How FundRequest connects Organizations and Developers on a common platform using Blockchain
Introduction
Open Source Software has revolutionized the process of software development, and it is no wonder that it has been gaining popularity, considering the advantages it brings to the table — better transparency, increased flexibility and lower risk of piracy.
Open Source Software (OSS) is software whose source code is freely available — which can be accessed, modified and further shared freely by the public. OSS can be described as a collaborative development between multiple independent contributors. A 2008 report by the Standish Group states that adoption of open-source software models has resulted in savings of about $60 billion (£48 billion) per year to consumers.
The user base of open source platforms has been consistently spiking, and GitHub, one of the largest platforms for open source projects boasts of 24 million users.
In spite of all the above positive developments, it has been observed that almost 80% of the open source projects fail before completion. This phenomenon could be attributed to the inability of developers to continuously give time for development, lack of developer interest and also lack of adequate financial incentives to developers.
Another significant development in the recent years is the rise of gig economy! A gig economy is a business environment wherein temporary positions are common, and organizations prefer short-term contractual arrangements with independent workers than full-time employment.
FundRequest
Leveraging the above phenomena, FundRequest intends to be the bridge connecting organizations and developers on a common platform, creating a win-win scenario for both the parties involved. Companies and individuals who are looking for software development can have access to quality developers and a more affordable solution than opting for traditional software. Developers can work on challenging assignments and make additional income.
FundRequest provides a secure and easy mechanism for bug fixes, and feature builds on any project by employing blockchain technology and smart contracts.
FundRequest’s vision is to eliminate the problems faced by Opensource projects and provide a congenial environment for their success.
Salient Features
- Blockchain technology and smart contracts are the building blocks of FundRequest, enabling the transactions on the platform to be transparent and reliable.
- Use of FND tokens (cryptocurrency) for incentivizing developers for their efforts in resolving issues uploaded on the platform.
- Use of smart contracts enables a fair distribution of tokens on completion of work and as per the laid down terms in the agreement.
- Unlike other existing platforms, FundRequest charges service fees to neither developers nor the organizations posting requests.
- The Ethereum protocol enables decentralization resulting in the more economical execution of projects than the conventional ones.
- Blockchain technology allows other services to access FundRequest platform to avail the benefits of the work already done on the platform.
How does it work?
An individual, a group or an organization, referred to as ‘Funder’ puts up a request on the platform and adds funds as a payout for resolution of the request. FundRequest locks these funds in a smart contract and acts as an escrow service.
The request can be an invitation for working on an existing project or developing a new project. Requests could be small, say a bug fix or a query and large such as a new feature or a project.
Currently, FundRequest allows a funder to submit his request through GitHub and plans to add other platforms, like Jira, Asana soon.
A ‘Solver” accepts the request and confirms to participate in resolving the request. A solver could be an individual, a group or an organization.
Once the solver completes the request, he stakes his claim for the reward.
The project owner gets the notification about the claim and validates the claim for reward and a cooldown period is initiated, during which the funds remain frozen. Cooldown period provides an opportunity to either party to raise a dispute.
Once the cooldown period is over, the solver can withdraw the funds. The funds are issued in the form of the native cryptocurrency, FND tokens. These tokens are ERC20 compliant. Most significantly, FundRequest extends flexibility by allowing other Ethereum projects to use their own ERC20 token.
This is a big plus as it gives freedom to any project to use FundRequest platform to further its development efforts using its own ERC20 token without the hassle of using only the native currency.
Additionally, a solver is awarded non-transferrable skill tokens from SkillToken Factory which recognize the specific skills of the solver. SkillToken Factory is a decentralized system that manages the skill tokens, which are issued for proven work, skill, and integrity. Integrity is proven by participating in governance voting and casting a vote honorably and honestly!
Crowdfunding
FundRequest enables crowdfunding of requests in the event a request is relevant to more parties. Crowdfunding brings in more resources and funds to the table, thereby increasing the incentives for solvers. Crowdfunding also results in reduced cost for individual funders.
Team concept
When a specific development work requires more than one developer or multiple skills, FundRequest allows a group of individuals to form a project team and apply for completion of the request. A team owner will manage such teams and can invite new team members to the team.
Privacy
To maintain confidentiality and privacy of specific requests, FundRequest allows Funders to create private requests and invite known developers and teams to help them. Solvers with higher skill tokens have increased opportunities to get invited by Funders for such private requests.
Flat Currency and other tokens
To widen the scope of its adoption, FundRequest intends to enable funding of requests also through fiat currencies, in addition to the ERC20 tokens, currently acceptable.
Building Blocks
In addition to using Blockchain technology and smart contracts, FundRequest provides an API to allow easy integration of its core systems with the clients.
An efficient and easy to use front end along with browser plugins are intended to provide an enhanced user experience and effective services to the clients. These plugins enable integration with existing platforms such as Github and allow users to access FundRequest services from within these platforms.
Github Browser Plugin: how does it work?
A user installs and enables FundRequest Browser plugin. As FundRequest plugin seamlessly integrates with the Github interface, the user can easily browse any issue on Github. The plugin integrates with MetaMask to manage all the transactions. The plugin can identify which issue has been funded by a user and updates the interface accordingly.
A user can add more funds for an issue he wants to be resolved, and he can also request a refund of the funds he assigned to an issue.
Here is a quick reference guide to understanding how the Github browser plugin works:
Roadmap
FundRequest has already ticked off on two significant milestones, namely, having the first functioning version live and bagging ‘Exchange Union’ as its maiden customer, who is successfully using FundRequest.
Another key milestone on FundRequest’s roadmap is to deliver a fully decentralized solution in the near future that is robust with seamless security, authentication, and privacy features.
Strategic Partnership
Led by a team of dynamic and passionate individuals, FundRequest has partnered with an impressive list of illustrious partners, namely,
Lendroid
SingularityNET
Request Network
Dock.io
Remote
Indorse
Trust Ethereum Wallet
ORCA
In the end
FundRequest is poised to create a decentralized marketplace that is enriched by open source collaboration. An ecosystem that is fair and transparent — that is for the community, by the community, and to the community. Tim Dierckxsens Karel Striegel
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