Scruge is a crowdfunding application for smartphones. It acts as a bridge to the BIDLing
economy. Designed as a mainstream app, it provides a friendly user interface to interact with cryptocurrencies, participate in tokenised crowdfunding and connect with crypto peers.
Essentially, Scruge performs three functions: cryptocurrency wallet, crowdfunding marketplace and a bounty marketplace.
|Soft cap||120,000 USD|
|Hard cap||240,000 USD|
|Token for sale||20,000,000 BIDL|
|Whitepaper||Click Here For View Whitepaper|
|Website||Click Here For Visit ICO Homepage|
Token sale protocol
Developing a decentralised project requires an understanding of distributed systems,
software development, economics, cryptography and many other things. Often a liquid
cryptocurrency is needed for a decentralised application to work. As a result of these
challenges and increased barriers to entry, before being able to deploy decentralised
applications, crypto founders have to raise external capital, whether it’s an ICO, angels or
venture capital. Crowdfunding mechanisms, such as Initial Coin Offerings, are great for attracting both users and capital.
The amount of time that campaign is active for new commitments to be made. Maximum duration is 60 days. Campaign finishes only when the duration is passed. It’s a minimum amount of money that founders consider enough for them to develop the product. Unless the soft cap is reached within the duration, a campaign is considered unsuccessful and all commitments are returned. It’s a maximum amount of money that founders are raising. The campaign continues even when a hard cap is reached until the duration of the campaign is over.
This is the most interesting phase, which gives investors protection. When distribution
phase ends, the first portion of funds, specified by the founders, is released immediately, and the rest gets locked in stable cryptocurrency. After that, at each specified milestone, investors vote whether to release next portion of funds. If the majority agrees, then the funds are released, and otherwise, investors are refunded with the remaining money. Three months have passed, founders have constantly been updating investors, so investors vote to release next 20% of funds.
An economy is a system in which agents organise scarce resources to produce services.
Let’s boil it down and define who are the agents, what resources are utilised, and what services are offered within system. a decentralised protocol for a fraud-resistant tokenised crowdfunding. BIDLing Economy is a system in which investors, founders and HODLers utilise EOS blockchain, financial and human capital to provide a decentralised protocol for a fraudresistant tokenised crowdfunding.
As mentioned previously, have a stable cryptocurrency within economy. The exact mechanics will be released in later versions of the white paper when will be approaching ICO. In this section, address the main problems and concerns with having a decentralised stable cryptocurrency. decided to limit free capital movement to ensure stability. Since BIDLing Economy is about entrepreneurship and creating new ventures, stable cryptocurrency will be only available in the escrow. As for main cryptocurrency BIDL, it’ll be volatile and freely traded.
People provide donations to cover the costs of the system. The problem with this approach is the well-known free-rider problem, in which the public good is underfunded due to the lack of incentives for single individuals.
These are the taxes in its broadest sense. For example, paying for the new smartphone can be considered as a one-time tax, the Internet subscription can be viewed as a continuous tax.
Nothing is perfect. Every project, however good it can be at a given point in time, has a
risk of becoming outdated. To ensure efficiency and viability in the long run, the system should be able to sustain and upgrade itself. Maintaining a system is a deterministic process and can be set up and hard-coded into the protocol itself. Improving the system is a bit trickier. It requires an evaluation of new proposals, its acceptance and execution. The openness of decentralised protocols implies that malicious actors may use governance to bring down the system and somehow profit from it.
Dmitry Morozov Founder
Sergey Moskalenko System Architect
Yaroslav Erohin Lead Developer
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