Although many tokens have collapsed during the ongoing altcoin apocalypse, the future remains bright for applications with real world usage. Because of the ongoing bear market and limited trading opportunities, analyzing businesses with the potential to experience real world adoption should be the priority. Part of that analysis should include looking at industries that need improvement. During my analysis, one area that quickly popped up is the field of traditional crowdfunding and money circles. And, as it turns out, AZ FundChain application offers a compelling alternative.
Problems with Traditional Crowdfunding
President Obama’s JOBS Act essentially laid the ground work for crowdfunding. This legislation was passed in 2012 and included a provision for large groups of anonymous investors to fund startups. It essentially gets around the dreaded “qualified investor” requirement that created a barrier for so many potential participants. Crowdfunding is a great way for non-traditional businesses to raise funds for operating capital. It certainly beats having to beg a bank for a loan, or, even worse, a loan shark.
But, as the common cliché goes, no good deed goes unpunished. Traditional crowdfunding and money circles certainly have their fair share of problems. The biggest problem is trust. There are essentially very little checks and balances when it comes to how these companies will use the money that is raised. Companies can promise the world but may not deliver on them, and many don’t.
There is also a bit of an information disconnect. The “crowd” does very little research into these businesses that use crowdfunding. They may read an online pitch or video, and perhaps do some general industry research, but not much more. On the flip side, look at venture capitalists and how much time they spend doing this exact same thing but on a much larger scale. And VC’s lose on most of their investments. So, will the public do better? Unlikely.
AZ FundChain Application Offers a Compelling Solution
FundChain is a decentralized, transparent and reliable money circle and crowdfunding application running on the blockchain. The application, with its native currency (AZ), offers many benefits as compared to the traditional model of crowdfunding. Those benefits include the following:
- Accessibility and Intuitive User Interface – The application is available on both iOS and Android which makes it available to nearly everyone.
- Social Aspect, User Profiles, and Credibility – FundChain’s goal is to eliminate the asymmetric information and financial losses that occur because of negligence. With FundChain, in order to participate, participants will assess each other with regard to their reputation scores. These scores can be seen by all which improves credibility.
- Deposits/Withdrawals – Participants can deposit and withdraw via ETH, USDC, or ERC20 tokens. This is especially important as it offers an opportunity to reach unbanked communities.
- Transparency – Because FundChain is built on blockchain technology, the application is fully transparent. Funds can be traced and reputation scores are shown. In addition, smart contracts work in a sort of manager role.
FundChain excels at understanding the problems associated with traditional crowdfunding and developing solutions to deal with those problems. The above benefits are just a few of the many offered by FundChain.
AZ Token Sale
AZ Token will serve as the fuel behind the FundChain platform. The token will have continuous demand as it will be bought back from the open market through transaction fees. The company started the public sale of tokens on March 1 and the ICO is expected to last 30 days. The minimum required investment is $10 and each AZ Token is worth roughly $0.63 USD.
There is no doubt that crowdfunding is the way of the future. But given all the problems associated with it, the industry is in need of serious change. AZ FundChain is a promising application that offers a great start toward disrupting the industry and helping to better align incentives and risks for both businesses and funders.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…