The Need for a KickStarter of KickStarters
Kickstarter.com is a platform on the internet that allows anyone from all around the world to put up a proposal for a product, art commission, or an NGO and ask for funding from its users. The platform quickly grew to be a center-place for innovation and creativity, because studies showed that the more innovative and creative a project was, the more funding it got.
KickStarter turned out to be a revolution in micro-investing, i.e., asking small amounts of money from each participant in a large group. Although a centralized platform with no community oversight, KickStarter became a prevalent and buzzing name.
But as the years passed through, the drawbacks of the platforms began coming to light. Now, since it is a for-profit centralized platform with a board to please, Kickstarter took a small cut from all of the funding proposals that were put up on its website, which reduced the funds the fundraisers wanted to collect. To top it off, Kickstarter was not much of an investing platform, but rather an Amazon for startups. It means that if a person interested in a project decided to fund money, it did not give them any ownership stake but rather allowed them to buy or donate money to the project in case it was successfully backed.
Despite all this, Kickstarter was, and still, is a crucial player in the world of innovation and creativity from micro-investing. It still has s community of loyal backers and interested start-up innovators.
The Amalgamation of Decentralization, Seed Investing and Crowd Funding
Seed investing is when one of more Venture Capitalists look into a promising start-up, see its fundamentals, and finally decide to invest in it. It is a centralized process where one person takes all the risk, and in turn, gets all the fruits of successfully betting on a startup. But what if one decentralizes the process? What if one can ask for funding of small amounts from a large group instead of a large amount from a small group?
LimeCurrency is a Blockchain project designed by a team of professionals from all over the world. The team initiated the project because they realized the problem so evident in KickStarter, See investing and other similar funding mechanisms. In essence, LimeCurrency is a decentralized tokenization platform that regulates, governs, and filters interesting startups proposals that list on the platform. After the filtration is done, it allows them to conduct an Initial Coin Offering (ICO), along with ensuring all basic requirements, such as regulatory concerns, management, project viability, etc.
The native currency of LimeCurrency is a “meta-token”, meaning that its value is linked to all the tokens issued under its purview, i.e., “sub-tokens”. Along with simplifying the process of fund-raising and investing, the LimeCurrency team prides itself on being a truly decentralized organization. The everyday functioning of the organization is handled by the investors, users, and stakers of the LimeCurrency. They are the persons responsible for approving the proposals of projects that seem interesting, governing the community, and ensuring proper and timely development.
Lime uses the in-house developed “Althing” mechanism that manages the proposals. As per the whitepaper, “The Althing will combine a system of Sybil-resistant weighted ratings and stake to determine motions. Tokens and ratings determine the voting power any given member will have. The decentralized autonomous governance will include a system of voting by ranking proposals based on desirability.” The Althing mechanism is an AI-based method, using the tokens and weighted average of the ratings given by members, in choosing the best proposals and approving them from further evaluation.
To complement the innovation, LimeCurrency also employs a referral mechanism that incentivizes users to spread the word and at the same time, be personally invested in the growth of the project. There are also bounties and other rewards that entice the spread of the user base.
Points to Note:
- The Lime Project follows a strict and nurturing internal governance mechanism that filters project proposals to allow for maximum growth and efficiency
- On the Lime Platform, developers can perform ICOs for their sub-projects. These sub-projects have to pass the inspection of the Lime community
- The sub-projects that pass the filtration process then have to cross the mandatory regulatory and compliance hurdles before full-fledged development
- To ease the burden and responsibility of the investors and community members, Lime uses an in-house AI. The AI is given the task of making the best decisions for its investors and backers, which in turn would lead to greater value generation
- One of the things to note about the LimeCurrency is that the value of the “meta-token” directly depends on the value of the “sub-tokens” listed under Lime. This makes one of the few projects whose development and interest is linked to the development of the projects under it
- As the whitepaper says, “Jobs that were originally delegated to individual humans, can be delegated to reputable autonomous syndicates of LimeCurrency, composed of any combination of human talent, autonomous agents, and other organizations”
- The LimeCurrency follows an innovative referral mechanism that instigates growth and reaches by incentivizing both the referrer and the referee.
Get into the Referral Program
To make the best of the initial user base, The LimeCurrency team has come up with an innovative inventive mechanism. The mechanism is designed to ensure that the initial users can ensure the widespread of the Lime Project. The referral program is built into the currency as a Smart Contract to make it automatic and instant.
A Referral Program is put into a place wherein each user can refer the project to another user which allows them to get a stake in the commission of the person referred.
“Any user that you refer earns you 1/4 to 1/2 of all of their transaction fees. You can refer as many people as you wish. Remember, they pay a little less when they add you as a reference, so it’s a win-win.”
As explained in the whitepaper, referring someone to use the LimeCurrency platform enables you to receive a percentage of whatever they earn, and at the same time, the person pays lower fees, making it a win-win situation for both. The in-built smart contracts ensure that the payout is instantaneous and exact.
In summary, it is important to note that innovation is not a goal, but an inbuilt feature of the LimeCurrency project. It establishes a nurturing ground for people to come up with innovative and creative projects that are then filtered by the Lime community, which sets a high bar for achieving success. With its community governance, autonomous decision making, referral program, and enthusiastic developers, LimeCurrency has set itself is a stage where it can computer with the top names in the market without actually missing out on growth.
To know more, checkout LimeCurrency here