Why Fundition might be the "Killer Dapp" we've all been waiting for.

in #steemlast year

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I've still been closely following the Patreon disaster that's happening recently and I've found even more creators that have either been deplatformed themselves, or they are planning to leave out of sheer disgust at Patreons behavior. This led me to dig into learning more about @fundition. I've known Fundition existed for as long as it's been around, but I've never really looked into it too heavily because I thought it was basically Kickstarter for Steem. I was also ignorant of some of the features of Fundition leading me to an incorrect assumption about it's usefulness.

After learning more I think Fundition could end up being one of the if not THE most important dapp for the Steem blockchain, especially for content creators. If that sounds like a pretty grandiose statement please keep reading and allow me to explain why.

One of the main issues being tossed around the SBC is how we can bring value to Steem, not value in some intangible idea, but literal fiat. I've heard some steemians mention that people that are just creating content aren't adding any or adding very little value to Steem, only extracting value on the assumption that those content creators are ultimately earning Steem with the intention to sell it.

My knee jerk reaction to this was that without content creators bringing people here to look at their content, who would want to come here? What reason would anyone have to come here? But the more I thought about this I started to to accept there is some truth in this line of thinking.

The reality is, there's probably not that many non-steemian people coming here to look at my or most other content creators content. While I personally haven't ever sold any of the Steem I've earned, I'm also only bringing in fiat by buying Steem myself or onboarding new members and walking them through the buying process. I've done this with several people so far, but the ideal is each content creator being able to bring outside fiat into Steem.

Intro Fundition

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So all this time I'd thought people could support Fundition projects either through upvotes(HeartPower) or donations via Steem, what I didn't know is that you can support a project with a variety of different cryptos(which fundition will convert to Steem then send to the project Founder) but also...via Paypal.

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This is a HUGE x-factor for Fundition when it comes to content creation. It also adds value to Steem because Fundition converts the payment to Steem and sends it to the founders wallet. The person that donates in this way also

- DOESN'T NEED A STEEM ACCOUNT -

Up until now I would have thought that this was either impossible or impractical because if this is doable, why isn't every single frontend doing this? A friend of mine @sisler003 was very adamant about a tipping system on Steem, I wasn't all that into the idea as I was thinking of tipping via Steem. Where some people might do it, I felt like most people here wouldn't donate large amounts of Steem. I think this is a psychological thing, but I can say for myself, if I donate one Steem to someone I don't feel like I'm donating whatever the current value of that Steem is, I feel like I'm donating the value that I'd be tempted to sell at. But psychologically I think $1 is $1 and won't ever be worth more than $1(of course $1 could buy 3 Steem right now, but it just doesn't process that way). I spent $7 just testing out their system to figure out how it worked.

Anyway, I would use this if it was available on the different frontends. I would even be okay with the different frontends taking a small percentage to help support themselves, I think that would be totally fair. This also would give content creators on Steem an incentive to share their content outside of Steem as currently there isn't much of one, since someone would need to be a member of Steem to actually give any sort of reward.

But anyway, back to why I feel Fundition could be the most important Dapp for Steem. As I mentioned in my previous post there is a current scramble for Patreon users to find another platform. One that is decentralized and censorship resistant. I'd been thinking that with a few tweaks we could be that platform, but I didn't realize that Fundition is already poised to be able to offer a large amount of the functionality of Patreon. (Still missing automatic recurring payments, but I've been in contact with the team, specifically @goyard and they've communicated to me that these features are in the works)

So if we can reach just ONE of these prominent Patreon users and get them to use Steem/Fundition, that could equal thousands of dollars of Steem being bought with every piece of content produced.

If you didn't see my previous post, Sam Harris, one of the people that left Patreon was making between $23,000 - $65,000 per podcast. If he came to Steem and brought his users and without them needing to even make Steem accounts, they could buy $65k worth of Steem per podcast, that would not only be an amazing use case for Steem it would be good for the overall economy. Even if he sold it all, it would draw a ton of people to Steem and illustrate its value and usefulness. If the creators themselves came to understand the value of Steem, they more than likely would stake some of it, therefore overall adding value to Steem.

So on the one hand I want to reach out to @steempeak, @good-karma, @steem-plus, @stoodkev to see what the likelihood is of this feature being added to your frontends? Because I think it could be a huge value add for the overall ecosystem.

Then I'd love for everyone to reach out to these people on youtube that are fed up with Patreon and drive them to Fundition. I'm going to create a video for youtube for this very thing, but we can all reach out and let them know we're the future of monetizing content. If not only Fundition, but the other frontends can give us the tools, content creators can add a lot of value to Steem beyond the actual content. I think this is a great way forward to us.

I'd love to hear people's thoughts on this. Being that this is a content platform, and we've been talking about how to monetize Steem, this seems like a great way. What do you all think? Let's start the conversation!

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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!

Very nice :-)

Oh dear. I may have to actually leave if this kind of thing keeps up (have been considering it to various levels of seriousness on and off but then again there's one Patreon that's been there for me since the very beginning like literally not long after I announced I had one that makes it hard to just drop it).

Have heard of Fundition but haven't yet managed to get around to investigating closer. Sounds like some really useful features specially the not necessarily requiring steem account part.

Yea, one of the weaknesses of a decentralized blockchain a lot of the time is marketing. I've known Fundition was a thing for the longest, but I had no idea where they were as far as features. I figured if I didn't know there's probably a lot of other people that don't know as well. It's gotta be rough to throw away income for principles but a lot of people are doing it. I just want some of them to come here and bring their communities with them. Could be the catalyst that gets the word out for Steem.

I don’t make much income from Patreon. It’s literally because of the one person 😆

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Hoping so dude, also hoping I can one day be cool enough to be able to say I use it successfully xD

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