Update: The FundRequest ICO has been postponed until Q3 2017 to allow the more time to work on a proof of concept.
Update after receiving clarification from the core team regarding several our our questions:
- Unsold tokens will be destroyed. If they don’t sell all tokens, it likely means they won’t be able to target all platforms they’d like.
- They do not intend to replace existing open-source problem-solving platforms, such as GitHub or Stack Exchange. Instead, they plan to integrate with them, likely with associating usernames with Ethereum addresses: when a user resolves an issue, payment is distributed automatically to the username who did it. Here is a demo of GitHub integration.
FundRequest is a platform for rewarding open-source contributions using Ethereum smart contracts. People can use FundRequest to compensate contributing developers for finding bugs, improving code, or adding new features. Users who want their code improved create custom smart contracts for each job. Funds are held in the contract until the contract creator accepts a solution or no one claims the bounty.
The FundRequest team is still finalizing details of their technology stack, but they know it will support MetaMask, a chrome plug-in that lets users set up Ethereum accounts easily and access dapps without running Ethereum nodes themselves. MetaMask will allow FundRequest users to fund smart contracts within a browser: presumably, they associate a smart contract with a particular identifiable problem (GitHub issue, Stack Exchange question, etc.) and fund that smart contract with ETH. Other users with the FundRequest plugin will see that a smart contract bounty is associated with the issue, and if they successfully resolve it, the funds will be sent to the Ethereum address associated with their username. This presumes some integration with GitHub and Stack Exchange identities.
Here is a demo of how it would work.
What is the token being sold?
The FundRequest Token (FND) allows holders to claim a portion of fees associated with using the network. The FundRequest platform will take a 10% fee on all ETH distributed, and 90% of that fee will go to token holders. For every 100 ETH disbursed from a smart contract, 1 ETH goes to FundRequest and 9 ETH goes to token holders. FND does not confer any additional rights.
This is similar to all fees going to tokenholders and FundRequest reserving 10% of tokens.
What are the sale terms?
The sale begins February 1st, 2016. Interested participants will need ETH. There will be a maximum of 2 million tokens created. The initial price will be .2 ETH per FND (which includes a 25% bonus) and will rise to .25 ETH per FND.
This places an approximate valuation of all FND tokens between $3.2 and $4 million (assuming $8 per ETH).
What is the project status?
At time of writing, the project is still in a proof-of-concept stage. The team is finalizing portions of their technology stack (although they do detail options in their white paper) and is still only working on the project part-time. The sale will enable the team to shift to building FundRequest full-time. Their roadmap has an alpha release scheduled for Q3 2017.
The smart contract code is available for review in GitHub.