AZ Fundchain: A Blockchain-Based Decentralized Mutual Aid and Crowdfunding Platform

Wow, friend, I'm glad to chat with you about a blockchain project called AZ Fundchain! You can think of it as a digital world’s “mutual aid society” and “dream fund.” It aims to use blockchain technology to make borrowing and fundraising more transparent, fair, and convenient for everyone.

What is AZ Fundchain

Imagine you and a group of friends each put some money into a communal “kitty” every month, and then everyone takes turns using the money. This is what we often call a “mutual aid society” or “money circle.” In the blockchain world, this is called a “Money Circle” (also known as ROSCA).

AZ Fundchain is such a platform, bringing the traditional “mutual aid society” onto the blockchain. At the same time, it also provides “crowdfunding” functionality, similar to donating online to a good idea or someone in need, except on AZ Fundchain, the process is even more open and transparent.

Target Users and Core Scenarios:

• People who want to borrow money but don’t want to pay high interest: Traditional mutual aid societies may lack transparency, or organizers may charge high fees. AZ Fundchain aims to provide an interest-free or low-cost way to access funds.
• Small business owners and entrepreneurs: Traditional crowdfunding may have high barriers and many legal restrictions. AZ Fundchain hopes to help them more easily obtain funding from ordinary investors.
• Ordinary investors: Those who want to support good projects or participate in money circles can find transparent and reliable investment opportunities through AZ Fundchain.

Typical Usage Process:

You can join a money circle or participate in crowdfunding through AZ Fundchain’s mobile app (available for Android and iOS). For example, if you want to join a money circle, the platform uses blockchain technology to ensure everyone pays on time and receives money according to the rules. The whole process is clear and transparent, and no one can cheat. If you want to crowdfund for a project, you can also see the flow of funds and project progress, so you don’t have to worry about your money being misused.

Project Vision and Value Proposition

AZ Fundchain’s vision is to make financial services more inclusive, allowing more people to enjoy transparent and reliable funding services.

Core Problems to Solve:

• Lack of transparency and high fees in traditional money circles: Traditional mutual aid societies may have opaque organizers or even run away with the money, and fees can be as high as 5%. AZ Fundchain leverages blockchain transparency to solve these trust issues and reduce costs.
• Legal barriers and lack of trust in traditional crowdfunding: Small business owners find it hard to crowdfund through traditional channels, and investors worry about unclear fund usage. AZ Fundchain provides a decentralized platform, making the crowdfunding process fully transparent and allowing investors to track fund flows.

Differences from Similar Projects:

AZ Fundchain emphasizes that it operates on the blockchain, which means it can provide a level of transparency and decentralization that traditional financial services cannot match. It also introduces a reputation system, allowing participants to build trust through good behavior, which helps establish money circles among strangers.

Technical Features

The core of AZ Fundchain is blockchain technology and smart contracts.

• Blockchain: You can think of it as a public, transparent, and tamper-proof digital ledger. Every transaction is recorded on this ledger, and once recorded, it cannot be changed, ensuring transparency and security of fund flows.
• Smart Contract: This is like an automatically executed “digital agreement.” The rules for your money circle with friends, or the conditions for crowdfunding, can all be written into a smart contract. Once the conditions are met, the contract executes automatically, with no need for any intermediaries, greatly improving efficiency and trust.

AZ Fundchain’s token AZT is based on the Ethereum blockchain and follows the ERC20 standard.

• Ethereum: One of the most popular blockchain platforms today, it not only supports cryptocurrency transactions but also runs various decentralized applications.
• ERC20 Standard: A technical specification for creating tokens on Ethereum, like a unified “ID card” standard, allowing different tokens to be compatible within the Ethereum ecosystem.

To ensure security, the platform also integrates KYC (Know Your Customer), AML (Anti-Money Laundering), and Google Authenticator features to enhance the authenticity of user identities and compliance of transactions.

Tokenomics

AZ Fundchain’s native token is AZT, which is a non-inflationary utility token.

• Non-inflationary: This means the total supply of tokens is fixed and will not be endlessly issued like printing money, which helps maintain its value.
• Utility token: This means it has real use within the platform, not just for trading.

Basic Token Information:

• Token Symbol: AZT
• Issuing Chain: Ethereum (ERC20)
• Total Supply: 30,000,000 AZT
• Inflation/Burn: Non-inflationary, but unsold tokens will be burned.

Token Utility:

The AZT token plays an important role within the platform. For example, the platform charges a 1% fee on money circle withdrawals, of which 80% is used to buy back AZT tokens. This is similar to a company using profits to buy back its own stock, reducing the circulating supply and theoretically supporting the token’s value.

Token Distribution and Unlocking Information:

According to the whitepaper, the total supply of AZT is 30 million. In the early sales, the private sale price was $0.50, and the public sale price was $0.63. 2.5 million AZT were publicly sold at $0.60 each. Unsold tokens will be burned. After the initial exchange offering (IEO), due to burning and locking, the circulating amount of AZT is about 245,847.28 tokens.

Team, Governance, and Funding

The AZ Fundchain project is driven by AZ Internet Ltd. The team regularly publishes monthly updates via their Medium page to maintain communication with the community.

Regarding the specific governance mechanism (such as whether token holders can vote on project development), there is no detailed information in the public materials at present. However, the project emphasizes transparency and plans to use part of the repurchased tokens to fund popular crowdfunding projects, indicating its focus on community and ecosystem development.

In terms of funding, the project set a hard cap of $7 million in the early stage, used for platform development, marketing, etc. The team stated that after the token sale ends, most of the budget will be used for marketing, as they believe this is key to the platform’s success.

Roadmap

Here are some important milestones and events in AZ Fundchain’s history:

• Company Establishment: AZ Internet was registered in the British Virgin Islands.
• Early Product Development: Pre-alpha version ready, seed investment obtained, team expansion began.
• Testing and Release Preparation: Alpha version bug testing, new product website launched.
• Internal Testing and Whitepaper Release: Private beta planned for December, whitepaper and token sale website launched in the first week of January.
• Marketing Launch: Comprehensive marketing campaign started.
• App Release and Sale: Ethereum-based closed beta MVP app released, KYC and token sale registration started. Public sale took place from May 15 to May 20, 2019.
• Fiat Integration: Fiat payment functionality integrated into the app.
• Initial Exchange Offering (IEO): In April 2019, AZ Fundchain conducted its IEO on STEX.com.
• Post-IEO: In June 2019, the project announced the end of the IEO and burned unsold tokens to reduce circulation.

Regarding future plans, there are no detailed recent roadmap updates in the public materials. The project mentioned early on that after the crowdfunding event ends, the team will immediately begin targeted marketing in specific regions and plans to launch the initial version of the app.

Common Risk Reminders

Every blockchain project comes with risks, and AZ Fundchain is no exception. Before participating in any project, be sure to do thorough research and understand the following potential risks:

• Technical and Security Risks: Although the project uses blockchain and smart contracts, smart contracts may have vulnerabilities that could lead to loss of funds. The platform may also face risks such as cyberattacks.
• Economic Risks: The price of AZT tokens is affected by market supply and demand, project development, overall crypto market volatility, and other factors, and may fluctuate significantly. Although the project has a buyback mechanism, this does not guarantee price stability or appreciation.
• Compliance and Operational Risks: Regulatory policies in the blockchain and cryptocurrency space are still evolving and may change in the future, affecting project operations. The project’s long-term operation and user growth also face challenges.
• Market Competition Risks: There are many competitors in the money circle and crowdfunding space, and AZ Fundchain needs to continuously innovate and develop to remain competitive.

Please remember, the above information is for reference only and does not constitute any investment advice. Cryptocurrency investment is high risk, and you may lose all your principal.

Verification Checklist

When researching a project in depth, here are some “verification checklist” items you can check yourself:

• Block Explorer Contract Address: Find the AZT token’s contract address on Ethereum and use a block explorer (such as Etherscan) to view the token’s total supply, holder distribution, transaction history, and more.
• GitHub Activity: If the project has a public GitHub code repository, you can check the frequency of code updates and developer contributions, which reflects the project’s development activity.
• Official Website and Social Media: Regularly visit AZ Fundchain’s official website (azfundchain.io) and its official accounts on Medium, Twitter, Telegram, etc., to get the latest news and announcements.
• Audit Reports: Check whether there are third-party security audit reports for the smart contracts, which can help assess contract security.

Project Summary

In summary, AZ Fundchain is a project that attempts to combine traditional “mutual aid society” and “crowdfunding” models with blockchain technology. It aims to use blockchain transparency and smart contract automation to solve trust issues, high fees, and inefficiency in traditional models, providing users with a fairer and more convenient platform for accessing and investing funds.

The project conducted a token sale through an IEO in its early stage and emphasized its non-inflationary tokenomics and buyback mechanism. However, all blockchain projects carry inherent risks, including technical, market, and regulatory risks. Before considering participation or seeking more information, it is strongly recommended that you conduct your own in-depth research and consult a professional financial advisor.

For more details, please research on your own.