The RootProject merges crowdfunding for community projects with its own cryptocurrency, the ROOTS token. The aim of the RootProject is two-fold. First and foremost it is to help people in extreme poverty by employing them for local, one-day projects. Whilst secondly, the creation of the cryptocurrency, which has a strict hard cap, will offer an attractive asset appreciation to investors.
As RootProject is a non-profit, it effectively makes the ROOTS token a tax-subsidized cryptocurrency. The project involves:
It is called ‘laborless’ because RootProject carries out the crowdfunded task, not the project initiator, thus giving a day’s labor to people suffering from poverty. This then helps the worker gain experience and job skills which they did not possess before. Their wages, and that of the project’s supervisor, are all built-in to the project budget.
Part of the proceeds raised from crowdfunding for each project go to purchase tokens, thus driving currency demand. The ROOTS token supply is hard capped, so each project will reduce the token supply.
In addition to the wages earned, paid in USD, ROOTS tokens worth half of the day’s salary are deposited into a special medium-term savings/pension fund entity. This further reduces liquid token supply which then aligns both the interests of investors with the vulnerable members of society.
The RootProject platform is a dual-facing mobile app. One side is contains the crowdfunding platform for the projects. The user details the project he/she would like to have done and then makes some kind of donation, full or part, towards the project’s cost.
If the full cost of the project has not been met, it then becomes open to a traditional crowdfunding campaign. This is open for a period of 30 days only. 87% of the total amount of donations is for the project to be carried out by the RootProject team. 3% is reserved for banking fees such as credit card transactions. The remaining 10% is used to purchase ROOTS tokens on the open market – thus increasing token demand.
The second function of the app is the worker platform side. Participants will be able to view a project list and reserve a spot for the day to work on the project. Once a project is completed, the worker will receive their wages plus 50% will be invested, in the form of ROOTS tokens, into the pension fund.Visit website