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- What is Starbase Platform?
Starbase is a blockchain token based crowdfunding/ sourcing platform. By using Starbase, innovative startsups can fundraise and crowdsource by issuing blockchain tokens. Token based crowdfunding is fast, low-costing and works at a global scale, and with token based crowdsourcing, you can easily without needing an initial amount of cash. Starbase mainly focus on token issuance, fundraising, and reward payments for startups and investors. If you`re interested in being part of the community, join our Community Chat, https://telegram.me/starbase or subscribe our weekly newsletter!
- What will be Starbase Platform’s fees?
Fees will depend on the service Starbase provides for fundraisers (innovative projects), but they will be generally between 5 ~ 10 %. Starbase’s services include global token creation support, tax & legal support
- How does Starbase works as a crowdsourcing platform?
By using Starbase, innovative projects can hire or work with supporters investor-like minds. They invest their skills and time, and get the project’s tokens. It’s still very difficult to share project’s “stocks” or “options” globally at low costs. But in the blockchain ecosystem that’s already happening. Starbase makew it easy to create those kinds of incentives. For instance, you can encourage your supporters by giving a certain amount of coins to people who share your social media posts. Here’s Iconomi example about token based crowdsourcing, they share their tokens and have worked and made a successful funding campaign raising more than $10M https://medium.com/iconominet/iconomi-ico-bounty-distribution-71e763cf8346#.2rcmfhoum
- Is Starbase similar to Kickstarter? What’s the difference?
In kickstarter, when you support a project you get a product or a thank you. In a lendingclub, you get interest. In Seedrs, or CrowdCube, you get shares of unlisted companies. In Starbase, you will get global tokens on blockchain. Starbase will have a multisignature web wallet functionality called STARAccount which can be held by users on the platform. You can deposit BTC and ETH on STARAccount
- Why would innovative projects use Starbase for fundraising?
By using Starbase, people unfamiliar with the blockchain technology can easily issue blockchain tokens and pay or sell them. And STAR holders also have their issued tokens’ as incentive, and Starbase users accept innovative projects token payments. Starbase wants to be the place to launch more rockets to the "Internet of Value" universe with many STAR holders and supporters
- Is Starbase designed only to fundraisers and investors?
Not only fundraisers and investors can benefit from this platform, but also engineers, designers, marketers and anyone who’s already part of the blockchain world can support your innovative project with their money or work to earn your project’s tokens. Also, startup projects in development or prototype stage usually don’t have a large amount of cash, so Starbase can help all of them!
- What will be the process to start Value-creation (Fundraising) on Starbase?
New projects will have to through a verification proccess before being listed on Starbase. After you register your profile at Starbase, our team will verify your identity and do a background check
- After our profile is verified, what should we do?
After verification, you need to specify what kind of tokens you would like to issue. This is what we call token creation phase. You will also need to prepare your service’s technical documentation, business plan, and a short video for your business presentation. If you don’t have a video yet, Starbase can arrange a crowdfunding solution with our partner design company.
- What kind of tokens can I issue?
There are 3 basic types of properties that can be attached to new tokens, and you can build your own custom token from these. Starbase provides “adaptable” token templates. These tokens can be 1. Consumable 2. Rewardable 3. Inflational. You can combine these properties when you submit your token issuance request. Starbase’s team provides the technical support neccessary for you to fill in the “Token templates” to creat the tokens you will use to fundraise and gather your team.
- After our token sale request is reviewed, what should we do?
After your token is reviewed, you can issue and send the tokens as a reward to your early purchasers and contributors. After that proccess, you can start your ICO.
- When can we start the public sale after the tokens are reviewed?
After you have enough early purchasers and contributors, you can submit us a request to start your public token sale (what we call “crowdsale”) and we will review it. We strongly recommend you to start your marketing campaign before the public crowdsale starts. It’s the same as Kickstarer, IndieGoGo or other crowdfunding services
- How long does it take start sales after the public sale review?
It takes between 3 days to 2 weeks to start your sales, we will also support your marketing campaign through our platform.
- What can we do during our campaign?
You can send project-updates to token purchasers and interested users (followers) via email newsletters, social media, and you can update your profile on Starbase’s website.
- What if our company acquired or IPO’d after fundraising through Starbase?
All funding is returned to the purchasers, but you can try again. Stay hungry, never give up.
- What if the fundraising campaign is successfull?
Congratulations! You should celebrate and announce the funding campaing success on your website and social media! You should also announce your project’s schedule.
- Can we do further fundraising through Starbase or stock-fundraise after the initial Starbase fundraising campaign?
Yes you can fundraise through Starbase or traditional stock-fundraise means, because the tokens on blockchain are totally separated from your company’s stocks. To do your VC or to search for angel funding, you need to clearly state so for the platform and separate your company’s profit and revenue flow from the revenue of the tokens you issued.
- What if our company M&A’d or IPO’d after fundraising through Starbase ?
The digital tokens you issued and the stocks of your company are totally independent from each other. So M&As or IPOs have no effects on the project’s token holders.
- Are there any projects that did both token sale and stock fundraise?
Yes, for example Factom raised $4.2M from Draper by selling their company’ stocks around Oct 6th, 2016 http://www.reuters.com/article/us-factom-blockchain-draper-idUSKCN1251RG and also raised funds by selling Factoid’s tokens which is Factom’s software license. Because the tokens on blockchain and traditional company stocks are separated as London Stock exchange said, there is no conflict between these two operations. http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/FFWD/12538849.html
- How much we can raise through token sales?
You can set your maximum cap for you token campaign and we strongly recommend you to do so. You also need to set a minimum fundraising target, which will be reviewed by our team, if we think your goals are not enough to finance the project, Starbase’s team may reject your project.
- Can we make multiple goals for crowdfunding?
Yes, you can set multiple goals and announce them as reference to your potential token purchasers. Doing so helps to prepare for uncertainties concerning the public funding amounts
- What should we do during development?
You should update your project development & marketing update at least weekly.
- What if our project failed after the funding tokens are spent?
You need to submit a failure report to the Starbase team, and we will review it. If the failure reason is reasonable, we can change your project status to failed. You don’t need to refund the value raised on our platform, but if you were developing a software, you need to make everything developed open source, and if it’s a product, you need to sell everything that was manufactured
- If the project failed, can the token holders sell the tokens purchased?
If the project is either a failure or a success, every token purchaser can sell tokens purchased on crypto currency markets in the world
- How do we prepare for blockchain token related legal issues?
Blockchain token crowdfunding is a fairly new and frontier environment, but we can arrange most of your legal necessities with our partner law firm with the template documents we provide. After Starbase platform launches, when you submit the campaign and it is approved, you will receive the legal template documents which you can use.
- Is Starbase similar to Upwork or Freelancers? What’s the difference?
Starbase provides crowdfunding & crowdsourcing functionality with built-in web wallet. The wallet can be used with Bitcoin and Ethereum. Through the Starbase platform, you can join and work in very innovative projects, and earn Bitcoin, Ethereum, and other blockchain tokens. The Innovative Projects’ tokens are shared incentives between you and all the other token holders of the project. If the project becomes successful, then you have the possibility to earn more, because the token prices will go up.
- What are the advantages of Starbase in comparison to Upwork.com, Freelancer.com and ther similar websites?
Upwork and Freelancer are some of the biggest, and most stable crowdsourcing platforms, but most of the projects there are not visionary or global. And you usually can’t expect much return from working there. In addition to that, workers can not earn shared incentives from the employer. In the current world economy, shared incentives are similar to stocks. By using the Starbase platform, any workers (whom we refer to as “supporters”) can receive shared incentives from the employers (and Innovative Projects). Supporters become partners of the project, and if the project becomes successful, they gain more. Will Starbase be used for visionary, global and innovative projects? Our answer is “Yes”, because most of the visionary and big projects require a lot of money and a lot of stake holders, which makes Starbase an optimal choice for their fundraiser/team-recruiting.
- What’s are the benefits of having the project’s blockchain tokens issued?
There are 3 ways of profiting by earning blockchain tokens. 1. Sell project tokens on crypto-currency market. > here you can see list of tokens on blockchain and which exchanges trade them: http://coinmarketcap.com. 2. Receive regular rewards from the Innovative Project. 3. Use the project token in exchange for the project’s services or products.
- Can I withdraw Ethereum or project’s tokens to another wallet outside of Starbase’s platform?
Yes. You are not required to use Starbase’s web wallet, and you can withdraw what you earn on the platform to other external wallets. You should carefully choose and use these wallets on your own responsibility. For Ethereum, web: http://jaxx.io/ mobile: http://token.im/ For Ethereum token, web: https://www.myetherwallet.com/ mobile: http://token.im/ For Bitcoin, web: https://copay.io/ mobile: https://breadwallet.com/ There are many other wallets services avaliable on the internet
- How many days or weeks are required to get a payment from the payers?
You can instantly get payment because all payments will be made via the blockchain tokens. A withdrawal generally takes from 30 seconds to 30 minutes on the Starbase platform.
- What kind of tokens will I receive for work payments?
Bitcoin, Ether, or Ethereum tokens issued by the Innovative Projects.
- How do we receive regular updates from supported projects?
You can check Starbase’s project details pages for updates. Of course the official website of the project keep announcements up to date and Starbase team strongly recommends them to do to build a more trustable relationship
- How do we engage the innovative projects with the supporters community?
Starbase platform provides a forum for servicers who want to actively communicate with investors, they might not be able to spend a lot of time on the forums, but all project’s contacts will be displayed on Starbase.
- How should we take care about taxes?
You will be able to get tax remediation form from us after Starbase platform launch. But you should bear the responsibility to determine if the investment or the potential appreciation or depreciation in the value of Bitcoin, Ether, tokens on Blockchain over time has tax implications.
- What are Starbase’s fees?
Starbase charges fees only from fundraisers and crowdsourcers, investors and contributors are free of fees for the moment.
- What if the core team’s project doesn’t go as planned?
Startups and new projects may fail, you have to be aware of the risks of investing in the projetcs, it is possible for the businesses in which you invest to return less than you invested or nothing at all because of expected product/service does not launch. We require every project to report at a daily or weekly basis, and require that they mantain active communication through forums, mail magazine, community chat, or other media. If the project can not finish the product/service with the raied funds, they can extend the fundraise. After this, if they are still unable to deliver the product/service, they should make all tokens transferrable and announce the project’s failure
- Can we sell bought tokens at other markets?
Yes, this is radically different from traditional equity or debt finance. You can sell your bought project tokens at 3rd party crypto currency exchanges in the world. There are more than 100 crypto currency exchanges which trade different tokens and currencies on various blockchains. Starbase helps users to issue tokens on Ethereum blockchain as standard type tokens which can can be accepted on most crypto currency exchanges. By using Ethereum tokens, core teams can gain more liquidity, more security and more synergetic value.