system always have the right to inhibit disbursement in that
period of project payment if they found the reason to discontinue the
project or concerns regarding the projects execution which required Makers
to give the explanation. The checking incorporated in the Crowdfunding
environment is to ensure that the FairEco platform cherish good and
committed Maker and also mitigate any financial risk of Backer to the
FairEco Token (FECO)
Term of Token Creation and Distribution
For crowdsale, we invite individuals and/or organizations that believe in the
FairEco project and subsequent ecosystem, to participate in the initiative,
and buy the FECO token. Out of the 60,000,000 FECO tokens issued,
39,000,000 (65% of the FECO tokens) will be made available during
crowdsale. All unsold tokens will be burned at the end of crowdsale. The
FECO token will also support the FairEco ecosystem – as per our proposal -
since it will be used for transactions within it further boosting its value.
For the ICO, our aim is to gather from contributing participants the
equivalent of 30,000 Ethereum. The ICO will be terminated once the
hardcap target has been achieved.
All unsold tokens will be burned at the end of the ICO.
Additionally, the percentage burned will also be matched across other
allocations mentioned above, to avoid inflation.
Token distribution prior to the ICO will be sent manually. Token prices will be
based on the table above. If for example the first 80 000 000 tokens are
obtained prior to the ICO, then only 120 000 000 will be available at the
lowest price when the ICO will start. So the smart contract will be adjusted
based on the number of tokens initially obtained prior to the ICO and will
then be uploaded on blockchain.
Token Distribution Dates for Pre-Sale and Public ICO:
Will be announced on our official website.
Funds received from crowdsale are intended to be used mainly for the
development and progression of the FairEco Platform. The level of funding
received will dictate the extent of the development, with the proposed
phase development being our priority.
Use of Funds:
FairEco plans to utilize cryptocurrency where possible, but
will also have to exchange crypto-funds for fiat currency to cover some of
the below expenditure.
The breakdown below suggests a rough estimation of how funds raised
during crowdsale will be allocated:
will be reserved towards project design and development
will be allocated for sales, marketing and community management
towards operational costs, including office rental, equipment, etc.
for legal consultation
towards administrative expenses
towards the redundancy fund
FairEco [FECO] - A Background of Crowdfunding Platform
Crowdfunding is donation-based fundraising for businesses or creative
projects, typically via an online funding portal. Some but not all
crowdfunding projects offer contributors rewards, which may differ based
on the amount of money donated. Rewards can include copies of a creative
work, products created with the funding, special or personalized incentives
(such as autographed works or promotional merchandise), or public
Crowdfunding is the practice of funding a project or venture by raising
small amounts of money from people, typically via the platform on Internet.
Crowdfunding is a form of crowdsourcing and alternative finance. In 2015, a
worldwide estimate totaling over US$34 billion was raised by crowdfunding.
Moreover, they are more 3000 operating crowdfunding platform sites are
Crowdfunding model is generally based on three types of actors:
Maker: the project initiator who proposes the idea or project to be funded,
Backer: Individuals or groups who support the idea,
Platforms: A moderating organization that brings the parties together to
launch the idea.
Today Crowdfunding Process
During the crowdfunding process, an initiative project or venture will be
describe and explain their campaign on the platform which suites to them.
For instances, Campaign purposes, Target funding, Timeline.
We are announcing our KYC processes in Mid-Oct'18. Please stay tune with us.
About term and condition we will announce it soon. Please join our community to get latest update :https://t.me/faireco_io
What is FairEco Benefits
How FairEco Helps the Community
We Introduce a safe and fair Crowdfunding on Earth, FairEco platform, a Crowdfunding platform built on Blockchain technology.
With the idea of Transparency as no centralized wallet in the platform, with veto vote for Backers as the Investment Assurance and project management platform for Makers to ensure the Continuity of the project.
The powerful platform for Makers raising fund and unleashing true potential and the safe place for Backers contributing to the community confidentially and delivering the impact together.
Here is the benefits we do believe our platform is trying to deliver:
All transactions can be examined transparently as all information is available on Blockchain. We also maintain no central wallet policy to ensure our platform’s transparency
All backers bear low risk of investment as standard controls put in place to mitigate any project execution risks to the acceptable level protecting backers from losing all their investment money
We truly believe in Crowdfunding that shape the world in better way and allow great minds collaborating together to deliver the awesome thing to the community. We build this platform purposely to limit any fraudulent activities while enable the good one to continue their execution until project complete
Because the platform is based on Cryptocurrency, the time needed for each transaction is significantly less. Withdrawal by makers and refunds to backers can be done instantly tokens
Meeting with LAToken
On 27th August 2018, our team was meeting with Latoken team arranged in Bangkok for meeting around Blockchain situation in Asia especially in Bangkok market.
Basically, LATokenis a crypto exchange, ranging as Top-50 as of July 2018. For more information, you can check out their page https://latoken.com/
This meeting was good and we are happy to know that they have planned to gear up the academy to groom the crypto trader which is the fundamental growth of the crypto market. Happy Latoken.
Our team with Roman, he is managing partner of Latoken. You can reach him at [email protected] to arrange any exchange setup. Good luck in trading.
Our KYC is approaching, stay tuned with us
Please join our telegram or twitter channel to receive our updates and stay in touch with us:
Stay tune and we will keep you posted.
Thanks and Have a good day,
FairEco [FECO] -Crowdfunding Platform Challenges
One of interesting issues from crowdfunding arises when a project receiving
fundraising decides to terminate its operation as it fails to deliver a good or
service as promised, fails to fulfill a contract, does not have an outcome as
announced and does not refund back to the backers even if the project
receives full financial support. This irresponsibility results in the negative
image about the crowdfunding ecosystem.
No damage control from funding support to projects is another issue that
no crowdfunding platform proposes prevention or damage control
measures for funds which a backer give to a maker in a particular project.
This issue includes no substantial operation monitoring. This causes makers
increasingly not to be responsible for project implementation.
Project development often face with challenges and this is what the maker
has to deal with and continuously solve problems during project
implementation, such as different legal issues across countries, operation
expense, manufacturing cost, marketing expense, fees from each stage, and
financial tax and interest which must be taken into account closely, through
the end. Those problems do not include other expenses like the cost to hire
qualified and competent personnel. These numerous factors are the main
reason which causes successful fundraising projects to be unable to achieve
the target or to approach the milestone late.
Problems of crowdfunding system can lead to loss of investment funds or
high pressure which a maker has to assume the risks on project creation
and operation to achieve the project objectives, but the crowdfunding
system does not facilitate means to deal with such issues, such as no refund
in case of project termination prior to good or service delivery and damage
limitation from fundraising. All of these issues must be considered seriously.
To ensure that funds raised from backers for a project will be used by the
marker effectively, problems and challenges must be resolved throughout
project development in order to deliver goods and services on time. And this
is the objective of FairEco crowdfunding platform on the blockchain