FundRequest, a blockchain based platform for incentivizing open source development, has recently completed their crowd sale where they raised $12.5 million from investors and the public. The token sale also drew some big name investors such as 1kx, an angel fund who pursues companies committed to creating distributed ledger technology-based solutions; Connect Capital, a blockchain and digital asset investment fund; Tetras Capital, a New York City based hedge fund focusing on blockchain and crypto asset classes; and ZestAds, a digital advertising firm with offices in Southeast Asia.
“We are humbled to complete this phase of the project with the incredible support from our investors and our community,” said Karel Striegel, CEO of FundRequest. “We will soon release our platform and integrate with existing communities that will bring our technology into the mainstream. Our goal is to make FundRequest the ‘go to’ option for companies looking to develop high quality open source applications or simply explore possibilities around the development of their own products.”
According to FundRequest’s white paper, a majority of the funds raised (60 percent) will go towards developing the platform. Another 15 percent will be allocated to general operations, which includes items like running the supporting organization, rent, and equipment. The remaining 25 percent will be used for marketing, legal, and IT functions.
Investors can expect to see funding enabled in 2018, as well as several important platform integrations including GitHub, StackExchange, and JIRA. HR services like LinkedIn and recruitment agencies like Harvey Nash are in the pipeline for 2019, though of course these deals could come much sooner.
What is FundRequest and What Does it Do?
FundRequest is a blockchain startup dedicated to providing a decentralized marketplace for open source development. The platform directly connects developers to end users, prompting the creation of solutions that can be implemented easily and efficiently. It is an excellent platform for businesses that need help with their open source projects.
FundRequest requires no prior technical expertise (e.g. coding, blockchain programming) to submit project requests. All a user must do is log in on the app and submit their request. After the request is pre-funded with a smart contract, it is sent to the FundRequest network where other developers can work on a solution together.
The platform lets companies find diverse talent anywhere on the globe, thanks to the FundRequest decentralized marketplace. It provides access to the thriving gig economy, allowing individuals to collaborate to propose open source solutions. Every party that contributes to the request’s solution is given the opportunity to earn the pre-funded award. This creates a monetary incentive to provide the right solution in a timely manner.
Each request is secured by a smart contract that self-executes as soon as the stipulations of the contract are met. Company funds are only distributed once a viable solution has been proposed. The use of smart contracts guarantees that business don’t give unwarranted prize money to fraudulent developers. In addition, contributors are protected from underpayments or payment withdrawals by the funding company.
FundRequest’s overarching goal is to help individual developers interact directly with projects to foster innovation, collaboration, and blockchain powered solutions.