What is FundFaire?
At its core, FundFaire (FF) is a payment system like PayPal or Square, but it can also be used as a marketplace like Amazon, eBay, or Kickstarter.
So why not just use those other sites?
With FundFaire our goal was to take the best parts of all of those different systems and consolidate them in one place. Our vision for FundFaire is that it can be used in conjunction with any other payment system or marketplace app or site or in lieu of them.
How will it achieve that?
FundFaire has a Multi-Account System (MAS). Simply put that means our users can have one or many payment/user accounts, one or many market/creator accounts, or any combination that fits their online needs. All of their accounts can be linked together or mixed and matched as they see fit. If they just have a payment account, they can post or link that payment account to their YouTube channel, business site, or wherever else, in the same way they would put their PayPal or Bitcoin wallet information.
But what are the advantages of using FundFaire outside of it being both a payment system and a market?
- A place to centralize all of a user’s markets in one location.
- The ability to have subscriptions, one-time payments, fundraising, and donations all through one provider.
- Built-in customer lists (see the FUNLs section in Features) to help users cross-market their goods, services, or whatever else they want to market.
- Low charges only when money is withdrawn from an account.
- Transactions occur on a blockchain* for fast, secure, and most importantly documented transactions to eliminate the possibility of cheating or being cheated out of income.
- A robust user driven reputation system.
- As Laissez faire as legally allowed to be.
- A random monetary giveaway system (see the FMS section in Features).
For more details on each of these go to the features section.
*Technically a distributed ledger, which is similar to Blockchain. Still odds are most people, won’t understand Blockchain either, but it is a common enough industry term.
How do you avoid charging more than other systems?
First, off we have an extremely small team of developers, which equates to a low and fixed overhead to keep our system running. Second, the initial costs of creating the system is extremely low* and that will be a one-time fixed fee not an ongoing expense. Third, because FF is built on a distributed network similar to Bitcoin, the hardware cost** on our end will also be low. The only real variable cost for FF will be related to bandwidth and making improvements to our systems, which we expect to increase, or decrease predictably based on the current number of users we have in the system. Mostly low fixed costs combined with predictable variable costs will allow us to charge less than our competitors while providing a superior service.
* Current estimates are that it will take less than $30k for FF version 1.0 to launch. However, that will be a fairly bare-bones version of what FF should be. We are currently seeking $100k to fully develop the platform. — Update: We are no longer actively seeking funds for this effort, so $100k would likely be the minimum to launch not including a marketing budget.
** Our initial plan is to have content stored in a distributed manner across the network so that our hardware only needs to maintain login information and the relationships between a single user’s various account types. The rest of our hardware can then be dedicated to nothing but payment processing and managing how/where content data is being stored currently.