Fundchain is launching blockchain based crowdfunding and money circle app, eliminating the need for a third party

FundChain is a blockchain based, decentralized mobile application for crowdfunding and money circle, also known as ROSCA. The app, by eliminating the need for any middlemen and fostering peer to peer connection will bring cost-effectiveness, reliability, and transparency to both the industries. The platform is backed by its native AZ token that will serve as the mode of transactions, payments and implement smart contracts within the platform.

ROSCA or money circle is known by various names in different countries around the globe. In the simplest of terms, it is defined as a rotating savings and credit association (ROSCA) where a group of individuals agrees to meet for a defined period in order to save and borrow together. It is a kind of combined peer-to-peer banking and peer-to-peer lending. 

The shortcomings of the traditional money circle programs are the involvement of middle-men who charge high commissions, resulting in lesser benefits for the end customers, in addition to a lack of transparency and chances of fraud. The use of blockchain, however, will allow the participants to track the status of the circle of the funding in a transparent manner. It will eliminate any chances of the circle organizer charging hidden fees to the participants.

The same goes with the crowdfunding campaigns where the use of FundChain app will connect the campaign organizers and backers directly, eliminating any third party commissions. Furthermore, the app also has a social aspect which means the users will be able to interact with each other and have reputation profiles. The members will be able to review each other in the circles they participated which will reflect in their individual reputation profile. 

Some of the advantages of FundChain app over traditional crowdfunding and money circle platforms are:

• Based on immutable blockchain technology: Every transaction on FundChain platform is stamped on smart contracts forever, preserving the rights of each participant.
• Safe and Secure: Blockchain is known to be a highly secure technology and in addition, the FundChain platform provides a transparent and direct way to communicate within the community without any bias to a particular group or individual.
• Accessible from everywhere: Unlike the traditional crowdfunding platforms that are often, bound by geographic and regulatory restrictions, FundChain is accessible to all. It will be available for both iOS and Android users worldwide, without any regional barriers.
• Connecting people with funding methods: FundChain is using two major fundraising methods; ROSCA and crowdfunding. It is building curated fundraising applications that will accept donations in cryptocurrency, with an aim to widen the use of digital currency as a reliable payment method while also providing the users with several advantages over traditional means of funding.

Moreover, AZ token also comes with $1 buyback guarantee. FundChain is currently hosting their ICO and invites the investors to be a part of a thriving community. More information is available on FundChain’s official website.

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