|Socially driven pay it forward crowdfunding platform|
|Start date||26. Nov 2018||End date||27. Feb 2019|
|Information||WHIRL is comprised of many novel and interlocking parts and systems.
Karma points - Backing a campaign on WHIRL earns the backer Karma for every dollar they contribute. Diferent sums of Karma can be earned depending on (1) the cryptocurrency used to support a campaign and (2) whether that campaign is for a non-profit organization, in which case it offers a Karma bonus. Karma is required to create a fundraising campaign on WHIRL (500 required) and determines when a campaign can go live and how much it can raise. Karma is not a cryptocurrency; it is an internal accounting system that cannot be bought, sold, or transferred. Once a member completes a fundraise on WHIRL, their Karma balance resets to 0 and they pay forward the benefits they’ve received to help others and build Karma once again in pursuit of another campaign.
WRL token - WRL is WHIRL’s platform cryptocurrency. Backing a standard campaign with WRL yields 10 Karma per dollar instead of 7 Karma per dollar. Unlike Karma, WRL is a cryptocurrency and can be bought, sold, or transferred.
Supported cryptocurrencies - At launch WHIRL supports a dozen major cryptocurrencies, including ADA (Cardano), BCH (Bitcoin Cash), BTC (Bitcoin), DASH (Dash), EOS (EOS), ETH (Ethereum), KICK (KickCoin): buys extra Karma, LTC (Litecoin), USDT (Tether), WRL (WHIRL): buys extra Karma, XML (Stellar), XRP (Ripple) (As a partner cryptocurrency, KICK gives contributers 8.5 Karma per dollar.)
Active campaign slots - In the beginning, WHIRL will list only 1 active fundraising campaign at a time. This is to ensure that every campaign meets their funding goal. Over time, WHIRL will expand the number of active slots, but will keep the count small. WHIRL also has special campaign slots devoted to nonprofit organizations. In the beginning, there will be 2 such slots, though that number will expand as the community grows.
Fair & transparent queue - After a campaign is created, it enters WHIRL’s queue in the last position. The queue is comprised of a series of rows with two slots in each row. Once a campaign leaves the queue and launches on WHIRL, its spot in the queue becomes empty. The two campaigns immediately below it compete for the empty slot. The winner is determined depending on (1) which campaign creator has the most Karma or (2) how many times has the campaign been overtaken. At any moment, any member may inspect the queue to see what campaigns are forthcoming. WHIRL will fast-track campaigns that relate to an urgent humanitarian crisis.
Platform fee - WHIRL charges a 5% platform fee. All fees earned in WRL are burned. This fee is waived for verified nonprofit organizations and will be reduced to 3% once the platform reaches sufficient scale.
Moderator review - WHIRL has very strict rules on the types of campaigns that can raise money on WHIRL. For example, illegal or adult content is prohibited. To maintain these rules, every campaign on WHIRL is vetted by a moderator before it’s allowed to list.
Nonprofit initiative - WHIRL works closely with leading nonprofits around the world to help them access a new source of capital. WHIRL educates them on the ins-and-outs of cryptocurrency, waives all platform fees, helps them set up their campaign, fast-tracks their campaign, gives it special visibility on the site, and then incentivize backers with bonus Karma.
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