RootProject is considered as the first Cryptocurrency of the world that has effectively subsidised tax.
Today I’ll be checking out this ICO and giving my honest opinion.
Before I start…
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The RootProject review provided in this write-up will help you to know the ways this Cryptocurrency has planned to end extreme poverty by restructuring capitalism.
Introduction to RootProject
Before discussing the plans of RootProject you must first of all have some basic information about this concept. The Cryptocurrency RootProject has been introduced by a non-profit organisation. Its online address is rootproject.co and has been introduced with main aim of restructuring capitalism for ending extreme poverty.
The sale of ROOT tokens of this organisation has been started since 7th August 2017. Along with being a Cryptocurrency RootProject also includes an interest generating pension fund and a crowdfunding system without deploying any labour. Main aim of this Cryptocurrency is to ensure efficient completion of community projects through fair payouts by crowdfunding them with the help of USD wages and its Root tokens.
Working of RootProject
In fact, RootProject is basically a platform that encourages crowdfunding for certain projects like several other crowdfunding platforms available online and offline. You can use a mobile app or online interface to find out a number of local projects that need funds. RootProject is an app that has two faces – one browses through existing projects and on the other you can propose new projects for crowdfunding.
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What is unique in this crowdfunding platform is that it takes care of the entire project without being followed by its owner throughout. For instance, if an idea for community project comes to your mind while returning back to your home from office then either you can donate yourself certain amount of money to start the project or arrange funds through crowdfunding to meet up your financial requirements, if you cannot arrange rest of the finances on your own.
In this way, crowdfunding will help your project to receive donations from you and various resources to fund your project within 30 days. The project is reviewed and launched again after getting the money required for this purpose. When some legal permissions or permits are required from state or federal regulatory bodies then the founder/s of the project can be notified, if necessary.
The chances of success of the project can be increased by structuring its budget efficiently. Almost 87% of the donations should be used as the budget of your project whereas its 3% should be reserved for handling and credit card charges and 10% of the total donations should be invested in the tokens of RootProject Cryptocurrency which will increase the demand of these tokens. A budget for paid project foreman, tools, labour and materials is assigned by RootProject after approval and confirmation of this project to complete the within stipulated time period.
Three Innovations
The growth of institutional finance system designed by RootProject is based on three new concepts including:
Labourless crowdfunding: It helps in creating demand and supply of funds for community projects as neither they are completed by their initiators nor give knowledge about RootProject as Cryptocurrency. The visibility of such projects can help in improving reputation.
Introduction of new Cryptocurrency: A part of the proceeds of the project will be used to purchase Root tokens which will help in increasing the demand of this Cryptocurrency. Rest of the project’s proceeds will be used to pay the wages of supervisory staff and labour along with purchasing materials. But the supply of Root tokens in each project will be limited as their supply has already been capped.
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Introduction of pension like fund: Along with paying wages in USD, half of the daily income of the staff will be invested in Cryptocurrency to create a mid-term equity like a pension fund. It will again reduce the liquid flow of Root tokens.
RootProject Conclusion
RootProject is a smartly launched Cryptocurrency backed by Ethereum blockchain. The investors of a new project can download the dual facing app of RootProject to arrange funds for their project within 30 days through crowdfunding, in combination with their own contributions. It’s a cool idea and I think this ICO could do well but obviously it’s important that you do your due diligence before making any kind of investment.
Before you go
If you’re looking for a real solution for making money online check out my no.1 recommendation.
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Mark Charles is the founder of NoBSIMReviews and has been making a 6-figure income online for over 10 years.
After reviewing 1000’s of programs, he knows what works and what doesn’t: