RE: Why Fundition might be the "Killer Dapp" we've all been waiting for.
Hi @midlet,
Thank you for bringing awareness about Fundition and its potential for this eco-system.
We are aware that many Patreon users are suddenly forced to remove and/or stop their campaign. In that way and as you know, we introduced the possibility to make recurrent project (daily, weekly, monthly) few weeks ago.
Now we are working to give to new users a quick access to Fundition with instant account creation so they can easily start to use all the features that we offer.
Even if I really appreciate the sentence, in fact we might not be "the killer app" since the crowdfunding industry is a niche (and even if that niche represent a bigger market than the current one), but we definitely try to bring much value and credibility as possible to Steem by working to provide the best apps and the best services to the world.
It's also important to precise one point, while Fundition accept payments with literally "all ways" (we will probably support another blockchain too soon), it still doesn't take any fees on users.
We also dont use our voting power when people makes donations but our liquid Steem from curation (after powerdown) to be able to send those donations instantly (or few hours later as you noticed).
Since some weeks, most or full part of our curation rewards are used for that, and we are sorry to have to refund some donations because the amount are too big... So we would like to see more donations but not sure how we could handle 50k per month in this situation :)
I would also see this system implemented on other front-ends, it's not hard at all but mostly depend of the legal state of the entity behind the platform. We have our company as Futureshock, but Fundition is a non profit association based in France and except some reward to the team for their great work we are not "making money" in any way, and that permit us to be legit (untill a big regulation rule from the government) and competitive among all the industry. Paypal have some strict rules too and accounts can be easily locked if you don't give a proof about your legitimity.
Unfortunately we had to delay the release of our mobile app, but we will announce our new roadmap for 2019 in few months and in a soon future I have no doubt that Fundition will be engraved in the history as the pionner of crowdfunding and collaboration over blockchains.
And why not being recognized as the best crowdfunding platform since we outperform all competitors and kick their capitalism with our hearts.
If I'm not wrong we have implemented like 85% of the suggestions made by the community and that make Fundition even more unique and valuable day by day. So again thank you for this post and for testing our platform to give us interesting feedbacks.
Cheers,
Thanks so much for taking the time for the detailed reply @hightouch! I was still not totally clear on how the conversion to Steem worked until your explanation here. So do you think it's possible to adapt your system to be able to take more donations? Basically, I get how you're doing things now but if donations ramped up do you think you could make any modifications that would still allow you to retain your non-profit status or are things stuck with the current method? I suppose I'm curious if the current way of doing things is out of legal necessity or because it's the best for the current demand.
Anyway I wish you and your team the best and I'm really looking forward to the future of Fundition! :)
It's definitely possible to adapt with different methods but they mostly include fees and I m against having more than 1% fees.
The first solution I see and that's a part of our goal, if Fundition had his own exchange, we wouldn't have big fees as we have now for donations with crypto and for paypal you could like donate without any limit since it will be a company which can buy and sell tokens to regulate its stock. The issue with that solution is obviously the cost, even if somebody told me that it is possible now to build an exchange with 10k, we will still need a reserve behind it.
The second and it would be more easier for the moment, if an existent exchange which is already using paypal would list Steem we could use their API to make those transactions/conversions.
Another would be to use our company, but that we will cut 20%-23% fees on each donations. Which is huge! Thanks to the France goverment...
There is probably many other solutions like having a company in a offshore paradise or in some countries where the rules are more suitable for that and since we are in that business for long term, we will probably go for the first option which does not rely on any third party and maybe combine it with some others.
We choosed this way for both legal necessity and the current demand. But if the demand continue to grow, we will adapt.
And let me tease you something (not active yet but you may see it soon for recurring project)
:D Awesome! Well realistically there probably won't be an overnight surge that causes too much of a problem, but I guess there would be worse problems than having more money than you could process. Haha. Glad to see you've got lots of contingencies.
Really excited for the subscription payments!