Blockchain is a link between your business and pro coders

Learn how FundRequest connects skilled developers with companies
23 November 2017   620

Open source software is a vital component in the functioning of governments, large and small companies, and non-profit organizations all around the world. Open source software refers to software that is released to the general public, effectively allowing developers to access the source code, modify it, and redistribute again. Soaring interest in open source development has however unearthed growing pains. A lack of incentives for developers to work on open source projects renders many inactive projects. FundRequest makes it easy to fund open issues on any project, in any language. Inspired by the rise of the gig economy, we bring together developers and organizations requesting open source development.

Over the last two decades, open source software (OSS) has changed the way software is developed, deployed, and used. According to the Open Source Initiative, open source "enables a development method for software that harnesses the power of distributed peer review and transparency of process". FundRequest offers a solution to the lack of incentives found in developing open source projects by making it easy to fund open issues on any project, in any language.

What is FundRequest?

FundRequest provides an integrated platform where IT professionals can receive compensation for work and where users and companies can provide real incentives to these professionals to fix issues, deal with bugs, or design a specific feature for an open source project.

This platform is possible only through ‘decentralization’, or the removal of a centralized hub corporation that has control over what projects are posted and which professionals are allowed to contribute. By decentralizing access to projects and professionals, FundRequest has epitomized the true nature of peer-to-peer (P2P) open source programming.

How FundRequest Works
How FundRequest Works

With FundRequest, users will be given access to a decentralized ecosystem that provides code-enforced guarantees against corruption. Thanks to the immutable distributed ledger of the Ethereum blockchain coupled with smart-contract governance, clearly coded syntax for transaction processing will nullify vagaries currently present in today’s centralized intermediary verification model. The company’s flexible system utilizes metrics of functionality from projects on open source platforms like Github, supplying this data to smart contracts that autonomously disperse funding per request. Funding is only sent if a project’s functionality can be demonstrated, and will be withheld otherwise.

Many open source problem solving networks utilize communities, members of which resolve issues by providing the best answer, bug fix, or solution to tickets submitted by other users. FundRequest’s plugin will allow users to fund open requests on networks like Github with a fund button. After setting up a Github request ticket, users can use the FundRequest interface to fund them which generates a unique smart contract to manage the payment of funds. Ticket requesting is all managed on the independent networks, whereas the claiming of rewards by contributors is managed solely through the smart contracts generated by the FundRequest platform. After a claim is proven valid all the transactions are processed transparently on the Ethereum blockchain with a small amount being deducted in exchange for reputation and zero fees going to FundRequest.

We chose to build FundRequest on the Ethereum blockchain because it embodies the nature of open source development mixed with the immutable technology of the blockchain. The team at FundRequest are open source enthusiasts and we built our platform to solve a need that we saw from our own work at other organizations. We feel like we are doing something that is giving back to developers while also solving a crucial business need for organizations.
 

Karel Striegel
Founder, FundRequest

FundRequest Roadmap

FundRequest launched an alpha module of its platform back in September 2017, where users were invited to give feedback to developers to implement improvements and fix bugs. Ahead, FundRequest plans to release version 1.0 of its platform to the Ethereum Testnet by the end of 2017 with features including login with Civic, Azrael communication layer between the blockchain and the backend, and more.  Future plans include Github platform integration, a browser-plugin enabled funding option for Github Requests and funded issue resolution, and the ability to claim a reward on the FundRequest platform.

By 2018 FundRequest envisions platform cooperation with additional repositories like bitbucket, and Gitlab; ticketing platforms such as Jira, Asana, and Basecamp; and Q&A communities including StackExchange and Quora.

In 2019 FundRequest will provide HR services, offering them to LinkedIn, Elance and Toptal, in addition to recruitment agencies like TEKsystems, Harvey Nash, and Huxley Banking and Financial Services.

FundRequest tokensale 

Sales period. From Nov 20, 2017 to Dec 1, 2017
Accepted currencies. ETH
Hard cap. $15M in ETH 

Token supply
Token supply

Total amount of tokens, available for sale. 85M
Conversion ratio. 1800FND/1ETH
Token type. ERC20 token standard

Learn more about FundRequest

If you are interested, check these links for more information

  • Website
  • Whitepaper
  • Blog
  • Docs
  • GitHub
  • Chat
  • Facebook
  • Twitter
  • Reddit
  • Kakao
  • Telegram
  • Weixin
  • Alpha platform

 

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Swiss Regulators Published ICO Guidelines

The Swiss Financial Market Supervisory Authority FINMA published today initial coin offering (ICO) guidelines  
16 February 2018   156

The guidelines set out how it intends to apply financial market legislation in handling inquiries from ICO organizers. According to it, regulators will oversee and regulate ICOs anti-money laundering laws.

FINMA clarifies how token issuers should proceed in the country. The regulator also stated that there is a sharp increase in the number of Switzerland-based ICOs. This led to questions about applicable regulations.

The press release noted that financial market law and regulation aren’t applicable to all ICOs. Each case must be decided on its individual merits.

The regulations will be based on economic function and purpose of the tokens issued by the ICO organizer. Due to the fact that there is no generally recognized terminology for the classification of tokens in the world,  FINMA categorizes tokens into three types:

  • Payment tokens are synonymous with cryptocurrencies and have no further functions or links to other development projects.

  • Utility tokens are tokens which are intended to provide digital access to an application or service.

  • Asset tokens represent assets such as participation in real physical underlyings, companies, or earnings streams.  

FINMA will handle ICO inquiries according to three different categories, based on the type of tokens they’ll be issuing.

  • Payment ICOs (payment tokens), that issue tokens that are transferable and function as means of payment.

  • Utility ICOs (utility tokens), that will not qualify as securities, as long as their purpose is to confer digital access rights to an application or service. If a utility token functions as an investment in economic terms, it will be treated as a security.

  • Asset ICOs (asset tokens), that issue tokens that will be seen as securities. This means they’ll be treated like equities or bonds. These will be subject to strict requirements.

Our balanced approach to handling ICO projects and inquiries allows legitimate innovators to navigate the regulatory landscape and so launch their projects in a way consistent with our laws protecting investors and the integrity of the financial system.

Mark Branson

FINMA CEO