Short Story

Problem statement :

GoFundMe & JustGiving are fund raising sites – the processing fee is controversial. A low cost system that stakes funds would be better

Describe your solution to the problem

Collaboration with Stakepool owners to create a better solution to raising funds for personal events such as funerals, low income projects

Relevant experience

I have been astonished at how much has been deducted by websites. This year £308k was deducted from £32M raised by Captain Tom for NHS in UK

Detailed plan (not required) – Fill in here any additional details

Overview

FOX Funds is a low cost smart contract based middleware platform that allows projects to be gifted funds by donations or using P2P trading and reward distribution.

The gifts are sent as either Fiat Currency (such as British Pound £ or American Dollar $ etc.) or Digital Currency (such as Bitcoin BTC, Ethereum ETH, Cardano ADA, Ripple XRP etc.) by users known in this document as FOX Gifters.

FOX Funds is aimed at the following:

  • One-off Activity – Donations / Fund Raising for a good cause, friend in need or a local event.

 

  • Project Fund Raising – software development start-up funds, personal project such as building an extension to my house for a child’s playroom, charity funding etc.

 

  • This could be a one-off event or ongoing

 

There will be 3 ways to gift to a project:

  • Support via Staking
  • Donate Crypto Currency
  • Donate Fiat Currency

FOX Gifters

The FOX Gifter agrees to support a project financially for a length of time. The FOX Gifter may specifically choose a project, or a project is chosen on their behalf if they have delegated the gifting decision to someone else e.g. a stake pool or charity.

Funding Process

When a project is created the following happens:

  • Any gifted Cryptocurrency to a project if not ADA is converted to ADA to undergo Staking or converted to a Stable Coin (eventually a Cardano stable coin). The choice is the preference of the Project creator

 

  • Advantage of ADA is staking rewards but the price volatility could lead to less money being finally delivered to the project (better suited for the bull market)

 

  • Advantage of stable coin is the donation sent to the project remains the same as donated but does not increase in value (better suited for the bear market)

 

  • Any gifted ADA to a project immediately undergoes staking.

 

  • If the user has chosen to gift their Cardano Staked rewards this should be directed to the project fund (note: only rewards go to the fund not the ADA that is being staked).

 

FOX Gifts & Fund Raising aims to return more value than donations would have done using traditional Fiat tender.

The owner of the project receives a market reward based on the value of the fund plus any additional rewards that were earned through staking.

Funding Lifecycle

  1. A new project is listed on the FOX Gifts & Fund Raising platform.
  2. Gifters can permanently gift Fiat or Digital Currency to the project.
  • The gifts are staked to earn interest.
  1. The FOX Gifter can also gift all or a percentage of the rewards they receive from staking ADA on a Cardano Staking Pool.
  • The FOX Gifter can stop the staking rewards from going to the project at any time – note: the staked ADA is not given to the project, only the rewards.
  1. The project owner can withdraw their ‘FOX Funds’ according to the smart contract and the rewards created by the staking will be divided according to the ‘Project Funding Policy’.

The owner of the project initially owns 100% of the ownership rights – this means they are entitled to 100% of the market rewards. The ownership rights can be transferred to single or multiple people and the market rewards will be distributed based on the ownership ratio if the owner wishes.

Donations

Fiat Currency Donations are converted to a stable coin. This will eventually be a Cardano stable coin and maybe available to stake to earn rewards.

When the project donation period ends (determined by the Project owners Smart Contract) the ‘FOX Funds’ any staking is stopped and interest gained through released and the user can withdraw them.

Staking

Staking is used in ‘FOX Funds’ as a new payment system that enables rewards to be received for projects. Staking increases market rewards through the temporary deposit of ADA on a Cardano staking pool. The market rewards for staking are owned by the project owner(s) according to their ownership ratio.

When the staking period ends (determined by the project owners Smart Contract) the ‘FOX Funds’ staked in the project are released and the user can withdraw them.

The Staking pool is chosen at random or can be specifically chosen from a list of stake pools that are subscribed to the ‘FOX Funds’ platform.

Stake Pools

Stake pools that subscribe to the ‘FOX Funds’ platform will be given ‘web integration code’ so projects can be created, viewed and funded on their website.

Any projects created on the stake pools own website will automatically be staked to that pool (the option to change stake pool provider will be hidden)

The stake pool operator will gain the following benefits:

  • Great opportunity to increase the amount staked on their pool
  • Unique service to offer to their clients (people who stake)
  • Ability to attract new clients
  • Have an additional way to interact with their clients and have access to any emails/contacts created via their website

FOX Gifts Project Requirements

The project requires the following:

  • Main Website

 

  • About Us, How To, Registration etc.

 

  • Create/Edit Projects

 

  • A description of the project that requires funds is created along with any supporting documentation

 

  • Set the fundraising goal

 

  • Tell the story

 

  • Add pictures of videos

 

  • Share the Project

 

  • Send emails

 

  • Send Text Messages

 

  • Share on Social Media

 

  • Manage Donations

 

  • Accept Donations

 

  • Fiat Currency

 

  • Crypto Currency – ADA & others

 

  • Accept/manage Staking Rewards (all or percentage of rewards)

 

  • Thank donors

 

  • Withdraw funds

 

  • Project Contract / Funding Policy

 

  • The project has an active status of Inactive, Live, Complete, Cancelled

 

  • The project has a visible status of Public, Private or Draft (whilst the Project is being initialised and is not Live)

 

  • Choose stake pool

 

  • the stake pool to which ADA will be staked is selected, this could be:

 

  • ‘let the system choose’ where an unsaturated pool will be chosen at random

 

  • ‘Specific Stake Pool’ where a named pool will be searched and used for staking

 

  • A Start and End date of the funding is chosen

 

  • This can be a fixed date or left ongoing forever to be closed whenever the project owner decides

 

  • A template may be used to setup the project

 

  • A dashboard for the project is created along with a dedicated link that can be shared to the public

 

  • Withdrawal Schedule – this could be

 

  • ‘at any time’, ‘when goal is achieved or project closed’, ‘each time xxx is earnt’, ‘every xx days’ etc.

 

  • The project is searchable on the main FOX Funds website if not marked as Private

 

  • Smart Contract creation for each Project

 

  • Stake/Un stake ADA on chosen Stake Pool

 

  • Receive Funds – Crypto Wallet or Fiat Bank to FOX Funds

 

  • Convert Fiat Currency to Cardano stable coin and vice versa

 

  • Convert Crypto Currency to ADA ready for Staking

 

  • Update project funds with Staking Rewards

 

  • Withdraw currency from FOX Funds to final destination – Crypto Wallet or Fiat Bank

 

  • Mobile Application will be part of the roadmap and make it much more accessible

 

  • Stake Pool Tools

 

  • Registration for Stake Pools

 

  • Stake Pools / FOX Funds Contract

 

  • Create code for Stake Pools so Projects can be created directly from their website

 

  • Automatically chooses their Stake Pool as the chosen pool

 

  • Mobile application – Apple iOS and Google Android versions

 

Process Flow

The following is a high level overview of the process.

(see attachment)

What does the current team look like?

I have a small team of developers, testers and analysts at my disposal that have worked together on many projects. I am self-funding the project. I hope one day to have an established company with full time employees but at the moment I am a start-up bootstrapping alongside my full time job.

The current team is as follows:

Rob – Founder

https://www.linkedin.com/in/rob-greig-2076b053/

Rob is a serial entrepreneur, building businesses and developing software for 20 years in various industries. Highly skilled developer and Business Analyst. Previously built an estate agent monitoring system and an advanced automated backend/ cloud API business that was sold to one of the largest UK estate agent portals (Fish4) and media company ‘Trinity Mirror’.

Excels in software planning, development, management along with building and mentoring small to medium development teams.

Ant – Founder

Ant is a serial entrepreneur, building businesses and testing software for 20 years in various industries. Fully Trained software tester previously worked for large high street companies (Maginus/Torex Retail/PC World/Matalan) testing their in-store user systems. Was part of the same company that built Agent Analyser and House Fusion later sold to ‘Trinity Mirror’.

Dave – Lead Developer

Dave is a highly experienced and loyal web and API developer that has worked for small and large companies and worked with the original Rockstar Games (Grand Theft Auto). Energetic and a team player who loves to explore new technology.

David – Developer

David is a youthful experienced and loyal web developer that has worked for small and large companies and is trained in Salesforce CRM development.

Callum – Social Media Marketing

Callum is a talented Photoshop and Video creator who has previously helped Luxury Car Showrooms build their Instagram followers from 0 to 300k in 3 months. With a keen eye for Photography and editing he is an asset to any team.

Future Positions

There are plans for more developers, analysts, admin, sales and marketing employees if larger funds became available and the project gained traction.

What will the Cardano Funds be used for?

I will use the Cardano funds to pay for the development of the main website.

Ant and I will continue to bootstrap the project and will not take any wage for ourselves and contribute an additional £7,500 to the fund to go towards wages and other costs.

I would require funding for 3-4 people for 6 months which on top of the money I am providing working out to be approximately 100,000 ADA.

I am planning on staking 22k of ADA and hope the price would have appreciated in 6-9 months – this should lead to the project self-funding itself for a good length of time. If the funds run out I will continue to bootstrap the project and look for other ways to monetise the project.

Roadmap

  • Build website to create projects
  • Partner with 1-3 stake pools
  • The reward options will be built up over time in the following order
  • Support via Staking
  • Donate Crypto Currency
  • Donate Fiat Currency

What does success look like from Fund2?

To have the main website and the ‘Support via Staking’ funding working.

Initially I would like to trial the system with a small number of stake pools then build to offering the system to them all.

I would like to have 100 projects created within the first 6 months before the large rollout happens.

Future Funding and Enhancements

I will need to update the website with feedback from the initial trials and start to build the remaining funding options, this would involve researching Fiat onboarding, Cardano stable coin and lending as these are not currently available.

As the system will not be generating income for the initial 6 months I foresee it would require more funding to continue the project.

I would like to build a large social media following via YouTube, Instagram, Facebook, Twitter etc. as this has worked very well to grow previous brands my team and myself have previously worked on.

What value does FOX Funds bring to Cardano?

FOX Gifts & Fund Raising is aimed at building on top of existing Cardano stake pool infrastructure and offering a new Use Case for Staking Pools.

It will encourage ADA to be staked and be locked up for periods of time, which is very positive for the price of ADA and encourages Stake Pools to promote their services.

The charity, donations and crowd sourcing project sector is extremely large worldwide and are always looking at new innovative ways to generate income. The Unique Selling point of FOX Funds is the donations should actually return more revenue than is pledged and be a great ambassador for Cardano.

Requested funds in ada. Only use numbers! No symbols, letters, fractions. 122250

Which of these definitions apply to you? Developer, Entrepreneur

FOX Gifts & Fund Raising

Goal: $122,250.00
3 Campaigns | 0 Loved campaigns

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FOX Gifts & Fund Raising

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