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FintechFans: Reason for Holding a Decentralized Crowdsale and Purpose of the FintechCoin (FINC)

FintechFans: Reason for Holding a Decentralized Crowdsale and Purpose of the FintechCoin (FINC)

At FintechFans we have a vision and that is to kindle financial innovation by uniting specialist and companies.

This vision has three very distinct objectives:

  • Lowering the cost of recruitment by cutting out the middleman.
  • A two-way review system that’s unbiased, transparent and honest so FinTech specialist, as well as companies, can be held to the highest standard.
  • Peer-to-peer payments over a secure network without the possibility of disputes.

Once we had clarity on the objectives, we could develop a focused solution in order to achieve each of these objectives on the same platform.

The result of this is the FintechFans Decentralized Marketplace.

In our previous post we looked at the different components of this solution and how it all comes together into one unified platform (The One-Stop Solution to Traditional Recruitment Woes”)

The next step is to turn this vision into a reality. So today we’ll look at how a decentralized crowdsale can help us make that happen for our community, and what functionalities the resultant FINC token will have.

Reason for holding a decentralized crowdsale

The FinTech job market is growing and our passion is to fuel this growth even further by developing innovative industry solutions. We are convinced that now is the moment to raise funding in order to create an ecosystem for FinTech professionals.

Our number one reason for holding a decentralized crowdsale (or ICO) is to allow all members of the international FinTech industry the opportunity to have a say in creating a Decentralized Marketplace.

Although FintechFans is the facilitating party, the aim is to spread the value across our community.

We intend to do this by turning the FintechFans platform into an ecosystem where FinTech companies can find FinTech professionals for both short-term and long-term commitments.

The end goal of the tokensale itself is therefore to put us in a position where we can start building this ecosystem that will help the FinTech community push past the boundaries of innovation by enabling them easy access to the most important resource of any FinTech organization: its people.

It will also help us to integrate the existing FintechFans Job Board with the new systems that will be built on the Ethereum Blockchain and add further value to the community.

The main focus is for the company to become self-sustainable, irrespective of the amount of money raised.

After the core Decentralized Marketplace has been built, we aim to make the user experience a frictionless process through things like a mobile app creation and making the review system as smooth as possible.

During the FintechFans tokensale, anyone that wants to become part of this exciting community can do so by trading Ether for FintechCoins.

Purpose of the FintechCoin (FINC)

All services on the Decentralized Marketplace and Job Board will be payable in FINC, fuelling the demand for the FintechCoin. Services include looking for jobs, offering jobs and reviewing partners.

The benefit of the FINC coin is that all this can be done at a fraction of the cost than that of conventional job boards.

One of the token’s primary functions will be as a payment method for placing adverts on the Decentralized Marketplace. This is to avoid spam and to ensure that the content on the platform conforms to the highest standard.

To encourage continued usage of the platform and stimulate growth, part of this fee will be returned to the parties that interact with the advertisement once a job has been completed (like a deposit). The remaining part will be destroyed (burned).

This means that because part of the advertisement fee is permanently destroyed, the more the platform gets used, the less FINC will be available. To compensate for this decrease, the price of advertisements will need to be periodically adjusted.

However, this cannot be programmed through Smart Contracts. It will be up to the FintechFans community to decide on the price of the fees through a decentralized voting system.

In this scenario, each FINC that a user holds will get them one vote.

Therefore, token holders with a bigger vested interest in the network will theoretically have a bigger say.

The FintechCoin will further protect the fees from erratic fluctuations by shielding it from the volatility in Ether, the currency of the host Blockchain, i.e. Ethereum.

Although the creation of a job listing on the platform will cost a small fee in FINC, the actual compensation for the completion of that job can be paid with any ERC20-compatible cryptocurrency (including the FintechCoin).

Peer-to-peer payments will also be available for performed services over the FintechFans network for fast, cheap and trustless transactions, where no central party is necessary.

Finally, there will be a number of secondary uses for the FintechCoin related to the actual Job Board, such as placing a job opening on the web portal, bumping previously placed job openings to get more attention and buying advertisement space on the publicly visible web pages.

The decentralized crowdsale and the FintechCoin is not the end-goal but merely a means to the end. Ultimately the aim is to achieve long-term sustainability for our platform and community, and help to fuel the growth of the wider FinTech industry.

In our final post in this dissection of the FintechFans platform, we will look at the specifics of the FintechFans tokensale such as dates, distribution of funds, token creation and timeline.

Stay tuned!