RootProject ICO details
Start Date: 2018-4-10
End date: 2018-4-13
- Category: Cryptocurrency
- Token: ROOTS
- Platform: Ethereum
- Type: ERC20
- Initial price: 1 USD = 88.5 ROOTS
- Bonus: Pre-ICO 1 ETH = 10,000 ROOTS
- Accepting: ETH
- Hard cap: 13000000 USD
- Site: RootProject site
- Slack: https://rootproject.herokuapp.com/
- Twitter: https://twitter.com/RootProjectCo
- Facebook: https://www.facebook.com/rootprojectco/
- Github: https://github.com/rootprojectco/backend
- Reddit: https://reddit.com/r/rootproject
- Bitcointalk: https://bitcointalk.org/index.php?topic=2048151.0
- Medium: https://medium.com/@nickadamsjudge
- Telegram: https://t.me/Rootproject
RootProject – Political Economy Applied to Blockchain
RootProject is a decentralized ecosystem for nonprofits. RootProject harnesses crowdfunding and cryptocurrency for the social good, while offering token purchasers a cryptocurrency with built-in growth and social capital.
A cryptocurrency is brought together with proven innovations in nonprofit program delivery and a novel crowdfunding model.
This combination amounts to a powerful new model of nonprofit funding that is made economically possible due to innovations in blockchain technology. The model aligns token holder interests with non-profit program participants, and is generalizable across most sectors of nonprofit activity.
The labor-intensive process of scaling local crowdfunding is made possible only by decentralized governance mechanisms built with the ROOTS token.
Individuals and institutions can create crowdfunded projects.
When the funding goal is met, RootProject or a partner nonprofit completes the project, sourcing labor from populations in need of job training. This new model is called “laborless crowdfunding” because it fundamentally expands supply beyond the traditional crowdfunding model wherein the campaign initiator herself has had to complete the work.
Demand from tax-deductible donations to crowdfunding projects is channeled into demand for the token through three formal rules.
First, instead of taking the standard ten percent crowdfunding fee, RootProject uses those funds to purchase its token on the open market. This is referred to as the “currency-as-fee” model.
Second, a portion of wages is sent to a medium-term worker pension fund-like smart contract whose sole holding is ROOTS tokens. Workers are paid at the end of the day in local currency but an additional 50% is deposited on top of that into the pension fund-like entity. This fuels a systemic reduction in liquid token supply. Third, large projects are negotiated with institutions. As a one-off fee, RootProject negotiates a small purchase of currency which is then burned.
Sophisticated machine learning and real time data publication are used to endow the ROOTS token with expected price behavior desirable to quantitatively sophisticated individuals, reducing expected correlations to other cryptocurrencies.
RootProject, a 501(c)(3) organization, implements the on-the-ground programs while partnering with other established nonprofits. The RootProject Foundation is a decentralized token-administering foundation. The two interact solely through a subsidiary of the nonprofit’s, which purchases ROOTS tokens on the open market.
RootProject product overview
RootProject is a dual-facing app. The first face is a crowdfunding platform for local projects. A user will download the app or go to the website to start a new project. Mobile-first design allows her to propose a new project – e.g. cleaning the local playground – while she walks home. A budget and location will be entered, along with “before” images, a short description, and, if she would like, renderings of a completed project.
The user then either donates the project amount or makes some initial donation. If she doesn’t cover the budget herself, she begins a traditional crowdfunding campaign. Before, during and immediately after the crowdfunding campaign, budgetary, technical and legal elements are reviewed by RootProject’s decentralized network. That network is made economically feasible by the use of ROOTS tokens.
Donations are received, and within sixty days the minimum threshold is reached or the funds are returned.
The total budget for the project is 85% of total donations; 3% is reserved for credit card and handling fees; 2% as an administration fee; 10% goes to he direct purchase of ROOTS tokens on the open market, increasing token demand.
Non-project operating costs are covered by the ICO, subsequent token issuances and a portion of the 10% fee.
85% is a higher project spend rate than most charitable organizations are capable of delivering, and in line with major international organizations.
When everything is confirmed and ready to go, RootProject assigns a project foreman – a paid employee or contractor – and a budget for materials, tools and labor, aiming to hire a team that can finish the project in one day, if reasonable. A work start-date and meeting point is assigned.