Most blockchains based applications (dApp) are usually funded using an ICO. Basically, the dApp owner creates a token, which will be used only in his application. This token will be emitted by the owner in exchange for money (or similar to bitcoins, ETH or EOS). This money is usually used to fund the project by hiring developers, designers, etc. If the application is widely used, the newly created token will hopefully have a high valuation. In the other case, it will be worth nothing. The only document provided before investing in an ICO is a whitepaper. Many have benefited from this scheme to create absurd whitepapers and run away with the money once the ICO was completed. This has created a trustless environment. It made us think twice on how we would consider the funding for Swirld.

We took the decision not to do an ICO because we don’t need (yet) our own unique token. Our platform can use the EOS token directly. It made things much simpler. The users of our platform don’t need to convert their existing EOS tokens to use Swirld. We also believe that the first version of Swirld will show to the world that our team is efficient and knows how to build the product. We that it has much more value than just releasing a whitepaper. About the funding, we will build the product self-funded then we will take a fee on each transaction. We believe that it is fairer to the users instead of forcing any potential user to buy a highly volatile token to use the dApp. The use of the EOS token let everyone to use platform, post content and be rewarded for it. It will remove an entry barrier and encourage adoption.

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