According to a press release, CloudFunding is a launchpad aimed at introducing a new dimension to the concept of crowdfunding, contributors to the platform are granted unique access to carefully vetted crypto projects as well as other one-of-a-kind incentives, all while maintaining custody of their initial deposits.
At present, contributors in cryptocurrency launchpads decide how many tokens they want to contribute to the endeavour. Instead, donations to CloudFunding are derived from the rewards earned by participants' wrapped FLR/SGB capital; this mechanism ensures that contributors always retain their initial investment.
Hugo Philion, CEO and Co-Founder of Flare, remarked that "CloudFunding is an excellent example of how developers may benefit from the Flare blockchain's decentralised data architecture. It offers a win-win situation by leveraging the Flare Time Series Oracle as the method for donating to exciting new initiatives."
Philion added that "Flare Network acknowledges the significance of CloudFunding technology in the blockchain sector and is thankful and excited that Lena Instruments has chosen Flare and Songbird to develop its CloudFunding platform."
Furthermore, by using the launchpad, contributors can assign 1% to 100% of the benefits created by their primary financial projects, all while preserving their initial investment in a safe and low-risk crypto crowdfunding process.
In exchange for their contributions, users will get an IOU of the project's token, which will be listed by a number of Flare's decentralised exchange (DEX) partners prior to the token generation event. These IOUs may then be freely exchanged without having to wait for the project's native token to be distributed.
The key benefit for projects that launch on CloudFunding is that they get constant cash flow at the end of each award cycle and for the duration of their community's commitment.
With this funding, CloudFunded projects will be able to pay their bills, finance development, advertise themselves, and build a long-term commercial plan while keeping their communities informed of their progress, deliverables, and milestones.
Laura Moreby, Head of Communications and spokesperson at Lena Instruments, stated that "CloudFunding is a contemporary, decentralised launchpad that will allow the community to support the finest potential projects within the ecosystem, which have been carefully chosen by the platform. Contributors may stay up to date on advancements, deliverables, and milestones made possible by their efforts without ever having to sell their FLR or SGB."
Lastly, users will have the assurance that they will retain custody of their initial principal throughout the process, allowing contributors to build a greater degree of trust in their communities.
