Open source software refers to a computer application where the source code is available to the general public for use and/or modification. Programmers contribute their coding skills to a broader community when there is a personal gain to use the open source application or to receive peer recognition. The benefits of this so-called crowdsourcing offers small and medium sized companies value by i) reducing the internal cost of development ii) by increasing the speed to market. Yet, a lack of incentives causes the majority of open source projects' inability to garner sufficient community adoption for a longer period of time.
FundRequest is an integrated platform to fund open source projects, thus financially incentivising the open source community. The platform allows developers to fix bugs or to program additional features for an existing application.
FundRequest will be developed on the Ethereum Blockchain.
The centralised structures of traditional businesses are challenged, as blockchain gains traction as a solution for secure and transparent transactions without the need for a mediator. FundRequest aims to leverage upon a decentralised ecosystem as it reduces both operational and regulatory burdens and protects against organisational corruption such as fraud and embezzlement. FundRequest creates smart contracts to incentivise developers to solve a problem in the open source community. With a smart contract the code is law and thus there is no ambiguity ruling whether the conditions for funding have been met. FundRequest offers a layer on top of open source platforms such as Github or StackExchange and uses their functionality to automatically decide if a request is resolved (or not). Smart contracts use that information to automatically and autonomously distribute the collected funds for that request. This significantly reduces the risk of fraudulent reporting that is rampant on existing platforms.
- 20% of the distributed tokens during the ICO are assigned to the founders. 50% of these tokens are vested over 6 months the other 50% are vested over 1 year.
- 2% of the distributed tokens during the ICO are assigned to the advisors. 50% of these tokens are vested over 6 months the other 50% are vested over 1 year.
- 10% of the distributed tokens during token sale will be used to fund a bounty program to discover issues in the FundRequest codebase.