Katalyse

  • Cryptoasset Report
  • October 2, 2018

Katalyse is a rewards-based crowdfunding platform similar to Kickstarter that aims to give project backers more control over projects and transparency over how funds are spent.

Overview

Katalyse, previously known as FundYourselfNow, is a rewards-based crowdfunding platform designed to address three problems in the crowdfunding industry: a lack of investor control over projects once funding is disbursed, a lack of marketing support or expert knowledge for crowdfunding projects, and high payment transaction fees for platform use. The project completed a token sale late July 2017, raising roughly $1,500,000 and the live platform has hosted several projects, including Opporty, PolicyPal Network, and Codex Protocol. Jack Ser (CEO) and Kenneth Tan (COO) are Katalyse’s co-founders. Jack previously founded J Capital and Pinnacle One consultancy, while Kenneth runs Cryptodigestnews, and has advised on projects such as Viola.ai and Carbon Grid Protocol, several of which used the platform for fundraising.

Protocol Details

As a crowdfunding platform presenting itself as a low-fee alternative to Kickstarter, Katalyse hosts projects looking to crowdfund by offering rewards—such as physical goods, services, or project-specific tokens—and does not host projects conducting equity or debt based crowdfunding. Katalyse’s compliance team reviews projects, rejecting those found conducting illegal activities or unsupported forms of funding, and validates KYC info provided by project backers, integrating third party KYC service provider into the review process. The platform uses smart contracts to hold and distribute funding and hosted projects’ tokens. Milestone-based funding is also promoted: backers receive project-specific voting tokens based on proportions funded and may vote to delay or block payments when projects fail to meet milestones. A 60% supermajority is required to delay or block payment releases, and, should stakeholders vote to block payments, reserved funds are refunded in proportion to voting tokens held. The platform does not charge any transfer fees, opting instead to charge a 5% listing fee to successful fundraising projects.

Asset Details

Katalyse’s token, KAT (previously FYN), is an ERC 20 based token, and is primarily used to fund listed projects at preferential rates—holders gain bonus project tokens when using KAT— and gain access to the platform’s VIP club. The VIP club, accessible to the top 100 token holders, grants members exclusive access to buy into upcoming featured projects during a pre-sale period at a typically discounted rate and allows members to participate in a community marketing program, where they can gain free project tokens by participating in a projects’ marketing events.