He believes in the wisdom of the crowd. And goes straight to the point.
The next big thing in the equity crowdfunding, from my point of view, will be platforms that are going to enable unique, standardized contracts for doing early investment.
In other words, as they define themselves, Vega Fund is a decentralized, token-based fund, a not a traditional venture capital group by any means which provides a platform for people to pool money and encourage the growth of companies, organizations and projects seeking funding from a global audience.
Oliver* met up with George K. in the aftermath of the launch of the project they made on Reddit just few days ago pointing out that Vega Fund is
the first truly decentralized VC/Crowdfunding platform on Ethereum.
OLIVER*: Hi George! Thank you for joining us. Tell our readers more about Vega Fund: where did the idea come from?
George: The idea came from what I saw happening in the Ethereum community during its early stages. I, like many others, was a big fan of The DAO as a concept and wondered what the implications were for the future of crowdfunding and venture capital. When it blew up, I was questioned why it fell apart and quickly became obsessed with trying to build and improve upon the basic concept, which I believed was still revolutionary. I am a big believer in the idea of the ‘wisdom of the crowd’ due to seeing The DAO, Augur, and other projects try and implement it.
O*: What’s the main aim of the project?
G: The aim of the project is to fill a missing space in the Ethereum ecosystem – decentralized VC and crowdfunding – and make it more effective, accessible, and safer than previous iterations.
O*: Improving decentralized funding: what does it mean?
G: Improving decentralized funding, to me, means improving accessibility, ease of use, and bringing investors and startups closer together through crowdfunding.
O*: How blockchain will impact on equity crowdfunding from your perspective?
G: My philosophy differs from others in that while many are focused on the efficiency of blockchain, I’m focused on how it improves access to all sorts of business models for people all over the world. I believe that applications built on decentralized platforms like Ethereum are going to enable individuals across the globe to access sophisticated financial tools that would not be possible to obtain without these networks.
Specifically, tokenized crowdfunding will enable anyone anywhere the same advanced fundraising opportunities (with immaterial transaction costs) that typically only exist in the realm of large institutions and developed nations.
O*: What will be the next big thing in the equity crowdfunding industry from your point of view?
G: The ICO market. It is an incredible innovation and is going to be the future of fundraising for organizations of all kinds. What the ICO market lacks, however, are contracts that for the most part are no more than a simple escrow agreement. I believe we are going to see popular, open-source deal structures like SAFE and KISS agreements start to form the ICO market after being translated into smart-contract equivalent terms. Vega will work to promote these ideas, as they allow for better incentivization in fundraising for both projects and investors.
O*: In conclusion, Vega Fund: what’s next?
G: The next steps are to build out a Vega ‘Minimum Viable Product’. Currently, within the scope of building a MVP, we are really focused on building the Developer Funding Initiative and integrating it seamlessly into the larger platform. This is the idea of contract modification and upgrading by the community of Vega token holders, which allows for the fund to be sustainable, robust, and dynamic.
Upgrades can be implemented by those who have “skin in the game”, as we believe it would be unethical to expose users to the downside of platform flaws without providing them an avenue to directly affect a change.