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Many altcoins have had a rough go during the past 13 months.  While a few projects have seen success, many have disappointed token holders.  Disappointments have ranged from missed deadlines to less ambitious roadmap alterations.  There is no doubt that these failings have added to the negative vibe that currently permeates the markets.  But, even in the face of all the challenges, a few projects have achieved major milestones.  Although I’m much more careful in picking altcoins now than before, one project appears to be too good to pass up.  AZ FundChain has developed a new application that improves upon all the problems associated with traditional crowdfunding and money circles.

ROSCA funding (money circles) is an increasingly common way to generate private funding.  Despite the rising popularity, the traditional way of organizing the circle created a barrier to entry for honest people looking for funding without interest to access them.  A major problem with money circles it that money circle organizers are not always fully transparent about the fees being charged in these vehicles.

Additionally, due to legal and geographic barriers, crowdfunding is not easily accessible by small business owners.  Because of that lack of access, small business owners often have trouble raising money due to accessibility and trust.  FundChain aims to solve all of these problems mentioned above.

FundChain platform provides a user-friendly mobile application based on blockchain technology to enable users to access financial services related to money circles and crowdfunding.  The mobile application includes several state-of-the-art features and security measures in an effort to eliminate the problems of traditional crowdfunding and money circles.

There are several reasons why FundChain has the potential to transform the field of crowdfunding.  One of the major advantages that really caught my attention is the social aspect.  Although ROSCA funding is typically done through private money circles, FundChain will also provide a social aspect that will allow members to have background, feedback, and reputation that will allow circle organizers to better evaluate all of the participants.

Another huge benefit to FundChain is its crowdfunding feature.  Through this feature, small business owners will able to meet directly with household investors.  One of the biggest things that FundChain is striving for is transparency.  Meeting directly with investors would go a long way toward creating a fully transparent system.

The poor reputation commonly associated with crowdfunding and money circles is caused by asymmetric information leading investors to face serious risks and potentially, loss of capital.  Blockchain technology will provide FundChain application with a transparent and unalterable base for all the interactions within the community without serving the interests of a special group or individual.

A major reason why FundChain has a serious chance of success is because of the blockchain component, it will be able to reach out to as many people from unbanked communities as possible.

The crypto component is also really critical in this respect.  As seen in Venezuela, due to the rampant inflation associated with the country’s native currency, many citizens have begun using various cryptocurrencies as a way to preserve their purchasing power.  FundChain application offers a secure way of depositing and withdrawing in three payment methods that will include ETH, USDC, and ERC20 tokens.  Members can keep the money in their account to use it in the future.  All balances will be displayed in USDC.

The AZ token is FundChain’s native currency.  Each circle and funding will operate through a unique smart contract.  For a smart contract to be created, fees will be charged which will be paid in AZ tokens.  The smart contact responsible for storing payments will send collected fees to another contract which will have buyback events from time to time.  Each month, on a specific date, the stability fund smart contract will automatically begin a buyback event to buy AZ tokens at $1 each.  Each USDC token (how participant balances are displayed) will buy 1 AZ token.  80% of the total fees collected by FundChain will be used for the AZ token buyback program.

Once FundChain really starts to gain traction, I expect the AZ token to be a potential home run trade.

The company is currently running an initial coin offering and plans to sell 11.7 million tokens.  The ICO began on March 1 and will run through the end of the month.  The business plan seems sound and the demand for this type of application seems obvious.  Whether it all comes together is another question but I certainly have high hopes for FundChain and its native token, AZ.

Disclosure:  Sam does not own any AZ tokens but may participate in the ongoing initial coin offering.

Image(s): Shutterstock.com

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