SeedOn building decentralized crowdfunding for token projects

0:00i'm ashton addison from block west capital for investment pitch media and today on the crypto coin show we have claudio mina the ceo and co-founder of seedon claudio welcome to the show and thank you for taking the time today thank you for having me it's a pleasure to be here likewise excited to dive into seed on alternative methods of crowdfunding building a better crowdfunding platform

0:26i feel like there's a lot of issues that we can discuss in the way crowdfunding is happening right now um and interested to hear how you're integrating blockchain cryptocurrencies and just more community into seed on so let's start off the conversation uh with just a high level of what you and your team have built at seed on and how you would explain it and

0:47then we'll dive into everything sure sounds great right so our main focus for now is actually trying to uh i mean not trying but actually building the crowdfunding 3.0 which is going to be based on the blockchain uh we're going to have the v1 version of the platform in august uh so basically from the development perspective are pretty pretty solid we are on the right

1:07track at the moment we're actually waiting for the licensing we have applied as a funding portal in the u.s we're going to wait for that as well to get to get through it actually takes a bit more time than was expected in the beginning because being in regard to the crypto and the us regulations are always changing so we did have a few a few bloggers on that

1:26side but i think we're gonna we're gonna be able to actually meet our milestones so there's something to worry about there we're also in the middle of getting licenses as a crypto exchange in lithuania so that is going to actually offer us a possibility to offer um our users the possibility to buy crypto with fiat money so with debit card and that is going to be maybe approved in about

1:47two or three weeks something like this because we already put in the paperwork so we're just waiting for uh for the licensing to get through uh this is this is for the uh uh for the administrative perspective and from the development side we actually have released a solution on the 25th of april and that is a wallet solution rose offering staking through it and

2:08also investing for our investors uh what we actually did is to uh uh to come with the additional solution for um for our community besides the platform because we have realized that we can actually reuse those components for the main platform and actually offer those as a software as a service for other projects uh we didn't have a the first version

2:27right now uh the staking and investing for our community and also we're going to have it more stable and with more functionalities such as uh the exchange to buy the buy crypto with fiat and also kyc module for this because this is going to be required we're going to be involving the payment with the the debit card of course they're going to be offering

2:47the solution to other projects as you actually want to have uh multiple coins and products coming to our platform and actually uh provide the possibility for staking and for investing as well uh for investing they're gonna have two options so they're either gonna have their investors joined on our solution and then create an account and have the wallets distributed into the cedaw

3:04finance wallet or they can actually have an external wallet so we can actually transfer to metamask or trust wallet or any other wallet provider for uh for minus marching so yeah this is what we're looking for now uh also as an additional point we're actually going to introduce in the next release for the version uh so basically the focus is to try to

3:24build something more than just a wallet so we want to have uh a source of information for for our users into the crypto industry so we're gonna have um uh events from the crypto industry on our platform similar to what free market cal is doing we're also gonna have uh news which is going to be aggregated from certain um big names from the industry such as coin telegraph the

3:46block crypto crypto daily coin and so on so they're also going to have all of these news in the same place which is going to be a good thing because you're not going to have to go to different sources to be able to to keep up with the news but you can actually scroll it into this you know finance app and just be able to uh to stay up to date with the latest

4:05great intro claudio and thanks for covering all that i would love to dive into the regulatory aspect as you mentioned there as well as the wallet crypto exchange uh cryptocurrency aspect uh but first i'd like to know a little bit more on uh the operations of the platform from an end user perspective you know when we see some of these major crowdfunding platforms um they're

4:28there's different uh there's different ways that people are looking to use them right some people are developing a product and looking to raise money crowdfunding through it some people are also using it for donation or emergency and natural disaster relief uh efforts as well are you focused specifically on the cryptocurrency side uh raising capital

4:50or is this an all-purpose crowdfunding platform so basically at first it all started as a cross-filing platform which is going to be focusing on equity and donation-based crowdfunding campaigns uh but then eventually downfinance came up which is going to slowly morph into a actually developed into a launch pad and those are going to be different two

5:10different solutions so what is for crypto is going to be incident finance what is going to be for uh uh conventional crowdfunding is going to be for sidon venture the platform um what we are actually having in um in addition to the conventional crowdfunding platforms let's say is the fact that we're going to actually be addressing the most uh common drawbacks

5:30into the into the crowdfunding industry because from the so basically crowdfunding consists in two main verticals so there is one particular which is uh the investor's perspective which has some some money put aside and just wants to put a uh put his money into a cool new idea and to try to actually maybe at some point gain revenue or just get a product in advance which is going

5:50to be something that has been looking for just something cool uh and the other vertical which is from the entrepreneur's perspective which is responsible to actually make good use of the capital to make that idea into a reality uh and this is this is what turbo system so from the investor's perspective oil is that they're actually going to put your money into a funding portal uh if

6:11the campaign is going to be successful so they have reached their goal uh for the uh for the company so the pledge goal then it's going to uh that is going to receive the capital which has been raised otherwise it's going to get a reverse month and this is going to be considered a failure for the uh for the fund rates and that's it so if the campaign goes through uh you know that

6:28you just put your money in and what is going on from that point is is actually not visible that's not accountable for anything you just have no idea and you can actually end up after a few months receiving an email saying that hey you know the startup which we have actually set out to do a lot of money when you can't deliver anymore so yeah that's it and that's the

6:47end of the story and actually we want to address this one which is the main uh the main focus for sidon yeah basically we're going to have in order to address this issue uh one main um let's say one main solution for it which is going to be consisting into the smart contract escrow model and what this means is the fact that as an entrepreneur i'm going to actually uh

7:08invest into a startup first i'm going to put my money into into a uh into a uh crowdfunding campaign and of course because we're going to make use of the blockchain we're going to be able to trace and um um locate all of those investment transactions so i can see where the money is going at what time how much has been raised for for the crowdfunding campaign and when i'm

7:26going to actually send the money to the entrepreneur i'm going to know when and how much has been sent and the additional benefits which are gonna have implemented for the smart contractors for model is the fact that we're gonna have a controlled startup capital infusion what this means is the fact that we're going to the uh uh to the listing process for the startup additional to

7:45the pitch deck you're going to have to come with your roadmap which is going to be split into implementation stages then i have to have at least three implementation stages each implementation stage must have a set of milestones defined and must be defined for a specific period of time i'm going to have to allocate percentage of the capital raised for each implementation

8:01stage the first stage can't have more than 20 percent and this means that it's going to reduce the risk of fraud and uh and rock pooling because this we're going to have those milestones set for each implementation stage uh when the campaign has actually gone through and the the fundraise has been completed network is going to get the first 20 for the startup is going to

8:20actually work on the milestones put into practice and actually start building the company if all those milestones have been achieved and completed of course they're gonna have to submit proof to our team in regard to those milestones and their completion and if those have actually been successfully completed and um and delivered we're going to be uh

8:37triggering the next capital future for the startup for the next implementation stage of course this is going to be uh according to uh let's say the best scenario right but usually in life it doesn't happen or always like this and this is why we're also going to have the investors involved into some some of the decision making processes uh and this is going to be involved when

8:56they're actually not going now are going to be able to deliver a specific milestone for example let's say that you want to build an electric bike so you have for the first implementation stage three milestones the first one is to attain a certificate for mass production the second one is to build an mvp right so actually submit your metrics to a factory in in china to build your

9:15product and the third one is to actually attend a conference which is going to be worldwide so you can actually provide a demonstration for a product let's say you go you go through the first milestone you get your mass mass production certificate and then actually you want to build your mpp with the factory but then the pandemic has come they actually have no way to build it

9:35because all the factories are closed the economy is actually put on hold so you have no you have no other possibility to go around so at this point you're gonna have to emerge to go to your investors and say right so this is the issue which i'm facing so at the moment i did go through all of all other muscles which have actually been completed i'm just waiting

9:53for this one to go through but because of the current situation i'm gonna have to move the mice into the next implementation stage because this is something which is out of my control and at this point investors are going to make a decision and vote and they're going to actually uh put it under vote and decide the right so we're going to actually move this to the lesser

10:09generation stage or just drop it because some investors might think that right the context has changed the pandemic has come and now the idea is not visible anymore so they're actually going to be providing accessibility and and give their investment for their uh for their investments okay great thank you for that explanation claudio and it seems like

10:28you've really planned out uh the stages and helping with making sure that there's transparency for projects that are that are launching on seed on and um and just discipline of actually getting done what they say they're going to get done now you mentioned at the beginning about the seat on wallet how that's already ready and i all i know that there's also

10:50uh a token currency that's involved in it as well is that specifically used for the governance of voting or is that you know obligatory to use that to invest in through the projects how does that incorporate into seed on platform yeah so basically our negative token is going to act as a medium of failure for each investment transaction so each and every investor looking to put his money

11:15into a crowdfunding campaign is going to actually have to put in uh cn for their investments but because we're going to actually have a wider reach for our users we're going to be focusing on both types of investors so those which are appointed to crypto and those which are just regular investors looking for a crowdfunding campaign and that's it and

11:32they maybe are not aware of the crypto uh industry so what we're gonna have is going to uh to have sort of like two perspectives so the first perspective is going to be for the crypto investors which they're going to actually deposit their tokens into the wallet or just swap uh b b or usdt for our token or just buy it with the um with fiat money and they're gonna have a balance of xeon

11:51they can browse the campaigns and invest their uh their tokens to the project or just have it for uh the regular investor investors which are going to be coming on seed on they're going to be finding a project which they like and they're going to say alright so i just want to put in my my debit card i just want to invest my money into this project but we're going

12:09to do behind the scenes is actually take that fiat money from the debit card convert it to xi'an and then send it to the escrow account into the blockchain so from the user's perspective we're just a simple investment using fiat money but actually behind the scenes is going to be relying on our token for all investment transactions also because we're going to be doing

12:26this we're going to have a trace for for each uh transaction because we're going to have a wallet set up for each um crowdfunding campaign so you can see what type of investment is going into the wallet what is going out and so on so you can actually have a traceability for all those um transactions this is why we also have chosen to build our token on binance

12:46margin because of the lower gas phase because we're going to have all these back and forth transactions so we're actually in need for a blockchain which has lower low gas keys great to know and especially about uh you know being able to include people with with fiat and use the bridge over to be able to purchase the c on tokens and now is that um why the cryptocurrency exchange as

13:12you mentioned there at the beginning about you know getting a regulated exchange is that part of that process and exchanging the xeon tokens or are you actually building out more than that with the exchange yeah basically its progress is going to be in order to be able to exchange uh xi'an for fiat money and vice versa and also gonna have it for the launch pad

13:32because in the launch pad actually what we're looking to have is to try to build an ecosystem for crypto projects which is going to be taking them from uh the white paper stage to listing because at the moment what we have we have some some partnerships which we are not going to announce yet but we do have some partnerships with a few exchanges and a few uh market making

13:50solutions which are going to be taking those products into the um ecosystem then of course they're gonna have a um uh a discount for for the services yeah what we want to have is just take the project from for the white papers uh uh from the white paper position and just take it to the listing like go through all the the ico stage which they're actually going to be able to sell their

14:12tokens either via fiat money or just have users deposit their crypto and in order to be able to participate into ico and then they're also going to be able to have the best thing into our platform for their users we're also going to have staking and at the end actually go go ahead and list their token to a public exchange so basically uh the use for

14:32decision finance is going to provide the users the possibility to buy crypto with fiat money in uh in the iso stage so basically for the launch pad but we're also going to be to make use of the same company which is going to have the same license and exchange just to make use of the student venture platform for the crowdfunding campaign in order to have

14:49the the conversion as mentioned before for the for the investors okay great and there are more than a few you know launch pads popping up in in all different ecosystems as well what do you think will be a competitive advantage that con will have whether it be you know those connections to the exchanges and market makers or something else that will make it one of

15:14the go-to locations for a launch pad for new projects yeah so basically what we're gonna have in regard to the launchpad perspective uh we're gonna have this one with the uh possibility to buy crypto with fiat because i actually didn't see quite many launch pads which offered this and i think it's quite a good addition in in this regard uh because what i saw in the

15:36beginning and also what we did when we were an ico we just had other uh other investors uh send to us crypto basically we had our ico for dmv and they actually put it into exchange our cn token but i would actually have gone with the uh with a debit card payment because that's also a good possibility uh of course in regard to other launchpads as mentioned before i

15:56just want to have this sort of like inform informative uh source for the crypto industry which is the events and the news because i think it's quite a a nice addition for the launchpad and also uh we're also gonna gonna look into the partnership with the exchanges and the markets market making solutions mentioned before just to be able to facilitate a a slower um

16:18a easier launch in the market okay great you and you mentioned august uh tentatively you know development is a lot um and it always depends on the market conditions as well but uh what do you and your team have to get done to get the uh the main platform ready for that timeline launch uh to make sure you launch in time uh yeah so basically what we're gonna

16:45have to get done is actually the solution of course the software solution which is uh which is ongoing at the moment and also the uh the license to be a funding quarter in the us uh in regard to the uh source of development we are in a very good shape uh that is because we had a sort of like a uh unplanned launch for student finance which actually has has pushed us forward

17:05to to build on a higher pace the wallet and the transfers and so on so basically we have the core functionality for the platform already in place and already built uh because we're going to get licensed as a crypto exchange quite soon we're also going to be implementing the uh the panel with fiat money so using debit card i'm also going to have that ready i

17:24think about the end of june so we're quite in good shape what is holding us back at the moment is just uh the licensing as a funding port in the u.s so we're just waiting for that to go through and then i should be able to start looking for the first uh crossfire campaigns we actually are going to uh to release in about a few days our new website which is going to include a

17:44form which uh entrepreneurs actually can go on and submit their projects into the platform so you can actually go over their pitch deck start the selections and have the first crowdfunding campaigns ready for going live in august great and you were talking about staking as well is that staking live right now yes yeah we offer staking for our for our investors

18:06uh and as mentioned before i just waiting for to release a new version which is going to have the new additions and we're going to have a stable version we're going to we're going to be looking for other products to come on our solution actually offers taking for their uh for their investors okay great and what's the best way for the viewers to learn more about the

18:22wallet and the staking and then follow along for the updates uh for when the the main platform is launched they can basically go on our website because over there will have a link to uh to see them finance as well so it's sit down dot io uh we also have a telegram group in which we actually quite actively answer our investors answers uh sorry answer their questions

18:44and provide information in regard to our our progress and updates we also have into the student finances section for release notes and every time i have a release we announce the release into the telegram channel but we also have all of the changes which have been included into the solution on the website so actually people can see what we have added new so how they can also use it

19:02and uh and make great use of the of the solution as it would be okay sounds great claudio thank you so much for the information i'll leave the seed on io links for the platform and socials as well in the description box below all the best with the upcoming main launch and let's follow up in the near future great sounds great thank you very much