Crowdsales 2.0: Factom and Synereo Unleashed
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The blockchain has many applications besides sending and receiving money. One of the first additional functions to be explored was fundraising; it is relatively easy to request bitcoins, as a donation or with the promise of some future return.
New cryptocurrencies, however, have allowed us to automate the process. Backing a coin with equity (like a stock) is complicated due to securities laws, but many have already designed coins backed by goods or services for which they can be redeemed.
All decentralized applications (like Storj or MAIDSafe) are essentially service providers, with their service being provided in exchange for their associated crypto coin. By releasing the tokens before the application, they effectively pre-sell those services as a way to raise development funds.
This has become a revolutionary new crowdselling and fundraising method, on which all decentralized applications will probably rely. We're beaming in some experts on the topic to discuss their experience with crypto crowdsales, including:
• Synereo, the first truly decentralized social media platform. Better than Facebook in every way, they're currently crowselling the AMP tokens needed to promote content (as opposed to paying Facebook).
• Factom, a decentralized proof of existence application. They're crowdselling Factoid tokens which can be used to permanently record any data on virtually any blockchain.
• WoodShares, crypto tokens backed by hectares of forest wood controlled by the WoodShares community.