Ravencoin Pattern: Kickstarter/Indiegogo with Tokens and Messages.

Here, I show how to perform a Kickstarter/Indiegogo project on the Ravencoin blockchain with tokens and messages. Tokens are currently available on the Ravencoin blockchain-- messages are scheduled to be available starting Q1/2019.

A Kickstarter/Indiegogo (K/I) project tends to look like this: There is a project creator (Creator) and one or more customers (Customers). There is also someone who holds the pledges, an 'Escrow'. The Creator advertises the project and promises delivery of a product should a certain amount be raised. A Customer pledges a certain amount of money and also gives the Creator an address to deliver the product. If a sufficient amount of money is raised, the Creator creates the product and sends it to each of the Customers. If not enough money is raised, the Creator abandons the project and returns the money to the Customers. Until the sufficient amount of money is raised, funds are held by the Escrow.

Unlike the traditional K/I project, use of Ravencoin permits one additional freedom -- up until product delivery, the Customer can transfer his stake in the project to someone else arbitrarily.  This is reified by simply transmitting his token.  The token holder at the time of product delivery will receive the invitation to obtain the product.

In this pattern, there must be a certain amount of trust. The Escrow must be trusted, and the Creator must be trusted to deliver the product. In coins with smart contracts such as Ethereum, a smart contract could take the place of the Escrow, but in that case, the smart contract version of an Escrow must rely on the real-world Creator to validate whether or not the product is ready.  In general, smart contracts cannot eliminate the need for trust along the boundary between the blockchain and the outside world.

The pattern goes as follows:

  1. The Creator advertises the project and sets a specific funding requirement.  The Creator creates a set of indivisible project tokens (P_TOKEN), and links the tokens to an IPFS with the project details. The creator then sends the tokens to the Escrow and sets a price in Ravencoin for each token.
  2. A Customer purchases a P_TOKEN from the Escrow.  The Escrow must collect the Ravencoin and send the P_TOKEN to the Customer.
  3. At this point, Customers can send P_TOKENS to other addresses. 
  4. As the project is updated, the Creator can message token holders with the updates.
  5. If the goal amount of Ravencoin is collected within the deadline, the project is considered 'live' and the Escrow sends the Ravencoin to the Creator, and continues to send further Ravencoin to the Creator as the Escrow collects more.
  6. When the project is complete and ready to be delivered, the Creator sends a 'project complete' message to the token holders.  
  7. The token holders must then send their delivery address to the Creator. There are a number of ways token owners to do this.  One way is for the Creator to create a special token receipt address for someone who fills out a form containing .  Once the P_TOKEN is sent to the token receipt address, the Creator knows that the form is legitimate and sends the product to the Customer.  Any additional Ravencoin needed for special handling, i.e., overseas shipments, can be handled through the Customer website. 
  8. If the goal amount of Ravencoin is not collected by the Escrow in the time required, the Escrow sends the Ravencoin to any address that contains a P_TOKEN. 

Comments

  1. SuleimanDecember 3, 2018 at 9:42 PM

    The creator of the kickstarter project spends its 500 RVN. This will serve as a barrier for fraudsters. It is also important to have the opportunity, if desired, to identify recognition among the community. If the owner of the wallet is an honest person or team, whatever, they could show their good reputation.

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