Foundry.ai

foundryai

OpenAI Foundry: What It Is, How It Is Different From GPT-3, and How It Changes the Future of Generative AI On February 21, the information about the new OpenAI offering called Foundry went viral, making its way from Twitter up to the most recognized tech media, such as Techcrunch and . Even though it wasn’t officially confirmed yet, it is already widely discussed. What’s the whole fuss about? Let’s find out! CMS Wire What is OpenAI Foundry? As we can read on the Foundry Product Brief screenshots that were posted on Twitter, . It is promised to allow users to process larger workloads than the previous GPT models, with full control over the model configuration and performance profile. Foundry is a platform for running OpenAI models in a dedicated capacity From what we can see in the screenshots (if they are to be believed), Foundry will offer its customers a fixed amount of compute capacity. As we can read on : Techcrunch Users will be able to monitor specific instances with the same tools and dashboards that OpenAI uses to build and optimize models. In addition, Foundry will provide some level of version control, letting customers decide whether or not to upgrade to newer model releases, as well as “more robust” fine-tuning for OpenAI’s latest models. In addition to these features, Foundry will also provide service-level agreements for uptime and engineering support during regular business hours. Customers will be charged based on the number of dedicated compute units required to run their model instances for either a three-month or one-year commitment. Foundry is supposed to come with three model instances: GPT-3.5 Turbo DV (8K max context) DV (32K max context) The first model instance, the GPT-3.5 Turbo, was already released on March 1, 2023. It’s the same model that is used in the famous ChatGPT, and it’s still being developed. As we can read in the , the new stable release is planned for April. official product update The other models that are listed in the discussed product brief are believed to be long-awaited GPT-4. Are OpenAI Foundry and GPT-4 the same? While there are indeed some strong premises that the DV models offered for the Foundry users are indeed the GPT-4, it’s important to understand that OpenAI Foundry is NOT the GPT-4. OpenAI Foundry is a platform for running OpenAI models on a dedicated capacity. GPT-4 is the name of the set of models that will probably run on the Foundry platform. Just like with any information about the unreleased products of OpenAI, there are still more rumors than facts. One day, a goes viral; the next day, we hear Sam Altman, OpenAI’s CEO, saying: visual comparing the number of parameters used by GPT-3 and GPT-4 The GPT-4 rumor mill is a ridiculous thing. I don’t know where it all comes from. The hype is just like… We don’t have an actual AGI and that’s sort of what’s expected of us. People are begging to be disappointed and they will be. In short, GPT-4 will be an evolution, not a revolution. GPT-4 won’t be much bigger than GPT-3. According to , we can assume that it will have around 175B-280B parameters. Michael Spencer won’t actually be that much bigger than #GPT4 #GPT3 Twitter remains very prone to misinformation. pic.twitter.com/hX3A0IdLT6 — AI Supremacy (@AISupremacyNews) February 27, 2023 It is still unclear whether GPT-4 models will be available only for the Foundry users or all OpenAI users, just like the previous models. How is OpenAI Foundry different from GPT-3? Now that you understand what OpenAI Foundry is let’s see what it actually means for OpenAI users. Higher token limits for Foundry users Compared to what was (and still is) possible with the GPT-3 models, the model instances that are purportedly planned to come as a part of Foundry offers much higher token limits per request. Depending on the chosen model, it should be possible to use up to 8 times more tokens per request than in GPT-3. While the token limits in GPT-3 allowed users to process ~3000 English words in a single request (which translates into ~6 single-spaced pages of text), the new models allow for processing as much as ~24000 words (which is ~48 pages) in one request. ​​More context could enable new possible use cases and allow us to scale AI’s capacity – we’ll get to that later. Dedicated servers With a dedicated capacity to run OpenAI models, users will get more control over model configuration and performance profiles. Even though no details have been revealed so far, we can expect that users will be able to adjust various model parameters and optimize model usage for certain use cases, focusing on the specific metrics – may it be the model’s accuracy, speed, or token usage. Thanks to having access to dedicated computing power, Foundry users will have exclusive access to computing resources that are specifically allocated to running models. The models will run smoothly and efficiently without being slowed down by other applications running on the same computing resources, with a guarantee of the required computing power availability. Dedicated computing power should also solve the problem of token usage limits. Right now, the GPT models are restricted by the limited number of tokens per request and per specific timeframe. Getting past these limits may significantly increase the capacity of the models in their commercial use. Analytics With the current GPT-3 models, the analytics dashboard is very limited. Basically, the users can see the billing information and the summary of the token usage grouped in 5-minute timeframes. If the screenshots are to be believed, Foundry users will be able to monitor the specific instances with the same tools and dashboards that OpenAI uses to build and optimize models – which can lead to “more robust” fine-tuning of the models. Higher cost of OpenAI Foundry All that will come at a price. Even if we assume that it’s just smart priming and the actual cost will be lower than presented in the product brief, it’s still an additional cost to the cost of the token usage itself – and it’s not low. How much will it cost to use OpenAI Foundry? According to the product brief, running an individual model instance will require a specific number of compute units: GPT-3.5 Turbo – 100 units DV (8K max context) – 300 units DV (32K max context) – 600 units Gunning GPT-3.5 will cost $78,000 for a three-month commitment or $264,000 over a one-year commitment. Running the most advanced DV model (with a token limit exceeding the ones we had in GPT-3 by eight times!) will cost $468,000 for a three-month commitment or $1,584,000 over a one-year commitment. That’s for the compute units. Additionally, users will probably still need to pay for the actual token usage. How much? It is hard to say at this point. The prices of tokens in the DV models were not announced yet. In the recent OpenAI documentation update, though, we can read that the GPT-3.5 Turbo comes at 1/10th of the cost of the GPT-3 Davinci model – which gives us . $0,002 per 1k tokens in GPT-3.5 Turbo As you can see, there are still many unknowns, but we keep an eye on them. One thing is sure: using Foundry won’t be cheap. Use cases of OpenAI Foundry More tokens per request mean more possibilities than in . GPT-3 use cases As the largest DV model is expected to have eight times the context length of OpenAI’s current GPT models – which would be ~50 pages of text in a single request! – it may significantly increase the number of applications for generative AI. We asked to conduct a thought experiment and come up with possible use cases of GPT models with the increased token usage limit. According to what it returned, such a model could be able to: ChatGPT read entire scientific articles, prepare executive summaries of studies and business reports, improve the accuracy and fluency of machine-translated text, generate more complex and engaging dialogue in conversational agents or chatbots, answer more complex questions requiring longer and more detailed responses, write entire articles, create comprehensive and accurate knowledge graphs, classify longer pieces of text into specific categories or topics, processes large volumes of data to identify and extract entities, such as people, places, and organizations, analyze the sentiment of longer pieces of text, such as product reviews or social media posts. The list could go on and on. The key point is that what wasn’t possible with GPT-3 due to its limits per request should soon be possible with the new models and the Foundry platform. Who will use OpenAI Foundry? Possibilities vs. reality The potential of using OpenAI Foundry and its new GPT models is huge. However, we need to remember that who can afford to spend $260K-$1.5M a year only on access to the platform. if the information presented on the screenshots is valid, it would mean that it’s an offer for the biggest players Who will benefit from using OpenAI Foundry in the first place? Technology companies that offer natural language processing products or services, such as chatbots, virtual assistants, or machine translation systems, as they may require advanced GPT models to improve the accuracy and functionality of their products. Academic institutions or research labs may use advanced GPT models for natural language processing research, including language modeling, sentiment analysis, or text classification. Financial institutions will benefit mainly from using advanced GPT models for automated trading, risk assessment, or fraud detection. Government agencies using the platform to boost the effectiveness of the legislative processes, e.g., by improving document classification and summarization for legal documents and regulations. Or any other company or organization that meets two crucial conditions: having access to large volumes of data and a secured budget for such a project. It may be important, though, to separate Foundry from GPT-4. It is still not clear whether the most powerful models will be available outside Foundry or not. GPT-3.5-Turbo is. If the other two models follow the same path, it will be . a huge step toward democratizing AI as a new technology platform What’s the expected OpenAI Foundry release date? Since the release of ChatGPT in November 2022, OpenAI and its GPT models have been on the spot. Official news and unconfirmed leaks, facts and opinions, announcements and suppositions – every piece of information, true or fake, has the potential to go viral. As of today, March 9, 2023, OpenAI Foundry is still just a rumor. Widely discussed and impatiently awaited, yet not officially confirmed by OpenAI. Once it is launched, it may revolutionize the way the corporate world uses AI. The date of this release, however, is still unknown – it is as likely to happen next week as in 3 months.  If you want to ensure you don’t miss it and get a chance to , follow @neoteric.eu. adopt OpenAI Foundry before your competitors do Also published . here

What Is Open AI Foundry and How Does It Change Generative AI?

19 July, 2024/--SINGAPORE – ZKEX.com, the industry’s first multi-chain Super DEX, has raised $2.5 million in its latest funding round. This seed round features investors such as Fenbushi Capital, KXVC, and RockTree Capital. The funds will support ZKEX.com’s roadmap to launch its fiat on-ramp service, mobile app, and Telegram bot in the upcoming quarter. ZKEX.com offers crypto traders the functionality of a centralized exchange (CEX), including multi-chain Convert, Spot, Derivatives, and cross-chain Bridging. Unlike traditional CEXs, ZKEX.com allows users to trade native assets on any blockchain directly from their self-custodial wallets, eliminating the need to hand over token custody to the exchange. The protocol is the first decentralized exchange (DEX) in industry to address the problem of liquidity fragmentation across different blockchains by using zero-knowledge technology to create a secure, unified trading layer. The round saw participation from Fenbushi Capital, KXVC, RockTree Capital, NGC Ventures, L2 Iterative Ventures, Crypto.com Capital, IDG Blockchain, Whale Ground, Moonhill Capital, Blocklabs Capital, Optic Capital, Hyperithm Group, and G20 Group. Over the past 12 months, decentralized crypto exchanges have experienced significant growth, with monthly trading volumes rising from approximately $100 billion to over $250 billion by early 2024. This growth aligns with an increase in active user wallets from 3 million to over 4 million and zero-knowledge projects securing over $400 million in funding. “We’re obsessed with making multi-chain trading simple, fast, and cheap, offering a similar experience to a CEX without compromising the principles of self-custody and decentralization,” said Balal Khan, co-founder. “Users can onboard from any network and start trading with native assets in under a minute. In a few clicks, you could use your USDT on zkSync to spot buy ETH, short sell it with a perpetual contract, close both positions as limit orders, and withdraw profits as USDC on Base.” Security remains a critical concern in the blockchain industry, with over 150 major hacks involving cross-chain bridges and exchanges in the past two years, leading to billions in lost or stolen crypto assets. “ZKEX.com has addressed one of crypto’s biggest security challenges - the ability to safely use any supported stablecoin to directly trade tokens on any connected chain, without intermediaries,” said Omer Ozden, Chairman of RockTree Capital. “The core team brings years of experience from top-tier CEXs to decentralized on-chain trading, and we’re excited for what’s ahead,” he added. ZKEX.com operates on an aggregated Layer 3 (L3) built on zkLink, LayerZero, and Polyhedra, guaranteeing the security of deposits, withdrawals, and transactions across chains with zero-knowledge proofs and achieving settlement speeds of up to 1000 transactions per second. About ZKEX ZKEX.com is the Web3 industry’s first Super DEX, an ultra-secure, multi-chain crypto exchange that offers the functionality of a centralized exchange while maintaining asset self-custody. Users can trade tokens and move assets across 10 chains and rollups, including Ethereum, BNB Chain, Polygon, Avalanche, Arbitrum, Optimism, Base, zkSync, Linea, and opBNB. All transactions are secured with zero-knowledge proofs, ensuring the safety of users’ funds at all times. For media inquiries, please contact team@zkex.com Website: zkex.com ｜ Docs  ｜ Blog  ｜  Twitter ｜ Discord ｜ Telegram This story was distributed as a release by Btcwire under HackerNoon’s Business Blogging Program. Learn more about the program here. 19 July, 2024/--SINGAPORE – ZKEX.com, the industry’s first multi-chain Super DEX, has raised $2.5 million in its latest funding round. This seed round features investors such as Fenbushi Capital, KXVC, and RockTree Capital. The funds will support ZKEX.com’s roadmap to launch its fiat on-ramp service, mobile app, and Telegram bot in the upcoming quarter. ZKEX.com offers crypto traders the functionality of a centralized exchange (CEX), including multi-chain Convert, Spot, Derivatives, and cross-chain Bridging. Unlike traditional CEXs, ZKEX.com allows users to trade native assets on any blockchain directly from their self-custodial wallets, eliminating the need to hand over token custody to the exchange. ZKEX.com ZKEX.com The protocol is the first decentralized exchange (DEX) in industry to address the problem of liquidity fragmentation across different blockchains by using zero-knowledge technology to create a secure, unified trading layer. The round saw participation from Fenbushi Capital, KXVC, RockTree Capital, NGC Ventures, L2 Iterative Ventures, Crypto.com Capital, IDG Blockchain, Whale Ground, Moonhill Capital, Blocklabs Capital, Optic Capital, Hyperithm Group, and G20 Group. Over the past 12 months, decentralized crypto exchanges have experienced significant growth, with monthly trading volumes rising from approximately $100 billion to over $250 billion by early 2024. This growth aligns with an increase in active user wallets from 3 million to over 4 million and zero-knowledge projects securing over $400 million in funding. “We’re obsessed with making multi-chain trading simple, fast, and cheap, offering a similar experience to a CEX without compromising the principles of self-custody and decentralization,” said Balal Khan, co-founder. “Users can onboard from any network and start trading with native assets in under a minute. In a few clicks, you could use your USDT on zkSync to spot buy ETH, short sell it with a perpetual contract, close both positions as limit orders, and withdraw profits as USDC on Base.” “We’re obsessed with making multi-chain trading simple, fast, and cheap, offering a similar experience to a CEX without compromising the principles of self-custody and decentralization,” said Balal Khan, co-founder. “Users can onboard from any network and start trading with native assets in under a minute. In a few clicks, you could use your USDT on zkSync to spot buy ETH, short sell it with a perpetual contract, close both positions as limit orders, and withdraw profits as USDC on Base.” Security remains a critical concern in the blockchain industry, with over 150 major hacks involving cross-chain bridges and exchanges in the past two years, leading to billions in lost or stolen crypto assets. “ZKEX.com has addressed one of crypto’s biggest security challenges - the ability to safely use any supported stablecoin to directly trade tokens on any connected chain, without intermediaries,” said Omer Ozden, Chairman of RockTree Capital. “The core team brings years of experience from top-tier CEXs to decentralized on-chain trading, and we’re excited for what’s ahead,” he added. “ZKEX.com has addressed one of crypto’s biggest security challenges - the ability to safely use any supported stablecoin to directly trade tokens on any connected chain, without intermediaries,” said Omer Ozden, Chairman of RockTree Capital. “The core team brings years of experience from top-tier CEXs to decentralized on-chain trading, and we’re excited for what’s ahead,” he added. ZKEX.com operates on an aggregated Layer 3 (L3) built on zkLink, LayerZero, and Polyhedra, guaranteeing the security of deposits, withdrawals, and transactions across chains with zero-knowledge proofs and achieving settlement speeds of up to 1000 transactions per second. ZKEX.com ZKEX.com About ZKEX ZKEX.com is the Web3 industry’s first Super DEX, an ultra-secure, multi-chain crypto exchange that offers the functionality of a centralized exchange while maintaining asset self-custody. Users can trade tokens and move assets across 10 chains and rollups, including Ethereum, BNB Chain, Polygon, Avalanche, Arbitrum, Optimism, Base, zkSync, Linea, and opBNB. All transactions are secured with zero-knowledge proofs, ensuring the safety of users’ funds at all times. For media inquiries, please contact team@zkex.com team@zkex.com team@zkex.com Website: zkex.com ｜ Docs ｜ Blog ｜ Twitter ｜ Discord ｜ Telegram zkex.com zkex.com Docs Docs Blog Blog Twitter Twitter Discord Discord Telegram Telegram This story was distributed as a release by Btcwire under HackerNoon’s Business Blogging Program. Learn more about the program here. This story was distributed as a release by Btcwire under HackerNoon’s Business Blogging Program. Learn more about the program here . here here

ZKEX.com Unveils ‘Super DEX’ Following $2.5m Fundraise

Greetings! I'm Ksenia, a seasoned negotiator, business strategist, and international communications professional with a strong foundation in venture capital and legal expertise. My professional journey includes a year-long tenure as the Chief Legal Officer at a prominent Singapore-based investment fund. Following that experience, I ventured into entrepreneurship, founding startups in the fields of robotics, Brain-Computer Interface (BCI), and Internet of Things (IoT). To this day, I continue to lend my expertise to early-stage startups, providing invaluable support in their growth and development. When I headed to California for the true startup experience—networking and fundraising—I noticed a common pitfall among founders, especially first-timers: a lack of understanding of how VCs operate. Here are a few common mistakes: Targeting Funds at the Last Stage: Asking for investments from funds in their final stages often leads to rejection. These funds may not have available capital for new ventures, leaving founders disappointed and demotivated; Engaging with the Wrong People: Approaching the wrong individuals can significantly lengthen and complicate the fundraising process. Time is money, and your ability to connect with the right people showcases your expertise to VCs; Setting Unrealistic Time Frames and Traction Metrics: Unrealistic expectations in pitch decks, such as overly ambitious timelines and traction metrics, can erode credibility. It's crucial to accurately assess the time required for fundraising and set achievable milestones. And many other important things. All of this can be avoided if you know simple things. I will tell you who to go to, who not to waste time on, and how to attract money more easily. What the structure of a venture fund is, the lifespan of a fund, what they do at different stages, how the fund and the management company make money, which companies are usually in a fund's portfolio, what kind of startup you want to become, and who to talk to in the fund. 1. Venture investments are managed by two structures: the venture firm (management company, general partner, and GP) and the venture fund. The firm is a separate legal entity that acts as the management company, professionally managing investments. The firm continues to exist even after the fund has closed. So, if the fund is already in its final stage, there is no point in trying to attract money from it. However, you can establish contact with the venture firm that manages this fund, and when they gather a new fund, you can approach them again with the same or a new project. The fund is a pool of money that the venture firm will invest. Money is attracted to the fund from investors, companies, etc. Often, it takes longer and is more difficult to raise money for a fund than for a startup. 2. In the fund, there are two key players: the management company (GP) and the limited partner (LP): The firm enters the fund as the general partner (GP) and manages it, making decisions on whom to invest in and under what terms. The other participants in the fund (investors) are the limited partners (LP); they provide the money. When the general partner (GP) raises the fund, the LPs agree to commit a certain amount. When the general partner selects a startup to invest in, they issue a capital call for the amount to be invested. The LPs contribute money proportionally to their share in the fund. 3. The lifespan of a fund is 7-10 years. The first 2-5 years are devoted to the active investment phase. So, if you have a startup seeking investment, focus primarily on funds in their active investment phase. Portfolio management. This phase lasts 5-7 years, during which investors' capital is multiplied. The general partner typically manages investments through participation in the Board of Directors of invested companies and through additional investments in these companies. Exit. The fund has a limited lifespan. Therefore, the general partner is always ready to sell portfolio companies, either because a good buyer is found who offers a high price or simply to divest from an unsuccessful investment and preserve their money. The best outcome for investors occurs when a company goes public (IPO) or when it is sold to major market players. There are cases where the general partner sees an opportunity to further increase capital and asks investors to keep their money in the fund for a few more years. 4. The general partner has two main ways of earning: Commission for professional management of the fund: After the GP raises the fund, they typically take around 2-2.5% per year from the total fund size to cover operational expenses. This acts as a salary to cover organizational costs and fund expenses. It's not the main income for the GP, and it's not enough to fully sustain operations or motivate the GP. Carry: This is the share of the investment fund's profits paid to the GP (investment manager) in addition to the amount the manager contributes to the partnership. When an investment is successful, carry is the portion of the profit paid to the fund manager. This interest typically ranges from 20-25%. In other words, the general partner receives 20% of the profit, while LPs receive 80%.
For example, if there are 10 investors, each would receive 8%, while the GP takes 20%. The GP starts earning carry when the investments perform well, typically after the second year when portfolio companies begin generating profits or ideally, through a successful exit. After the GP has returned the initial investment amount and raised money for portfolio companies, they start earning carry-on the profits earned, usually around 20-25% of those profits. When the general partner forms the fund, they also contribute some money and receive returns as an LP. 5. The number of companies that are typically invested in is usually limited. Often, this can be around 10 companies. A good scenario in the fund would be: 5 successful companies (often referred to as homerun companies), 3 companies that are struggling (slowly developing and uncertain about their future), 2 companies that were not profitable or resulted in losses. The phenomenon of failed companies is called crash & burn. In this case, the faster the failure occurs, the better. It allows quicker focus on other companies, and founders can move on to new ventures sooner. Summary In conclusion, it's important for founders to assess how beneficial their startup investment would be for the investor. It's crucial to consider the investment phase of the fund. A piece of advice for founders seeking financing: it's better to engage with the General Partner (GP), the individuals who make the investment decisions. Even if you have good relationships with LPs, it doesn't guarantee investment in your project. Greetings! I'm Ksenia, a seasoned negotiator, business strategist, and international communications professional with a strong foundation in venture capital and legal expertise. My professional journey includes a year-long tenure as the Chief Legal Officer at a prominent Singapore-based investment fund. Following that experience, I ventured into entrepreneurship, founding startups in the fields of robotics, Brain-Computer Interface (BCI), and Internet of Things (IoT). To this day, I continue to lend my expertise to early-stage startups, providing invaluable support in their growth and development. When I headed to California for the true startup experience—networking and fundraising—I noticed a common pitfall among founders, especially first-timers: a lack of understanding of how VCs operate. Here are a few common mistakes: Targeting Funds at the Last Stage: Asking for investments from funds in their final stages often leads to rejection. These funds may not have available capital for new ventures, leaving founders disappointed and demotivated; Targeting Funds at the Last Stage: Asking for investments from funds in their final stages often leads to rejection. These funds may not have available capital for new ventures, leaving founders disappointed and demotivated; Targeting Funds at the Last Stage: Engaging with the Wrong People: Approaching the wrong individuals can significantly lengthen and complicate the fundraising process. Time is money, and your ability to connect with the right people showcases your expertise to VCs; Engaging with the Wrong People: Approaching the wrong individuals can significantly lengthen and complicate the fundraising process. Time is money, and your ability to connect with the right people showcases your expertise to VCs; Engaging with the Wrong People: Setting Unrealistic Time Frames and Traction Metrics: Unrealistic expectations in pitch decks, such as overly ambitious timelines and traction metrics, can erode credibility. It's crucial to accurately assess the time required for fundraising and set achievable milestones. Setting Unrealistic Time Frames and Traction Metrics: Unrealistic expectations in pitch decks, such as overly ambitious timelines and traction metrics, can erode credibility. It's crucial to accurately assess the time required for fundraising and set achievable milestones. Setting Unrealistic Time Frames and Traction Metrics: And many other important things. And many other important things. All of this can be avoided if you know simple things. I will tell you who to go to, who not to waste time on, and how to attract money more easily. What the structure of a venture fund is, the lifespan of a fund, what they do at different stages, how the fund and the management company make money, which companies are usually in a fund's portfolio, what kind of startup you want to become, and who to talk to in the fund. 1. Venture investments are managed by two structures: the venture firm (management company, general partner, and GP) and the venture fund. The firm is a separate legal entity that acts as the management company, professionally managing investments. The firm continues to exist even after the fund has closed. So, if the fund is already in its final stage, there is no point in trying to attract money from it. However, you can establish contact with the venture firm that manages this fund, and when they gather a new fund, you can approach them again with the same or a new project. The firm is a separate legal entity that acts as the management company, professionally managing investments. The firm continues to exist even after the fund has closed. So, if the fund is already in its final stage, there is no point in trying to attract money from it. However, you can establish contact with the venture firm that manages this fund, and when they gather a new fund, you can approach them again with the same or a new project. The fund is a pool of money that the venture firm will invest. Money is attracted to the fund from investors, companies, etc. Often, it takes longer and is more difficult to raise money for a fund than for a startup. The fund is a pool of money that the venture firm will invest. Money is attracted to the fund from investors, companies, etc. Often, it takes longer and is more difficult to raise money for a fund than for a startup. 2. In the fund, there are two key players: the management company (GP) and the limited partner (LP): The firm enters the fund as the general partner (GP) and manages it, making decisions on whom to invest in and under what terms. The firm enters the fund as the general partner (GP) and manages it, making decisions on whom to invest in and under what terms. The other participants in the fund (investors) are the limited partners (LP); they provide the money. When the general partner (GP) raises the fund, the LPs agree to commit a certain amount. When the general partner selects a startup to invest in, they issue a capital call for the amount to be invested. The LPs contribute money proportionally to their share in the fund. The other participants in the fund (investors) are the limited partners (LP); they provide the money. When the general partner (GP) raises the fund, the LPs agree to commit a certain amount. When the general partner selects a startup to invest in, they issue a capital call for the amount to be invested. The LPs contribute money proportionally to their share in the fund. 3. The lifespan of a fund is 7-10 years. The first 2-5 years are devoted to the active investment phase. So, if you have a startup seeking investment, focus primarily on funds in their active investment phase. The first 2-5 years are devoted to the active investment phase. So, if you have a startup seeking investment, focus primarily on funds in their active investment phase. Portfolio management. This phase lasts 5-7 years, during which investors' capital is multiplied. The general partner typically manages investments through participation in the Board of Directors of invested companies and through additional investments in these companies. Portfolio management. This phase lasts 5-7 years, during which investors' capital is multiplied. The general partner typically manages investments through participation in the Board of Directors of invested companies and through additional investments in these companies. Exit. The fund has a limited lifespan. Therefore, the general partner is always ready to sell portfolio companies, either because a good buyer is found who offers a high price or simply to divest from an unsuccessful investment and preserve their money. The best outcome for investors occurs when a company goes public (IPO) or when it is sold to major market players. Exit. The fund has a limited lifespan. Therefore, the general partner is always ready to sell portfolio companies, either because a good buyer is found who offers a high price or simply to divest from an unsuccessful investment and preserve their money. The best outcome for investors occurs when a company goes public (IPO) or when it is sold to major market players. There are cases where the general partner sees an opportunity to further increase capital and asks investors to keep their money in the fund for a few more years. There are cases where the general partner sees an opportunity to further increase capital and asks investors to keep their money in the fund for a few more years. 4. The general partner has two main ways of earning: Commission for professional management of the fund: After the GP raises the fund, they typically take around 2-2.5% per year from the total fund size to cover operational expenses. This acts as a salary to cover organizational costs and fund expenses. It's not the main income for the GP, and it's not enough to fully sustain operations or motivate the GP. Commission for professional management of the fund: After the GP raises the fund, they typically take around 2-2.5% per year from the total fund size to cover operational expenses. This acts as a salary to cover organizational costs and fund expenses. It's not the main income for the GP, and it's not enough to fully sustain operations or motivate the GP. Carry: This is the share of the investment fund's profits paid to the GP (investment manager) in addition to the amount the manager contributes to the partnership. When an investment is successful, carry is the portion of the profit paid to the fund manager. This interest typically ranges from 20-25%. In other words, the general partner receives 20% of the profit, while LPs receive 80%.
For example, if there are 10 investors, each would receive 8%, while the GP takes 20%. The GP starts earning carry when the investments perform well, typically after the second year when portfolio companies begin generating profits or ideally, through a successful exit. After the GP has returned the initial investment amount and raised money for portfolio companies, they start earning carry-on the profits earned, usually around 20-25% of those profits. Carry: This is the share of the investment fund's profits paid to the GP (investment manager) in addition to the amount the manager contributes to the partnership. When an investment is successful, carry is the portion of the profit paid to the fund manager. This interest typically ranges from 20-25%. In other words, the general partner receives 20% of the profit, while LPs receive 80%. For example, if there are 10 investors, each would receive 8%, while the GP takes 20%. The GP starts earning carry when the investments perform well, typically after the second year when portfolio companies begin generating profits or ideally, through a successful exit. After the GP has returned the initial investment amount and raised money for portfolio companies, they start earning carry-on the profits earned, usually around 20-25% of those profits. Carry: This is the share of the investment fund's profits paid to the GP (investment manager) in addition to the amount the manager contributes to the partnership. When an investment is successful, carry is the portion of the profit paid to the fund manager. This interest typically ranges from 20-25%. In other words, the general partner receives 20% of the profit, while LPs receive 80%. For example, if there are 10 investors, each would receive 8%, while the GP takes 20%. The GP starts earning carry when the investments perform well, typically after the second year when portfolio companies begin generating profits or ideally, through a successful exit. After the GP has returned the initial investment amount and raised money for portfolio companies, they start earning carry-on the profits earned, usually around 20-25% of those profits. When the general partner forms the fund, they also contribute some money and receive returns as an LP. 5. The number of companies that are typically invested in is usually limited. Often, this can be around 10 companies. A good scenario in the fund would be: 5 successful companies (often referred to as homerun companies), 5 successful companies (often referred to as homerun companies), 3 companies that are struggling (slowly developing and uncertain about their future), 3 companies that are struggling (slowly developing and uncertain about their future), 2 companies that were not profitable or resulted in losses. The phenomenon of failed companies is called crash & burn. In this case, the faster the failure occurs, the better. It allows quicker focus on other companies, and founders can move on to new ventures sooner. 2 companies that were not profitable or resulted in losses. The phenomenon of failed companies is called crash & burn. In this case, the faster the failure occurs, the better. It allows quicker focus on other companies, and founders can move on to new ventures sooner. Summary In conclusion, it's important for founders to assess how beneficial their startup investment would be for the investor. It's crucial to consider the investment phase of the fund. A piece of advice for founders seeking financing: it's better to engage with the General Partner (GP), the individuals who make the investment decisions. Even if you have good relationships with LPs, it doesn't guarantee investment in your project.

Fundraising: What You Should Know About VC

SAN FRANCISCO, United States, July 1st, 2024/Chainwire/--Nubila,a leading data oracle specializing in accurate and actionable Environmental, Social, and Governance (ESG) data for the Decentralized Physical Infrastructure Network (DePIN) ecosystem, has kicked off its fundraising round. The on-going round is led by IoTeX and VeChain + Boston Consulting Group, with the participation from OrangeDAO, MH Ventures, Future Money Group, SNZ Capital, DePINsurf, Kronos Research, Taisu Ventures, Bytetrade, WaterDrip, Deepin Lab, Assembly Partners, Cyber, Radiance Ventures and Genopets, Nubila has raised $2.5 million to date. This significant investment underscores the industry's recognition of Nubila's potential to leverage AI and tokenization to empower decision-making, drive sustainable development, and build financial products with ESG data. "At Nubila, we are committed to building the infrastructure for the MachineFi revolution, serving as the 'data sensor layer' for our planet," said Ben, the founder of Nubila. "Our vision is to create a comprehensive network of advanced weather stations and sensors that capture critical environmental data. Integrating real-time ESG data into an increasing number of AI models, such as Microsoft’s recently released Aurora atmospheric model, will enhance ESG assessments and drive more informed and sustainable decision-making across industries. With this funding, we are poised to scale our operations and expand our global reach, ensuring that we contribute significantly to the sustainability and well-being of our planet.” The funds will be strategically used to scale Nubila’s operations, further develop its cutting-edge ESG Data Oracle, and pursue key strategic goals. These initiatives include enhancing data accuracy, expanding the network’s reach, increasing user engagement, and the awareness of sustainability investment. "Nubila is at the forefront of leveraging DePIN and AI to transform ESG data management," said Raullen Chai, Founder of IoTeX. "Their approach to creating a decentralized ESG network of community-owned IoT devices, delivering hyperlocal weather data to enhance predictions for various industries is revolutionary. By providing actionable environmental data, Nubila is not only enhancing ESG assessments but also enabling more informed and sustainable decision-making across various industries. We are excited to support their mission and look forward to seeing the significant impact they will make on the sustainability landscape.” This network features advanced weather stations, the only ones equipped with high-precision sensors and cameras, dedicated to gathering detailed environmental data for accurate ESG assessments. To date, Nubila has deployed 16,000 stations worldwide, collectively capturing over 100TB in weather data. About Nubila Headquartered in San Francisco, Nubila is a pioneer in the Environmental, Social, and Governance (ESG) data sector, dedicated to transforming sustainability initiatives through innovative solutions. By building the largest ESG Data Oracle within the DePIN ecosystem, Nubila leverages AI and ESG tokenization to empower decision-making, drive sustainable development and build financial products. Contact Marketing Head Darren Goh Nubila marketing@nubila.ai This story was distributed as a release by Chainwire under HackerNoon’s Business Blogging Program. Learn more about the program here, SAN FRANCISCO, United States, July 1st, 2024/Chainwire/--Nubila,a leading data oracle specializing in accurate and actionable Environmental, Social, and Governance (ESG) data for the Decentralized Physical Infrastructure Network (DePIN) ecosystem, has kicked off its fundraising round. The on-going round is led by IoTeX and VeChain + Boston Consulting Group, with the participation from OrangeDAO, MH Ventures, Future Money Group, SNZ Capital, DePINsurf, Kronos Research, Taisu Ventures, Bytetrade, WaterDrip, Deepin Lab, Assembly Partners, Cyber, Radiance Ventures and Genopets, Nubila has raised $2.5 million to date. This significant investment underscores the industry's recognition of Nubila's potential to leverage AI and tokenization to empower decision-making, drive sustainable development, and build financial products with ESG data. "At Nubila, we are committed to building the infrastructure for the MachineFi revolution, serving as the 'data sensor layer' for our planet," said Ben, the founder of Nubila. "Our vision is to create a comprehensive network of advanced weather stations and sensors that capture critical environmental data. Integrating real-time ESG data into an increasing number of AI models, such as Microsoft’s recently released Aurora atmospheric model, will enhance ESG assessments and drive more informed and sustainable decision-making across industries. With this funding, we are poised to scale our operations and expand our global reach, ensuring that we contribute significantly to the sustainability and well-being of our planet.” "At Nubila, we are committed to building the infrastructure for the MachineFi revolution, serving as the 'data sensor layer' for our planet," said Ben, the founder of Nubila. "Our vision is to create a comprehensive network of advanced weather stations and sensors that capture critical environmental data. Integrating real-time ESG data into an increasing number of AI models, such as Microsoft’s recently released Aurora atmospheric model, will enhance ESG assessments and drive more informed and sustainable decision-making across industries. With this funding, we are poised to scale our operations and expand our global reach, ensuring that we contribute significantly to the sustainability and well-being of our planet.” The funds will be strategically used to scale Nubila’s operations, further develop its cutting-edge ESG Data Oracle, and pursue key strategic goals. These initiatives include enhancing data accuracy, expanding the network’s reach, increasing user engagement, and the awareness of sustainability investment. "Nubila is at the forefront of leveraging DePIN and AI to transform ESG data management," said Raullen Chai, Founder of IoTeX. "Their approach to creating a decentralized ESG network of community-owned IoT devices, delivering hyperlocal weather data to enhance predictions for various industries is revolutionary. By providing actionable environmental data, Nubila is not only enhancing ESG assessments but also enabling more informed and sustainable decision-making across various industries. We are excited to support their mission and look forward to seeing the significant impact they will make on the sustainability landscape.” "Nubila is at the forefront of leveraging DePIN and AI to transform ESG data management," said Raullen Chai, Founder of IoTeX. "Their approach to creating a decentralized ESG network of community-owned IoT devices, delivering hyperlocal weather data to enhance predictions for various industries is revolutionary. By providing actionable environmental data, Nubila is not only enhancing ESG assessments but also enabling more informed and sustainable decision-making across various industries. We are excited to support their mission and look forward to seeing the significant impact they will make on the sustainability landscape.” This network features advanced weather stations, the only ones equipped with high-precision sensors and cameras, dedicated to gathering detailed environmental data for accurate ESG assessments. To date, Nubila has deployed 16,000 stations worldwide, collectively capturing over 100TB in weather data. About Nubila Headquartered in San Francisco, Nubila is a pioneer in the Environmental, Social, and Governance (ESG) data sector, dedicated to transforming sustainability initiatives through innovative solutions. By building the largest ESG Data Oracle within the DePIN ecosystem, Nubila leverages AI and ESG tokenization to empower decision-making, drive sustainable development and build financial products. Nubila Nubila Contact Marketing Head Darren Goh Nubila marketing@nubila.ai This story was distributed as a release by Chainwire under HackerNoon’s Business Blogging Program. Learn more about the program here, This story was distributed as a release by Chainwire under HackerNoon’s Business Blogging Program. Learn more about the program here , here

Nubila Kickstarts Fundraising Round Led By IoTeX, VeChain And Other Leading Investors

**MAJURO, Marshall Islands, May 27th, 2024/Chainwire/--**Multipool, a leading innovator in the blockchain and cryptocurrency industry, concludes its Fjord Foundry LBP with a sell out of all 5 million tokens. With the close of the LBP, Multipool launched their native token, $MUL, on Uniswap V3 today with a market cap of $13M. $MUL on Uniswap. “The LBP has come to a close and we’ve sold out all 5 million tokens. With the close of the LBP, we’ve now launched $MUL on Uniswap V3. A big thanks goes out to the Multipool community and Fjord Foundry for such a successful LBP. ” Steven Murray, a Core Contributor at Multipool. Following on from a successful over-subscribed LBP, $MUL launched today on Uniswap, giving enthusiasts who missed the LBP the chance to trade $MUL on Uniswap. For participants who took part in the LBP, their tokens can now be claimed on Fjord Foundry. Users can review the details here - app.fjordfoundry.com. To learn more about Multipool and its features, users can visit Multipool's Website - www.multipool.finance Telegram - t.me/multipoolfi X - www.x.com/multipoolfi About Multipool Multipool is a cutting-edge decentralized exchange (DEX) transforming the trading landscape for real-world assets (RWAs) and cryptocurrencies. Multipool is designed for fairness and equality, featuring a fully decentralized on-chain order book, deep liquidity through dynamic bracket pools, and seamless trading of RWAs and cryptocurrencies. Utilizing world-class innovations including industry-first FIX APIs, low latency networks, zero price impact auctions, trustless RFQs, peer-to-peer repo lending, and MEV bot protection, Multipool sets a new standard in DeFi trading. Experience unparalleled efficiency and security in your trading journey with Multipool – The DEX with CEX appeal. https://www.multipool.finance/ Multipool is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest. Contact Public Relations Manager Angie Hermosa Multipool press@multipool.finance This story was distributed as a release by Chainwire under HackerNoon’s Business Blogging Program. Learn more about the program here. **MAJURO, Marshall Islands, May 27th, 2024/Chainwire/--**Multipool, a leading innovator in the blockchain and cryptocurrency industry, concludes its Fjord Foundry LBP with a sell out of all 5 million tokens. With the close of the LBP, Multipool launched their native token, $MUL, on Uniswap V3 today with a market cap of $13M. $MUL on Uniswap. “The LBP has come to a close and we’ve sold out all 5 million tokens. With the close of the LBP, we’ve now launched $MUL on Uniswap V3. A big thanks goes out to the Multipool community and Fjord Foundry for such a successful LBP. ” Steven Murray, a Core Contributor at Multipool. “The LBP has come to a close and we’ve sold out all 5 million tokens. With the close of the LBP, we’ve now launched $MUL on Uniswap V3. A big thanks goes out to the Multipool community and Fjord Foundry for such a successful LBP. ” Steven Murray, a Core Contributor at Multipool. Following on from a successful over-subscribed LBP, $MUL launched today on Uniswap, giving enthusiasts who missed the LBP the chance to trade $MUL on Uniswap. For participants who took part in the LBP, their tokens can now be claimed on Fjord Foundry. Users can review the details here - app.fjordfoundry.com. To learn more about Multipool and its features, users can visit Multipool's app.fjordfoundry.com . app.fjordfoundry.com Website - www.multipool.finance www.multipool.finance www.multipool.finance Telegram - t.me/multipoolfi t.me/multipoolfi t.me/multipoolfi X - www.x.com/multipoolfi www.x.com/multipoolfi www.x.com/multipoolfi About Multipool Multipool is a cutting-edge decentralized exchange (DEX) transforming the trading landscape for real-world assets (RWAs) and cryptocurrencies. Multipool is designed for fairness and equality, featuring a fully decentralized on-chain order book, deep liquidity through dynamic bracket pools, and seamless trading of RWAs and cryptocurrencies. Utilizing world-class innovations including industry-first FIX APIs, low latency networks, zero price impact auctions, trustless RFQs, peer-to-peer repo lending, and MEV bot protection, Multipool sets a new standard in DeFi trading. Experience unparalleled efficiency and security in your trading journey with Multipool – The DEX with CEX appeal. https://www.multipool.finance/ https://www.multipool.finance/ https://www.multipool.finance/ Multipool is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest. Contact Public Relations Manager Angie Hermosa Multipool press@multipool.finance This story was distributed as a release by Chainwire under HackerNoon’s Business Blogging Program. Learn more about the program here. This story was distributed as a release by Chainwire under HackerNoon’s Business Blogging Program. Learn more about the program here . here here

Multipool Sells Out Fjord Foundry LBP

মাল্টিপুল Fjord ফাউন্ড্রি LBP বিক্রি করে

Multipool verkauft Fjord Foundry LBP

Multipool vende Fjord Foundry LBP

Multipool vend le LBP de Fjord Foundry

मल्टीपूल ने फजॉर्ड फाउंड्री एलबीपी को बेच दिया

マルチプールがフィヨルドファウンドリーLBPを売却

Multipool, Fjord Foundry LBP 매각

Multipool продает Fjord Foundry LBP

Multipool Fjord Foundry LBP'yi Satıyor

Multipool bán hết Fjord Foundry LBP

Multipool 售罄 Fjord Foundry LBP

**MAJURO, Marshall Islands, May 22nd, 2024/Chainwire/--**Multipool, a leading innovator in the blockchain and cryptocurrency industry, launched their Fjord Foundry LBP on May 21st, raising $200k in the first 24 hours. Making waves in the crypto industry, Multipool is taking a leading role in the marketplace transforming the trading landscape for real-world assets (RWAs) and cryptocurrencies. “I’m thrilled with the strong response from the community so far, we’ve reached $200k on Fjord Foundry on day one. We’re off to a fantastic start in the LBP and I can’t wait to see how far we go over the next 48 hours. Stay tuned and GET MULLED” Wojciech Kaszycki, a Core Contributor at Multipool. The LBP offers crypto enthusiasts the chance to participate in a next-generational crypto project which is aiming to take RWAs & Crypto to the mass market. Following the close of the LBP, Multipool will launch publicly on Uniswap V3. Multipool Partnerships Multipool is supported by some of the industry’s best companies, including BSO, Mobilum, NxGen, Hacken, and IMMIN8 Labs. Leveraging their knowledge, contacts, experience and expertise, Multipool aims to make waves in the industry and give users the opportunity to never have CEX again. To learn how to participate in the Fjord Foundry LBP, refer to the guide here. For more information on Multipool and its features, please visit: Website - www.multipool.finance Telegram - t.me/multipoolfi X - www.x.com/multipoolfi About Multipool Multipool is a cutting-edge decentralized exchange (DEX) transforming the trading landscape for real-world assets (RWAs) and cryptocurrencies. Multipool is designed for fairness and equality, featuring a fully decentralized on-chain order book, deep liquidity through dynamic bracket pools, and seamless trading of RWAs and cryptocurrencies. Utilizing world-class innovations including industry-first FIX APIs, low latency networks, zero price impact auctions, trustless RFQs, peer-to-peer repo lending, and MEV bot protection, Multipool sets a new standard in DeFi trading. Experience unparalleled efficiency and security in your trading journey with Multipool – The DEX with CEX appeal. https://www.multipool.finance/ Multipool is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest. Contact Public Relations Manager Angie Hermosa Multipool press@multipool.finance This story was distributed as a release by Chainwire under HackerNoon’s Business Blogging Program. Learn more about the program here. **MAJURO, Marshall Islands, May 22nd, 2024/Chainwire/--**Multipool, a leading innovator in the blockchain and cryptocurrency industry, launched their Fjord Foundry LBP on May 21st, raising $200k in the first 24 hours. Making waves in the crypto industry, Multipool is taking a leading role in the marketplace transforming the trading landscape for real-world assets (RWAs) and cryptocurrencies. “I’m thrilled with the strong response from the community so far, we’ve reached $200k on Fjord Foundry on day one. We’re off to a fantastic start in the LBP and I can’t wait to see how far we go over the next 48 hours. Stay tuned and GET MULLED” Wojciech Kaszycki, a Core Contributor at Multipool. “I’m thrilled with the strong response from the community so far, we’ve reached $200k on Fjord Foundry on day one. We’re off to a fantastic start in the LBP and I can’t wait to see how far we go over the next 48 hours. Stay tuned and GET MULLED” Wojciech Kaszycki, a Core Contributor at Multipool. The LBP offers crypto enthusiasts the chance to participate in a next-generational crypto project which is aiming to take RWAs & Crypto to the mass market. Following the close of the LBP, Multipool will launch publicly on Uniswap V3. Multipool Partnerships Multipool is supported by some of the industry’s best companies, including BSO, Mobilum, NxGen, Hacken, and IMMIN8 Labs. Leveraging their knowledge, contacts, experience and expertise, Multipool aims to make waves in the industry and give users the opportunity to never have CEX again. To learn how to participate in the Fjord Foundry LBP, refer to the guide here . here here For more information on Multipool and its features, please visit: Website - www.multipool.finance www.multipool.finance www.multipool.finance Telegram - t.me/multipoolfi t.me/multipoolfi t.me/multipoolfi X - www.x.com/multipoolfi www.x.com/multipoolfi www.x.com/multipoolfi About Multipool Multipool is a cutting-edge decentralized exchange (DEX) transforming the trading landscape for real-world assets (RWAs) and cryptocurrencies. Multipool is designed for fairness and equality, featuring a fully decentralized on-chain order book, deep liquidity through dynamic bracket pools, and seamless trading of RWAs and cryptocurrencies. Utilizing world-class innovations including industry-first FIX APIs, low latency networks, zero price impact auctions, trustless RFQs, peer-to-peer repo lending, and MEV bot protection, Multipool sets a new standard in DeFi trading. Experience unparalleled efficiency and security in your trading journey with Multipool – The DEX with CEX appeal. https://www.multipool.finance/ https://www.multipool.finance/ https://www.multipool.finance/ Multipool is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest. Contact Public Relations Manager Angie Hermosa Multipool press@multipool.finance This story was distributed as a release by Chainwire under HackerNoon’s Business Blogging Program. Learn more about the program here. This story was distributed as a release by Chainwire under HackerNoon’s Business Blogging Program. Learn more about the program here . here here

Multipool Launches LBP On Fjord Foundry Raising $200k In 24 Hours

**ZUG, Switzerland, May 20th, 2024/Chainwire/--**Decentralized funding protocol Polimec has launched with the goal of kickstarting a new era of community-funded Polkadot projects. The protocol provides a transparent way for teams to raise funds and issue tokens while maintaining regulatory compliance. The first project to feature on Polimec is Apillon, an infrastructure solution for web3 developers. With the start of the first Evaluation Round on Polimec, investors get the opportunity to appraise projects and decide whether they should advance to the Funding Round. Other projects that are set to raise funds on Polimec include Mandala Chain, Gotem, and ImpactScope. Polimec is designed to maintain the decentralization integral to web3, providing a regulatory-compliant environment that connects investors and startups globally. To participate in a project on Polimec, users must obtain a Deloitte KYC Credential, which if eligible grants access to funding information, evaluation of projects and participation in funding rounds. Projects can conduct single or multiple funding rounds using Polimec, while investors can participate in rounds that meet their criteria. Protocol governance is determined by the PLMC holders, an on-chain council and technical committee. Any PLMC holder can submit a proposal, which results in a token-holder vote provided it gets the required backing. Polimec enables emerging web3 projects, focused on the Polkadot ecosystem, an opportunity to achieve their funding goals. This will maximize their prospects of developing transformative blockchain solutions and increasing adoption by solving real-world problems. Polimec simultaneously gives web3 investors of all kinds access to projects committed to fundraising on a transparent and compliant basis. The first Evaluation and Funding Rounds to be performed on Polimec will give the Polkadot community an opportunity to experience the future of web3 fundraising and to appraise some of the most innovative projects currently seeking capital to turn their ideas into reality. About Polimec Polimec is a permissionless fundraising infrastructure protocol providing an automated framework for projects to raise funds within a broad and diverse investor base with transparent and fair access for all. The protocol allows access to fundraising and governs the issuance, distribution, and conversion of tokens to mainnet. The protocol maximizes value creation for Web3 projects, allows different stakeholders to participate in funding rounds, and minimizes information asymmetry between participants and issuers to grow their community. The underlying reward mechanism ensures that the interests of the various participants and projects are aligned for sustainable fundraising. Learn more: App: https://app.polimec.org/ Webpage: https://www.polimec.org/ Knowledge Hub: https://hub.polimec.org/ Contact Foundation Council & Marketing Flavio Bianchi Polimec Foundation flavio@polimec.org This story was distributed as a release by Chainwire under HackerNoon’s Business Blogging Program. Learn more about the program here. **ZUG, Switzerland, May 20th, 2024/Chainwire/--**Decentralized funding protocol Polimec has launched with the goal of kickstarting a new era of community-funded Polkadot projects. The protocol provides a transparent way for teams to raise funds and issue tokens while maintaining regulatory compliance. The first project to feature on Polimec is Apillon, an infrastructure solution for web3 developers. With the start of the first Evaluation Round on Polimec, investors get the opportunity to appraise projects and decide whether they should advance to the Funding Round. Other projects that are set to raise funds on Polimec include Mandala Chain, Gotem, and ImpactScope. Polimec is designed to maintain the decentralization integral to web3, providing a regulatory-compliant environment that connects investors and startups globally. To participate in a project on Polimec, users must obtain a Deloitte KYC Credential, which if eligible grants access to funding information, evaluation of projects and participation in funding rounds. Projects can conduct single or multiple funding rounds using Polimec, while investors can participate in rounds that meet their criteria. Protocol governance is determined by the PLMC holders, an on-chain council and technical committee. Any PLMC holder can submit a proposal, which results in a token-holder vote provided it gets the required backing. Polimec enables emerging web3 projects, focused on the Polkadot ecosystem, an opportunity to achieve their funding goals. This will maximize their prospects of developing transformative blockchain solutions and increasing adoption by solving real-world problems. Polimec simultaneously gives web3 investors of all kinds access to projects committed to fundraising on a transparent and compliant basis. The first Evaluation and Funding Rounds to be performed on Polimec will give the Polkadot community an opportunity to experience the future of web3 fundraising and to appraise some of the most innovative projects currently seeking capital to turn their ideas into reality. About Polimec Polimec is a permissionless fundraising infrastructure protocol providing an automated framework for projects to raise funds within a broad and diverse investor base with transparent and fair access for all. The protocol allows access to fundraising and governs the issuance, distribution, and conversion of tokens to mainnet. Polimec Polimec The protocol maximizes value creation for Web3 projects, allows different stakeholders to participate in funding rounds, and minimizes information asymmetry between participants and issuers to grow their community. The underlying reward mechanism ensures that the interests of the various participants and projects are aligned for sustainable fundraising. Learn more: App: https://app.polimec.org/ https://app.polimec.org/ https://app.polimec.org/ Webpage: https://www.polimec.org / https://www.polimec.org https://www.polimec.org Knowledge Hub: https://hub.polimec.org/ https://hub.polimec.org/ https://hub.polimec.org/ Contact Foundation Council & Marketing Flavio Bianchi Polimec Foundation flavio@polimec.org This story was distributed as a release by Chainwire under HackerNoon’s Business Blogging Program. Learn more about the program here. This story was distributed as a release by Chainwire under HackerNoon’s Business Blogging Program. Learn more about the program here . here here

Polimec Brings Decentralized Fundraising To Polkadot

GAINS Associates has announced the launch of GainsPad, heralding a new era in Web3 fundraising. With a legacy spanning six years, a fully transparent team, and an unrivaled track record exemplified by the success of Gains Private, the inaugural launchpad, the new platform is poised to redefine the landscape of Initial Decentralized Offerings (IDOs). As the team embarks on this journey, they invite individuals worldwide to join them in shaping the future of crypto fundraising. GainsPad presents a monumental opportunity, magnitudes larger than anything witnessed before in the IDO market. The team is not just offering a platform; they are fostering a community where participants can partake in life-changing deals, embodying the spirit of empowerment and inclusivity. What Are The Key Highlights? GainsPad introduces a novel approach to IDOs, focusing on accessibility and fairness while maintaining the highest standards of transparency and security. The platform boasts several key components designed to enhance the investor experience. Firstly, there is the ‘Refund Policy,’ which helps safeguard investors against unforeseen circumstances. The policy ensures peace of mind during the token launch phase. Next, there is the ‘Tiered System.’ With varying tiers tailored to different levels of engagement, participants can maximize their investment potential and increase their chances of securing allocations. Finally, there is the ‘Whitelist Process.’ Through engaging educational content and quizzes, the team streamlines the whitelisting process, ensuring that only knowledgeable and committed community members gain access to exclusive opportunities. Alongside maintaining strong foundational principles, the team’s approach entails a dual strategy: seizing opportunities within burgeoning trends ahead of their peak and investing in emerging narratives and ecosystems preemptively. They also possess the capability to transparently raise funds on-chain by leveraging a consortium of angel investors under one unified entity. Moreover, GAINS offers comprehensive support to various projects, including in-house marketing initiatives and facilitation of introductions to the platform’s expansive network encompassing over 250 Key Opinion Leaders (KOLs), different launchpads, venture capitalists (VCs), marketing agencies, news platforms, exchanges, and market makers (MMs). Strategic Partnerships GainsPad is proud to collaborate with industry-leading partners such as ETHDubai, Polygon, BNB Chain, and Trust Wallet. These partnerships underscore the team’s commitment to excellence and their dedication to providing unparalleled value to the community. GAINS also boasts distinguished advisors such as Walid Benothman, known for his role in driving growth at 1INCH, Evan Luthra, a prominent Indian influencer, and Jonathan Faye, whose extensive experience includes a decade at the $125B AUM ODDO BHF, where he transitioned from a legal background to lead Open Innovation initiatives. Additionally, $GAINS has recently secured a listing on a premier centralized exchange. Key Figures: Evan Luthra Evan Luthra, a renowned figure within the cryptocurrency and tech world, has been named twice by Forbes as part of their esteemed 30 under 30 list. His expertise spans across multiple domains, from his prolific work in tech entrepreneurship to his passion for nonfungible tokens. Evan has been recognised by prestigious platforms like Forbes and Entrepreneur Magazine, thereby highlighting his impact as both an angel investor as well as a tech influencer. He is also a tech visionary with an impressive track record of creating more than 30 applications by the age of 17, in addition to fueling the growth of over 500 Web3 companies. As a tech visionary, Evan’s influence extends to a market cap exceeding a whopping $100 billion. Evans has also been actively involved in the crypto space for years, successfully managing a cryptocurrency investment bank, as well as investing in projects such as Ripple and Hashgraph. Evan has also shared his knowledge globally through platforms like TEDx alongside various institutions, educating audiences on topics ranging from cryptocurrencies and blockchain to the future of decentralized autonomous organizations. Walid Benothman Walid's Leadership roles in companies like 1inch and Curv demonstrate his expertise in driving growth and strategy operations. Walid was also an early employee at Ripple. His strategic initiatives at both Curv and Ripple played a significant role in advancing the mainstream adoption of blockchain technology and cryptocurrencies, thereby culminating in the acquisition of Curv by PayPal. Furthermore, from management consulting to creating the inaugural digitally managed semi-professional football club in Paris, Walid’s entrepreneurial spirit and foresight have also led to groundbreaking ventures at a consistent level.\ Jonathan Faye Jonathan has over ten years of relevant experience within the world of finance, as proven by his work at the aforementioned ODDO BHF, a French-German investment bank with €150b AUM. Although he began as a lawyer, Jonathan nevertheless played an important part in M&A, regulatory affairs, and private equity as well as VC. Eventually progressing to Global Head of Open Innovation, Jonathan concentrated on shaping corporate VC strategy while simultaneously pioneering blockchain technology for a modern age, supporting ventures such as Coinhouse and Ledger. Presently, Jonathan is in charge of JonVenture, his own advisory firm, providing key guidance to early-stage startups by utilizing his passion and experience for both angel investment and Web3. Investment Opportunity As a decentralized community VC established six years ago, GAINS operates a launchpad for private sales. Notably, the platform has deployed over $35 million for more than 300 projects, featuring notable successes such as Bloktopia (x1000), Quant Network (x500), Avalanche (x300), and Hashgraph (x50). GAINS CEO, Alexandre Raffin, stated that “At GAINS, we are driven by a relentless pursuit of excellence and a steadfast commitment to our community. With the launch of GainsPad, we are democratizing access to groundbreaking projects and revolutionizing the way individuals participate in Web3 fundraising.” To participate in GainsPad's IDOs, individuals are required to stake a minimum of 1,000 $GAINS, with additional tickets awarded for every 250 $GAINS staked. The aforementioned tiered system offers varying levels of bonuses and incentives, ensuring that each participant is rewarded according to their level of engagement and commitment. About GAINS GAINS Associates is the world's first decentralized venture capital firm, providing individuals holding $GAINS with access to the most promising crypto projects. With over six years of experience and a history of ultra-high return deals, GAINS is shaping the future of DeFi. GAINS stands for ‘Group Action Is Never Small’, symbolizing the collaborative spirit that is the essence of blockchain and decentralization. For individuals seeking to invest in the next generation of crypto unicorns, GainsPad represents the ultimate destination. GAINS remains steadfast in its mission to remove entry barriers to investing and empower individuals to seize opportunities in the crypto space. With a proven track record and a commitment to excellence, there is no better time than now to get started with GAINS as they have a fully doxxed team, an impressive track record for their first platform, Gains Private, that was launched back in 2021, and the fact that the team is finally ready to tap into the IDO market, which is a 10-20x bigger opportunity with potentially massive returns up for grabs. Visit the official website for further information and join GAINS’ Telegram channel to engage with the team members who are dedicated to assisting customers every step of the way. For regular updates, check out the X, LinkedIn, Discord, Facebook, Instagram, Medium, TikTok, and YouTube channels as well. This story was distributed as a release by Btcwire under HackerNoon’s Business Blogging Program. Learn more about the program here. GAINS Associates has announced the launch of GainsPad, heralding a new era in Web3 fundraising. With a legacy spanning six years, a fully transparent team, and an unrivaled track record exemplified by the success of Gains Private, the inaugural launchpad, the new platform is poised to redefine the landscape of Initial Decentralized Offerings (IDOs). GAINS Associates As the team embarks on this journey, they invite individuals worldwide to join them in shaping the future of crypto fundraising. GainsPad presents a monumental opportunity, magnitudes larger than anything witnessed before in the IDO market. The team is not just offering a platform; they are fostering a community where participants can partake in life-changing deals, embodying the spirit of empowerment and inclusivity. What Are The Key Highlights? GainsPad introduces a novel approach to IDOs, focusing on accessibility and fairness while maintaining the highest standards of transparency and security. The platform boasts several key components designed to enhance the investor experience. Firstly, there is the ‘ Refund Policy ,’ which helps safeguard investors against unforeseen circumstances. The policy ensures peace of mind during the token launch phase. Next, there is the ‘ Tiered System .’ With varying tiers tailored to different levels of engagement, participants can maximize their investment potential and increase their chances of securing allocations. Refund Policy Refund Policy Tiered System Tiered System Finally, there is the ‘Whitelist Process.’ Through engaging educational content and quizzes, the team streamlines the whitelisting process, ensuring that only knowledgeable and committed community members gain access to exclusive opportunities. Alongside maintaining strong foundational principles, the team’s approach entails a dual strategy: seizing opportunities within burgeoning trends ahead of their peak and investing in emerging narratives and ecosystems preemptively. They also possess the capability to transparently raise funds on-chain by leveraging a consortium of angel investors under one unified entity. Moreover, GAINS offers comprehensive support to various projects, including in-house marketing initiatives and facilitation of introductions to the platform’s expansive network encompassing over 250 Key Opinion Leaders (KOLs), different launchpads, venture capitalists (VCs), marketing agencies, news platforms, exchanges, and market makers (MMs). Strategic Partnerships GainsPad is proud to collaborate with industry-leading partners such as ETHDubai, Polygon, BNB Chain, and Trust Wallet. These partnerships underscore the team’s commitment to excellence and their dedication to providing unparalleled value to the community. GAINS also boasts distinguished advisors such as Walid Benothman, known for his role in driving growth at 1INCH, Evan Luthra, a prominent Indian influencer, and Jonathan Faye, whose extensive experience includes a decade at the $125B AUM ODDO BHF, where he transitioned from a legal background to lead Open Innovation initiatives. Additionally, $GAINS has recently secured a listing on a premier centralized exchange. Key Figures: Evan Luthra Evan Luthra Evan Luthra Evan Luthra, a renowned figure within the cryptocurrency and tech world, has been named twice by Forbes as part of their esteemed 30 under 30 list. His expertise spans across multiple domains, from his prolific work in tech entrepreneurship to his passion for nonfungible tokens. Evan has been recognised by prestigious platforms like Forbes and Entrepreneur Magazine, thereby highlighting his impact as both an angel investor as well as a tech influencer. He is also a tech visionary with an impressive track record of creating more than 30 applications by the age of 17, in addition to fueling the growth of over 500 Web3 companies. As a tech visionary, Evan’s influence extends to a market cap exceeding a whopping $100 billion. Evans has also been actively involved in the crypto space for years, successfully managing a cryptocurrency investment bank, as well as investing in projects such as Ripple and Hashgraph. Evan has also shared his knowledge globally through platforms like TEDx alongside various institutions, educating audiences on topics ranging from cryptocurrencies and blockchain to the future of decentralized autonomous organizations. Walid Benothman Walid Benothman Walid Benothman Walid's Leadership roles in companies like 1inch and Curv demonstrate his expertise in driving growth and strategy operations. Walid was also an early employee at Ripple. His strategic initiatives at both Curv and Ripple played a significant role in advancing the mainstream adoption of blockchain technology and cryptocurrencies, thereby culminating in the acquisition of Curv by PayPal. Furthermore, from management consulting to creating the inaugural digitally managed semi-professional football club in Paris, Walid’s entrepreneurial spirit and foresight have also led to groundbreaking ventures at a consistent level.\ Jonathan Faye Jonathan Faye Jonathan Faye Jonathan has over ten years of relevant experience within the world of finance, as proven by his work at the aforementioned ODDO BHF, a French-German investment bank with €150b AUM. Although he began as a lawyer, Jonathan nevertheless played an important part in M&A, regulatory affairs, and private equity as well as VC. Eventually progressing to Global Head of Open Innovation, Jonathan concentrated on shaping corporate VC strategy while simultaneously pioneering blockchain technology for a modern age, supporting ventures such as Coinhouse and Ledger. Presently, Jonathan is in charge of JonVenture, his own advisory firm, providing key guidance to early-stage startups by utilizing his passion and experience for both angel investment and Web3. Investment Opportunity As a decentralized community VC established six years ago, GAINS operates a launchpad for private sales. Notably, the platform has deployed over $35 million for more than 300 projects, featuring notable successes such as Bloktopia (x1000), Quant Network (x500), Avalanche (x300), and Hashgraph (x50). GAINS CEO, Alexandre Raffin, stated that “At GAINS, we are driven by a relentless pursuit of excellence and a steadfast commitment to our community. With the launch of GainsPad, we are democratizing access to groundbreaking projects and revolutionizing the way individuals participate in Web3 fundraising.” GAINS CEO, Alexandre Raffin, stated that “At GAINS, we are driven by a relentless pursuit of excellence and a steadfast commitment to our community. With the launch of GainsPad, we are democratizing access to groundbreaking projects and revolutionizing the way individuals participate in Web3 fundraising.” To participate in GainsPad's IDOs, individuals are required to stake a minimum of 1,000 $GAINS, with additional tickets awarded for every 250 $GAINS staked. The aforementioned tiered system offers varying levels of bonuses and incentives, ensuring that each participant is rewarded according to their level of engagement and commitment. About GAINS GAINS Associates is the world's first decentralized venture capital firm, providing individuals holding $GAINS with access to the most promising crypto projects. With over six years of experience and a history of ultra-high return deals, GAINS is shaping the future of DeFi. GAINS stands for ‘Group Action Is Never Small’, symbolizing the collaborative spirit that is the essence of blockchain and decentralization. For individuals seeking to invest in the next generation of crypto unicorns, GainsPad represents the ultimate destination. GAINS remains steadfast in its mission to remove entry barriers to investing and empower individuals to seize opportunities in the crypto space. With a proven track record and a commitment to excellence, there is no better time than now to get started with GAINS as they have a fully doxxed team, an impressive track record for their first platform, Gains Private, that was launched back in 2021, and the fact that the team is finally ready to tap into the IDO market, which is a 10-20x bigger opportunity with potentially massive returns up for grabs. Visit the official website for further information and join GAINS’ Telegram channel to engage with the team members who are dedicated to assisting customers every step of the way. For regular updates, check out the X , LinkedIn , Discord , Facebook , Instagram , Medium , TikTok , and YouTube channels as well. official website official website Telegram channel Telegram channel X X LinkedIn LinkedIn Discord Discord Facebook Facebook Instagram Instagram Medium Medium TikTok TikTok YouTube YouTube This story was distributed as a release by Btcwire under HackerNoon’s Business Blogging Program. Learn more about the program here. This story was distributed as a release by Btcwire under HackerNoon’s Business Blogging Program. Learn more about the program here . here here

GainsPad Finally Launches And Ushers In A New Era Of Web3 Fundraising

How to Master the Art of Early-Stage Fundraising

102 Stories To Learn About Fundraising

SEC v. Binance Court Filing, retrieved on June 5, 2023 is part of . You can jump to any part in this filing . This is part 48 of 69. HackerNoon’s Legal PDF Series here FACTS VIII. THE CRYPTO ASSETS TRADED ON THE BINANCE.COM PLATFORM AND BINANCE.US PLATFORM INCLUDE ASSETS THAT WERE OFFERED AND SOLD AS SECURITIES. E. ATOM 427. “ATOM” is the native crypto asset of the Cosmos Hub. The Cosmos project was launched in 2017 by Jae Kwon and Ethan Buchman. According to Cosmos’ website (https://cosmos.network), Cosmos is an ecosystem of blockchains designed to scale and interoperate with each other, and the Cosmos team aims to “create an Internet of Blockchains” or “a network of blockchains able to communicate with each other in a decentralized way.” Cosmos is built on a proof-of-stake consensus mechanism. 428. The Cosmos Hub is a central blockchain that provides services to other blockchains connected to it, including “the largest interchain token exchange, shared security through interchain security, bridges to ethereum (ETH) and bitcoin (BTC), and secure custodianship of digital assets.” Cosmos described the Cosmos Hub as “the first hub among many hubs that [w]as launched within the Cosmos Network of sovereign blockchains.” 429. ATOM is described as “a license for the holder to vote, validate, or delegate to other validators” and “can also be used to pay for transaction fees to mitigate spam.” 430. In 2017, the Interchain Foundation (the “ICF”) (a Swiss non-profit organization of which Buchman is President) sold ATOM by conducting what it termed the “Cosmos Fundraiser” to collect so-called “donations” for the development of the Cosmos network. Pursuant to this offering, participants received ATOM tokens in exchange for BTC or ETH. The ICF offered ATOM at a value of $0.10 per token, with a 25 percent discount on that price for partnering “strategic funders” and a 15 percent discount for individual “Pre-Fundraisers.” By April 2017, ICF had raised approximately $17.3 million in BTC and ETH through its “fundraiser” by selling ATOM tokens. 431. At least four entities are currently or have been significantly involved in the development of Cosmos: (1) the ICF, which was created in 2017 by Kwon and Buchman, and— according to Cosmos’ public website—was formed “to support the development of Cosmos and the ecosystem that will contribute to the Cosmos Network”; (2) Interchain GmbH, LLC, a German limited liability company and subsidiary of ICF, which employs a team of approximately 35 software engineers and operations personnel working primarily on the Cosmos network; (3) All in Bits, Inc. d/b/a Tendermint (n/k/a Ignite, Inc.) (“Tendermint”), a Delaware corporation created by Kwon and headquartered in Berkley, California, with which the ICF contracted in 2017 “to develop the initial portion of the CESS [Cosmos Essential Software and Services]”; and (4) NewTendermint, Inc., a Delaware corporation of which Kwon is CEO and which supports and develops the Cosmos ecosystem. 432. In February 2022, NewTendermint was spun off from All in Bits, Inc. (d/b/a Tendermint), which, at the same time, was rebranded to and became Ignite, Inc., which has focused on developing products and developing tools “to onboard the next wave of developers and crypto enthusiasts to Cosmos.” 433. ATOM has been available for buying, selling, and trading on the Binance.com Platform since April 2019, and the Binance.US Platform since October 2019. 434. The information publicly disseminated by ICF, Kwon, and Buchman has led ATOM holders, including those who purchased ATOM since April 2019, reasonably to view ATOM as an investment in and to expect to profit from ICF’s, Kwon’s, and Buchman’s efforts to grow the Cosmos protocol, which, in turn, would increase the demand for and value of ATOM. 435. The ICF collected and pooled the $17.3 million raised from investors in the Cosmos Fundraiser. In promoting the Cosmos Fundraiser, the ICF represented that the funds raised would be deployed to develop the Cosmos network. For example, the March 31, 2017 “Cosmos Plan” posted on the Cosmos GitHub page provided that the raised funds would be used “to contract with entities”—including Tendermint—“and their agents for the development of the Cosmos Essential Software and Services (CESS) and to help foster a community around CESS.” The ICF later disclosed how they spent investor funds, for example in a 2019 post, “Projects Funded in 2018” posted to the ICF’s public GitHub page. 436. In the 2017 Cosmos Whitepaper and “Fundraiser Plan” (both of which were publicly available on the Cosmos website), Kwon and Buchman described the Cosmos Fundraiser and said that the 236 million ATOM tokens initially minted would be distributed: 10% to the “Cosmos Network Foundation” (the ICF), 10% to All in Bits, Inc. (Tendermint), 5% to initial or “lead donors,” and 75% to “the donors of the Cosmos Fundraiser” (investors). 437. In public statements on the Cosmos and ICF websites, including statements made and available during the period when ATOM was available to trade on the Binance Platforms, the ICF described its expertise in developing blockchain networks and the efforts it and related entities (including Interchain GmbH and Tendermint) have made and that they will continue to make to develop the Cosmos network and attract users to the technology. For example: a. Cosmos’s website stated that “Cosmos is supported by the Interchain Foundation” and identifies Tendermint, Interchain GmbH, and 15 other “Cosmos core development teams”; b. The ICF website stated that it “funds, stewards, and responsibly advances the Cosmos ecosystem” and its “core teams maintain the protocols and applications” in the “Cosmos tech stack” (including Cosmos Hub and Cosmos SDK), and identified 35 “Team” members, including Cosmos Hub and Cosmos SDK project, strategy, and developer relations leads, and software and developer relations engineers,” that “[w]e help support projects like the Cosmos Network,” and that with its “Engineering and Product” work “[w]e are primarily interested in general purpose technologies that expand the environment, capabilities, and security of the Cosmos ecosystem”; c. The 2019 “Projects Funded in 2018” post on the ICF’s GitHub page (referenced above) identified grants, service agreements, and investments to develop the Cosmos network in 2018; and d. The ICF website has touted the “Builders Program,” which supposedly “provides mentorship, structured support and access to a wide network of partners”; “is led by a team experienced in building the ecosystem’s software and infrastructure”; “is made by builders for builders, linking together our team of entrepreneurs, software engineers and designers with years of experience in building and launching chains”; and is a vehicle for ICF to “help teams navigate the ecosystem by giving access to our large network of investors, exchanges, custodians, auditors, development and design agencies, data providers and infrastructure partners.” Continue Reading . Here About HackerNoon Legal PDF Series: We bring you the most important technical and insightful public domain court case filings. This court case 1:23-cv-01599 retrieved on September 6, 2023, from is part of the public domain. The court-created documents are works of the federal government, and under copyright law, are automatically placed in the public domain and may be shared without legal restriction. docdroid.net

How ATOM Went From Fundraising Initiative to a Vital Part of the Blockchain Ecosystem

Foundry is a smart contract development toolchain for Ethereum written in rust. Foundry simplifies the development and deployment of smart contracts. It streamlines the process by managing dependencies, running tests, and facilitating deployment. In this article, we will explore the following: What is Foundry, and why should you use it? Different tools provided by Foundry for smart contract development How to get started with Foundry: create, deploy and test smart contracts in Solidity Let's dive right in! About Foundry Foundry is a smart contract development toolchain for Ethereum written in rust. Foundry manages your dependencies, compiles your project, runs tests, deploys, and lets you interact with the chain from the command-line and via Solidity scripts. Foundry is created by an investment firm focused on crypto. Paradigm, Why use Foundry? You can write tests for your smart contract in Solidity (when using other smart contract development frameworks like Hardhat or Truffle, you would test Solidity using JavaScript or TypeScript). You can read why you should be writing tests in Solidity here. Foundry has a powerful built-in fuzzing capability. Fuzzing, in essence, is a technique used to find vulnerabilities or bugs in software by providing random, unexpected inputs to the program. Fuzzing lets the Solidity test runner choose the arguments for you randomly, by simply giving arguments to your Solidity test function. Foundry also provides you with different tools for smart contract development: tests, builds, and deploys your smart contracts. Forge: Foundry's CLI tool for performing Ethereum RPC calls. You can make smart contract calls, send transactions, or retrieve any type of chain data. Cast: : local testnet node shipped with Foundry. You can use it for testing your contracts from frontends or for interacting over RPC. Anvil an advanced Solidity REPL shipped with Foundry. It can be used to quickly test the behaviour of Solidity snippets on a local or forked network. Chisel: You can explore more about Foundry toolkit from the and the . Foundry Book GitHub repo Also, a list of Foundry resources including tools, tutorials, libraries & projects using Foundry. here's You can read more about the comparison between the Foundry and Hardhat smart contract development toolkit . here Building, testing and Deploying Smart contracts with Foundry Installation On Linux and macOS: Open your terminal and run the following command: curl -L https://foundry.paradigm.xyz | bash This will install Foundryup, then simply follow the instructions on-screen, which will make the command available in your CLI. foundryup Now run the command in the terminal to install Foundry toolchain: foundryup foundryup On Windows: If you're on Windows, you will need to install and use or , as your terminal, since Foundryup currently does not support Powershell or Cmd. Git BASH WSL Initialize the project To start a new project with Foundry, use : forge init forge init foundry_project This will generate a new project folder called . The folder will contain the following: foundry_project default directory for your smart contracts src: default directory for tests tests: foundry project configuration file foundry.toml: contains the dependencies lib: solidity scripting files script: Inside the folder, you'll find an included sample smart contract named . src Counter.sol // SPDX-License-Identifier: UNLICENSED
pragma solidity ^0.8.13;

contract Counter {
    uint256 public number;

    function setNumber(uint256 newNumber) public {
        number = newNumber;
    }

    function increment() public {
        number++;
    }
} To compile the smart contract use : forge build forge build If your contract compiles successfully, you will see the following output in your terminal: This will compile the smart contracts in the folder and also create a new folder named which will contain the bytecode of the compiled contract. src out Testing the contract Foundry generates a directory named , which is the default folder for storing all the tests for smart contracts. The name of the test files has an extension of tests .t.sol If you navigate into the test folder, you'll come across a specifically named test file called . Counter.t.sol // SPDX-License-Identifier: UNLICENSED
pragma solidity ^0.8.13;

import "forge-std/Test.sol";
import "../src/Counter.sol";

contract CounterTest is Test {
    Counter public counter;

    function setUp() public {
        counter = new Counter();
        counter.setNumber(0);
    }

    function testIncrement() public {
        counter.increment();
        assertEq(counter.number(), 1);
    }

    function testSetNumber(uint256 x) public {
        counter.setNumber(x);
        assertEq(counter.number(), x);
    }
} To run this file to test the smart contract use : Couter.sol forge test forge test If all the test passes then you will see the following output in your terminal: You can also see the gas cost being printed for the functions in the test contract. On the other hand if some tests fail, this will be the output. You can replicate this by make some changes in the smart contract(I've changed the function so that it increments the number by 2 instead of 1). Counter.sol increment function increment() public {
    number += 2;
} Deploying the smart contract To deploy the smart contract tot a network use command: forge create forge create --rpc-url <your_rpc_endpoint> --private-key <wallet_private_key> src/Counter.sol:Counter You can get the RPC for the network from Alchemy by following this guide . If the smart contract is deployed successfully you will see the following output in your terminal: Writing tests for smart contract Now let's add some of our own functions and tests to the existing smart contract. Counter.sol // SPDX-License-Identifier: UNLICENSED
pragma solidity ^0.8.13;

contract Counter {
    uint256 public number;
    uint256 public myNumber = 42;

    function setNumber(uint256 newNumber) public {
        number = newNumber;
    }

    function increment() public {
        number++;
    }

    function decrement() public {
        myNumber--;
    }
} In the above smart contract we have added variable which has a value of 42 and the function which decrements the value of by 1. myNumber decrement() myNumber To test these functions we need to add some functions in the test file. Counter.t.sol // SPDX-License-Identifier: UNLICENSED
pragma solidity ^0.8.13;

import "forge-std/Test.sol";
import "../src/Counter.sol";

contract CounterTest is Test {
    Counter public counter;

    function setUp() public {
        counter = new Counter();
        counter.setNumber(0);
    }

    function testIncrement() public {
        counter.increment();
        assertEq(counter.number(), 1);
    }

    function testSetNumber(uint256 x) public {
        counter.setNumber(x);
        assertEq(counter.number(), x);
    }

    function testMyNumber() public {
        assertEq(counter.myNumber(), 42);
    }

    function testDecrement() public {
        counter.decrement();
        assertEq(counter.myNumber(), 41);
    }
} In the above test file we have added test functions and . The function checks the assigned value of and function checks the working of the decrement function. Both of these functions use to equate the value assigned to . testMyNumber() testDecrement() testMyNumber() myNumber testDecrement() assertEq myNumber Now let's run these new tests with the command: forge test forge test If all the test passes you will get the following output in your terminal: As you can see all the test passed, and we also got the amount of gas used to run each test function. Using libraries The libraries that you install will go in the folder , of your project by default, is installed, this one allows you to run tests, create asserts or logs. If you want to install other libraries(e.g. openzeppelin) you can run: lib ds-test forge install openzeppelin/openzeppelin-contracts This will add the openzeppelin repository in your project under the folder. Now you can import and use the openzeppelin smart contracts in your project. lib/openzeppelin-contracts Next Steps With this we have learned the most basic applications of the foundry toolkit. Further we will learn how to develop, test and deploy more complex contracts like ERC20, ERC721 tokens, DEXs and many more using foundry. Hope you enjoyed the article! If you have any questions or comments, feel free to drop them below or reach out to me on: Twitter LinkedIn Also published . here

Introduction to Smart Contract Development Using Foundry

Security continues to be one of the most important aspects of web3. As a developer, you should be securing your smart contracts by ensuring that testing—specifically a wide variety of testing—is integrated into your smart contract development lifecycle. If you aren’t embedding testing in your flow, you’re just biding your time until your smart contracts are hacked. Let’s look at how fuzzing meets that need, and how you can quickly implement fuzzing by using the Diligence Fuzzing for your Foundry web3 projects. newly released support Web3 security standards are still emerging Web3 security standards are still being defined. We need more tools, more best practices, and more (I hate to say it) processes. Not only do we need to catch up to traditional development practices, we need to surpass them. After all, a in our smart contracts. lot of money is at stake How do we contribute to growing and maturing security in web3? By building better tools, integrating more processes into our daily practice, and automating as much as we can. We have a long way to go to catch up with the automated CI/CD pipelines of traditional development … but we’re getting closer. One step that’s a good start: integrating and automating fuzzing into your smart contract development cycle with Foundry and Diligence Fuzzing. Let’s look at what that means and how to actually do it. What is Diligence Fuzzing (Fuzzing-as-a-Service)? Diligence Fuzzing (aka Fuzzing-as-a-Service) is a web3 fuzzing tool for testing smart contracts by ConsenSys. Using a spec of the expected behavior of your code, it creates a large number of inputs/transactions that might violate this expected behavior. It then runs the fuzzed inputs against your code, trying to cover as much code as possible, and trying to, well, make things fail! If your code violates the specification, the fuzzer raises a warning. The specs are created using Scribble to annotate your smart contracts. According to the Diligence site, Diligence Fuzzing is, “The most powerful fuzzer to find bugs and vulnerabilities before they are exploited by bad actors on mainnet.” What is Foundry? Foundry is an , used for creating and deploying smart contracts on Ethereum/EVM-compatible blockchains. It has lots of components: a CLI, a testing framework, and a development framework. open source development framework From : “Foundry manages your dependencies, compiles your project, runs tests, deploys, and lets you interact with the chain from the command-line and via Solidity scripts.” their own book Foundry has recently become very popular. I love it because it was built with security and testing in mind. Interestingly, Foundry ships with a fuzzing tool that works pretty well. Foundry does a lot of things pretty well—that’s another reason I love it! But Diligence Fuzzing was built , and it takes your fuzzing game to the next level. A few quick reasons: just for fuzzing It uses gray-box testing as opposed to black-box testing, essentially allowing the fuzzer to discover and test more code/paths. More code coverage, of course, allows you to find more bugs in your code. In a recent comparison, than Foundry. it found 25% more violations By default, it uses “stateful fuzzing” where it generates of transactions instead of just one transaction. This can hit edge cases in the logic where multiple transactions are needed to trigger the bug. sequences It’s faster! And now existing Foundry projects can use Diligence Fuzzing with just a few steps. How Fuzzing enhances your smart contract development cycle Fuzzing is a type of software testing considered “property-based testing.” This type of testing checks that the output of your code matches expectations for a wide variety of inputs. A property-based tester automatically creates a whole lot of random inputs and runs them through your code, trying to find one that violates the expected output. This kind of testing is usually a complement to your unit testing. Your unit tests check for known flows, simple inputs, and edge cases you’ve already caught and fixed … basically, the test cases you know you need to run. Fuzzing, on the other hand, is a software testing technique that looks for defects in your source code that you don’t know about. It automatically runs through a lot of possibilities (more than you could ever test for manually), trying to find complex and subtle bugs that you wouldn't otherwise uncover. Fuzzing in action Let’s walk through the steps needed to start fuzzing a Foundry project with Diligence Fuzzing. First, install the by running the following on your command line (also be sure you’re on Python 3.6 or newer): Fuzzing CLI pip3 install diligence-fuzzing You need a and an API key. , then . Diligence fuzzing account Sign up here go to your dashboard to create the key Now run: echo FUZZ_API_KEY='your api key here' > .env This will add your API key to a .env file for the CLI. Finally, run the fuzzing CLI and create a new fuzzing campaign. fuzz forge test That’s it! You can target specific tests and contracts using the following options: Usage: fuzz forge test [OPTIONS]

  Command to:  * Compile unit tests  * Automatically collect unit-test contracts  * Submit to fuzzing

Options:

  -k, --key TEXT         API key, can be created on the FaaS Dashboard.

  --dry-run              Outputs the data to be sent to the FaaS API without making the request.

  --match-contract TEXT  Only run tests in contracts matching the specified regex pattern

  --match-path TEXT      Only run tests in source files matching the specified glob pattern

  --build-args TEXT      Additional string of `forge compile` command arguments for custom build strategies (e.g. --build-args=--deny-warnings --build-args --use 0.8.1)

  --help                 Show this message and exit. For more information, . check out the documentation here Please note a couple things: Everything above assumes you have installed Foundry and written some fuzzing tests. Since your existing Foundry tests probably contain several Solidity assertions and invariants, the fuzzing tool can just use those to start breaking things. Only some of the Foundry cheat codes are currently supported: ‘warp’, ‘prank’, ‘deal’, ‘roll’, . Additional support is planned soon. and a few more Keep security top of mind with Fuzzing and Foundry Securing web3 smart contracts is critical, and it has been for a long time. But with the advent of new testing tools, new integrations, and more rigorous processes, we’re getting closer to a reliable, secure, and mature ecosystem. Fuzzing is one step towards that goal. Also published . here

Integrating Security Testing Into Your Development Cycle With Foundry and Diligence Fuzzing

I am speaking with Alex Strześniewski, founder and CEO of AngelBlock. In this interview, we will explore decentralized fundraising, understanding how it leverages blockchain technology and smart contracts to enable secure, transparent, and efficient fundraising processes. In addition, we will uncover its advantages, such as increased accessibility, reduced costs, enhanced liquidity, and broader community engagement. Hi there, introduce yourself and tell us what you do. My name is Alex Strzesniewski, and I'm the founder of AngelBlock, a decentralized and non-custodial fundraising protocol for crypto. I've invested in numerous crypto-related startups and been an advisor, most notably to Aleph Zero - a privacy-enhancing Layer 1 blockchain. How would you define decentralized fundraising, and what are its fundamental principles? The most important yet overlooked aspect is self-custody. The differentiating factors are quite apparent from the get-go if we compare centralized vs. decentralized exchanges. In crypto, we have a lot of platforms masquerading as decentralized, but they're essentially centralized black boxes - this is especially apparent in fundraising. Self-custody of funds and the decentralization of services has steadily gained traction over the past years. Still, the implosions of prominent companies such as FTX, Celsius, and BlockFi have only fueled the fire of adoption, further highlighting the necessity for familiarity for new and old users alike. There's a lot of use of the term "decentralized fundraising," meaning that the investment comes from a broader group of investors or contributors. That definition is lacking. It's a first step. The second, more important step is the custodianship of funds - who holds them during the rise? Finally, how transparent is the entire process? With decentralized fundraising conducted with smart contracts, there should be more clarity. . Tell us some of the main advantages of adopting a decentralized approach to fundraising compared to traditional centralized fundraising methods The main aspect is the usage of smart contracts that hold the funds. This allows for interesting protocol designs that would be too cumbersome for traditional fundraising. In addition, once the fundraiser is completed, the payout of funds can be subject to certain milestones or paid out in time-based tranches that significantly decrease the likelihood of scams and rug pulls. The limitation here is only on the side of the imagination of an engineering team, as such protocols allow us to do things that were simply impossible before. For example, governance can be automated with a simple message signature to ensure the proper distribution and usage of startup capital and grants. One thing we see on the market is startups raising via a token sale in a mostly private sale setting, getting some good traction but still needing to launch a tradable market with their current investor cap table. Depending on how a raise is structured, you could fill out a multi-million dollar raise by having 20-40 private sale investors. Decentralized fundraising is the next natural step in this process better to decentralize the holding of a given digital asset, allowing it to better diversify the group holding it. Can you provide examples of successful decentralized fundraising initiatives and their impact on the organizations or causes they support? One example is the Ethereum ICO, which is most likely rudimentary compared to the infrastructure and tools available to conduct such a raise. Unfortunately, for every decentralized raise like Ethereum's, we have hundreds that are the total opposite. The ICO boom of 2017 could most definitely be classified as a financial success in decentralized fundraising, but in reality, it shone a light on all of the issues and pain points. That's why it's crucial to focus on what decentralized fundraising is or could be in the future. What challenges or obstacles do organizations typically encounter when transitioning to decentralized fundraising, and how can they overcome them? One of the significant obstacles organizations face when transitioning to decentralized fundraising is the inherent apprehension associated with adopting a relatively new and innovative solution. The fear of stepping into uncharted territory can act as a deterrent, particularly given the technical complexities and regulatory nuances associated with blockchain, smart contracts, and decentralized technologies. There's also a misunderstanding that comes with a solution like this - we see projects not ready to fundraise, attempting to go through the fundraising process, and thinking that a potentially larger number of participants will ensure they hit their target. Unfortunately, decentralized fundraising is not a panacea. Challenges generally revolve around understanding the technology, navigating regulatory landscapes, and altering established patterns of trust and custody. Overcoming these requires a commitment to continuous learning and adaptability. However, it's also worth mentioning that apprehension often diminishes as familiarity and understanding increase. In this regard, seeing more projects successfully utilizing decentralized fundraising can help to overcome the 'recency to market' bias. At AngelBlock, we have a series of projects lined up to use our decentralized fundraising infrastructure. As these projects come to fruition, they will serve as compelling case studies that demonstrate the potential and functionality of decentralized fundraising. Most importantly, organizations must understand and embrace the principle of decentralization, fostering an ethos of transparency, trustlessness, and distributed ownership. The transition can lead to significant benefits in the fundraising process and long-term success with a thorough understanding and thoughtful implementation. In what ways does decentralized fundraising empower individual donors and promote community engagement in philanthropic efforts? Decentralized fundraising significantly empowers individual donors by democratizing participation in the fundraising process. Rather than having decision-making powers concentrated in a few hands, it gives power directly to those who contribute funds. In addition, through mechanisms such as post-fundraise governance, individual investors can participate actively in crucial decision-making processes. This participation goes beyond merely contributing funds, allowing donors to influence how their contributions are utilized and how the project or cause evolves. This direct involvement is a powerful engagement tool, promoting community participation and fostering a stronger connection between individual investors and the projects they support. In a way, it transforms donors from passive contributors to active stakeholders in the fundraising effort. Are there any specific industries or sectors more suited for decentralized fundraising, and why? Of course! The obvious thing here is whether the project has a token - preferably a coin or utility token. Tokenized equity is still problematic from a regulatory standpoint. At the moment, it really defeats the purpose of "decentralization" as it would require stringent onboarding and exclusion of the vast majority of interested participants. How does technology, such as blockchain and smart contracts, enable and support decentralized fundraising initiatives? Blockchain and smart contracts form the fundamental infrastructure for decentralized fundraising. Blockchain technology helps to ensure that all transactions are transparent, secure, and immutable, thus fostering a sense of trust in the fundraising process. Smart contracts, which are autonomous, self-executing contracts, eliminate the need for third-party intermediaries. They automate the execution of agreements based on predefined rules and conditions. A vital example of this in decentralized fundraising is the fund release mechanism based on achieving certain milestones. For example, suppose a project has set up a fundraising campaign to release the funds in stages as they hit predefined targets or milestones. In such cases, a smart contract could be programmed to automatically release the funds to the project once the investors vote on achieving these milestones through a decentralized governance process. This ensures that donors' funds are used responsibly and as intended. What potential risks or concerns are associated with decentralized fundraising, and how can they be mitigated? There are many lessons that users can learn from the last 10+ years in blockchain and the constant pursuit of decentralization. Hacks and exploits are some of the first things that come to mind, with the first step towards mitigation obviously being strenuous audits. Unfortunately, not all auditors are built the same, and many recognizable names in the space produce subpar audit results. Therefore, a continuous bug bounty is a great supplementary action to working with meticulous auditors. Exit scams and rug pulls on the side of the project raising are also always a significant concern. They happen on a day-to-day basis in crypto. The industry has lost close to 3 billion USD to rug pulls in 2021 alone. Over 100,000 scam tokens were deployed throughout 2022, which was the first year of the bear market, yet these figures are astounding. Infrastructure that allows for checks and balances, especially in a process as delicate as fundraising, is paramount. One of the founding pillars of this technology is the mitigation of the double-spend problem - it's one of the most important features which differentiates this system from the legacy system, and yet we're accustomed to How does decentralized fundraising promote transparency and accountability in allocating and using funds? Decentralized fundraising leverages blockchain technology and smart contracts to ensure the utmost transparency and accountability in allocating and using funds. The final and immutable nature of blockchain technology ensures that every transaction is permanently recorded and can't be changed. This makes it possible to trace precisely how and when funds are being used and by whom. This level of transparency and traceability inherently encourages accountability, as misuse of funds can be easily identified and addressed. An innovative component of this system is the use of milestone mechanics. In this setup, funds are not released in a lump sum but are instead distributed in stages based on the achievement of predefined milestones. This ensures the project progresses as planned before additional funding is allocated. In addition, the conditions for these releases are governed by open-source smart contracts, which can be audited by anyone, fostering high transparency. Can you share any best practices or practical tips for organizations or individuals looking to adopt a decentralized approach to fundraising? Absolutely. Firstly, understand the technology and the ethos of decentralization. Embrace transparency, both in terms of your operations and the usage of funds. Educate your community about the benefits and workings of decentralized fundraising. Leverage smart contracts to automate processes but ensure they are thoroughly audited for security. Keep abreast of global regulatory developments and ensure compliance. Finally, remember that at its core, decentralized fundraising is about empowering your community - so keep them involved, listen to their feedback, and maintain open lines of communication.

Exploring the Fundamentals and Advantages of a Decentralized Approach to Fundraising

This is by (source: ). Labenz is the host of the Cognitive Revolution Podcast. Twitter thread Nathan Labenz @labenz 02-27-2023 https://twitter.com/labenz/status/1630284912853917697?s=46&t=3KzQdC1rYwwRRTFKK6HxUQ&embedable=true&thread=true Feature image generated via prompt of ‘Diving into a pool full of robots’ HackerNoon Stable Diffusion

A Deep Dive on OpenAI's Foundry

So, you realized that “equity and capital” fundraising consultants tend to charge WAY less than almost any broker-dealer you could find (the industry average is around 1-4%) but they won’t take a percentage, and they request substantial upfront payment without any guarantee. If you’re thinking, “Why can’t I just give them a piece of the pie? It’s better money for them, and I can pay if we close; no strings attached. Everyone wins!” Then you’re not alone. For the finance nerds that find their way here: Fundraising consultants in equity, debt, real estate, and other securitized spaces can’t do it, ethically, at least for transactions in the United States or transactions involving US-based investors, FINRA member firms, or US-based fiduciaries. For those not immersed in the depths of finance jargon: Simply put any form of contingency-based payment, commission, finder’s fee, success fee, cut, “slice”, referral bonus, or other names for a “piece of the pie” is off the limits for fundraising consultants—save for those with valid FINRA membership and the corresponding FINRA Series License(s). If you are caught taking that piece of the pie by FINRA or the SEC, they will (likely) make an example of you. Securities don’t just mean tokenized assets, equity, or derivatives. Debt-based funding rounds are still considered securities in many cases—debt is MORE LIKELY to be considered a security if the term of the loan or note exceeds five years, further increasing at the ten-year note mark. Who Determines What Makes It a “Piece of the Pie?” Ultimately, the ecurities and xchange ommission ( ) and ancial egulatory uthority ( ) work together to make these determinations. For a simple litmus test, your consultant may be at risk of taking a piece of the pie if: S E C SEC FIN R A FINRA They don’t have a for your efforts other than a percentage of the transaction. stable, realistic cost basis They or closes successfully. only get paid if the funding reaches a certain milestone This is commonly referred to as “ Basis” Contingency They that you raised. only get paid based on the amount of “Attributable Funding” They on “commissions”. only get paid They before any checks are cut. only get paid a small portion of your price You OR offer to pay them “out of the first check” They if the event isn’t successful. offer a refund or guarantee that you will receive a refund For any reason, except something like on their part. gross negligence Expert fundraising consultants know that generally speaking, any terms like the following may put their neck on the line with regulators in the US: “ ” You only get paid if… “I want a or you will offer us a refund…” guarantee that you will get us funded “I can pay you a small percentage upfront, but I want to know that .” you have skin in the game “ the first check is cut.” You get paid after etc. As a result, most (legally operating) equity, securities, and capital , generally based on the amount of time, effort, and specialized knowledge needed to do the job. fundraising consultants normally charge flat hourly fees or a per-project basis Larger raises often mean more moving parts and added complexity. Some SEC registration exemptions actually won’t allow businesses to raise more than a specific dollar amount per year. For example: ulation ( ) Reg A Reg A Tier 1 ($20m limit per 12-month period) or Tier 2 ($75m limit per 12-month period) ulation rowd unding ( ) ($5 million per 12-month period) Reg C F Reg CF A lot of questions ultimately boil down to the question: Are Fundraising Consultants “Unregistered Broker-Dealers”? The answer is: No, not within a normal scope of work. We provide due diligence for the investors. don’t We manage transactions. don’t We meet with investors on your behalf. don't We fiduciaries or escrow providers (though ethical consultants follow fiduciary best practices, generally speaking). aren’t Why Can Broker-Dealers Charge Success Fees While Fundraising Consultants Cannot? Broker-dealers have special licenses, strict protocols, and specific bookkeeping requirements to ensure that no information falls through the cracks. They also have personal information, bonding insurance, and other things at risk when they are managing transactions. That means there are specific standards and rules they have to follow in order to be broker-dealers. In fact, (including registration-exempt transactions, such as a Reg D issuance) from the time an investor sends it and the moment the receiving party claims it will need special licenses. any party that touches the money from securities transactions . Following the “Silver Leaf Decision,” brokers cannot pay out referral fees if they are contingent on a deal closing. These fees will be considered “transaction-based compensation” and subject to regulation under Section 15 of the Securities Act of 1934, with very few exceptions National Adjudicatory Council (NAC) on June 29, 2019 Complaint No. 2014042606902 “ ” The Silver Leaf Decision “The Hearing Panel also found that Silver Leaf paid transaction-based compensation to nonmember brokers, and failed to establish and maintain a supervisory system reasonably designed to prevent those payments.” This basically means that brokers aren’t allowed to share their success fee with anyone who is involved in the transaction. The SEC has since proposed a series of potential exemptions, based on the concept of “Finders” but has not published any concrete guidance yet. Here’s for “Tier 1” and “Tier 2” Finders. more information about proposed exclusions To be clear, Fundraising Consultants aren’t “Finders.” They may participate in investor relationship management via chats or emails but do so with a clear disclosure that they are working on behalf of the company they are engaged with. Finders are expected to be people that are outside of the company in most cases. It’s not uncommon for larger companies (Series B and so on) to hire an interim CEO or CFO to lead fundraisers. These folks are “insiders” and are expected to lead investor meetings and often take a small piece of the pie. They are also limited to raising with ONLY ONE company per calendar year. This is a special exemption used by companies that are looking to raise and can afford to pay a full year’s executive salary PLUS an equity-based compensation bonus. Fundraising consultants that engage in practices such as charging success fees or requesting other “transaction-based” compensation packages are taking actions that risk placing themselves in the category. “Non-member broker” At best, this can trigger cease-and-desist orders from FINRA. In the worst case, the consultant and their client may be at risk of a civil action or criminal action (in the case of fraud or other criminal activity.) Clients that have raised funds, in exchange for success fees that are paid to nonmember brokers may also be forced to rescind their offering. This requires the “issuer” to repay all investments from all investors 100%. In many cases, businesses have been forced to rescind an offering and ALSO pay interest on the funds. Banks (specifically bancorps) often hold “money transmitter” and “Money Service Business (MSB)” licenses on a state-by-state basis—usually alongside other requirements. If you’ve heard about crypto projects getting regulated in the US, it’s mostly been about them getting approved for money transmitters and/or MSB licenses. Broker-dealers have several more stringent restrictions on what they are able to do, as compared to fundraising consultants. For example, a private placement transaction may be exempt from SEC filing requirements ( ) A broker-dealer will still be subject to certain parts of Section 15 of the Securities Act of 1933. you still have to file Form D under Regulation D exemptions. It’s worth noting that only a select few circumstances will allow a fundraising consultant to legally participate in connecting investors to businesses. Part of these circumstances include: In most cases, broker-dealers are bonded to an investment banking job. They normally require a minimum term commitment in order to accept the risk and vouch for Series 7 hopefuls. You (Series 7, etc.) without a FINRA-regulated firm backing you. cannot even for becoming a licensed broker-dealer take the tests Interested parties without having the backing of a FINRA member firm. The SIE is a prerequisite for all Series exams. are able to sit for their Securities Industry Essentials (SIE) exam Series-Licensed Broker-Dealers (BDs) Licensed Broker-Dealers are involved in structuring deals, as well as the range of services provided by fundraising consultants. A few added responsibilities include specialized marketing channels and relationships with investment banks. BDs may also pre-purchase and sell a client’s securities (unless they are restricted securities.) Most of the time, BDs come from an investment banking background, meaning that, commonly, they have a Rolodex of potentially relevant contacts. Most BDs are also limited to selling general securities. The term “General Securities” typically covers corporate finance instruments such as: Equity Corporate bonds (debt) Mezzanine Financing (debt with equity-based collateral) Etc. Other relevant licenses include the licenses. If you’re in doubt about whether or not they have legit licenses, use FINRA’s BrokerCheck site. Series 7 and Series 24 FINRA Number (CRD Number): Central Registration Depository FINRA BrokerCheck If they aren’t listed or don’t have at least one of the following licenses, be aware that they may not know they are working outside the bounds of the law. Series 7 Series 8 (these are no longer issued) Series 9 & 10 (This combination has replaced Series 8), or Series 24 Equity and Capital Fundraising Consultants: Scope of Work Fundraising consultants have a specific limitation on their scope of work. They can assist in creating collateral, reviewing materials, and conducting investor outreach & relationship management activities. Fundraising Consultants can NOT commit to any deals or offers on behalf of their clients UNDER ANY CIRCUMSTANCES. Further, fundraising consultants or investment advisory activities, such as recommending their clients’ offerings to non-accredited investors, outside the scope of any related exemption, such as Reg D 506(b/c). should not be present in due diligence activities Many fundraising consultants prefer to maintain exclusivity by involving accredited investors in their clients’ raises. only Here are a few things that bar fundraising consultants from taking their piece of the pie: Securities Act of 1933 Section 12 (Broker-Dealers, Control Persons, Registered Persons) Section 15 FINRA Rule Section 2000 For example, (Payments to Unregistered Persons) Rule 2040 (Transactions With Customers) Subsection 2100 (Suitability) Rule 2111 (Communications and Disclosures) Subsection 2200 (Communications with the Public) Rule 2210 In short, between the steep pitfalls that come with accepting any form of performance-based bonus, fundraising consultants generally prefer to stick with hourly-based or per-project compensation structures. So Why Would Anyone Hire a Fundraising Consultant? We often come with more deeply specialized skills, tend to communicate more effectively with the C-level, and seldom send associates (that we don’t have) to do the work for us. Beyond the skills or preferences you may otherwise have, fundraising consultants are, generally, MUCH cheaper to collaborate with. You might pay a fundraising consultant $25k-100k per month, but they tend to rely on much faster workflows and lines of communication. The deal is usually done in 30-90 days. If you raise a Series A at a normal $2-4m deal against a $10-$20m valuation, expect to pay a broker-dealer: 4-8% of funds raised (1-4% is normal on deals that exceed $5-$10m raised); AND 1-3% of offered equity, whether outright or as “warrants” at a steep discount. That 4-8% may amount to $160k-$320k in addition to the equity you paid to “sweeten the pot.” Deals can also take up to a year or more to close. Fundraising consultants are very similar to BDs in their scope of work, but generally for a much more modest payoff and in a much shorter timeframe. Fundraising consultants usually step away once the contracts are closed for your raise, so you only pay them for the term of the engagement.

What The F*CK Do You Mean Fundraising Consultants Can't Take a Percentage?

F*CK আপনি কি বলতে চাচ্ছেন তহবিল সংগ্রহের পরামর্শদাতারা শতাংশ নিতে পারে না?

Was zum Teufel meinen Sie damit, dass Fundraising-Berater keinen Prozentsatz annehmen können?

¿Qué diablos quiere decir que los consultores de recaudación de fondos no pueden tomar un porcentaje?

Qu'est-ce que vous voulez dire que les consultants en collecte de fonds ne peuvent pas prendre de pourcentage ?

एफ * सीके क्या आपका मतलब है कि धन उगाहने वाले सलाहकार प्रतिशत नहीं ले सकते?

The F*CK とは、資金調達コンサルタントがパーセンテージを取得できないことを意味しますか?

F*CK 기금 모금 컨설턴트가 일정 비율을 차지할 수 없다는 게 무슨 뜻인가요?

O que diabos você quer dizer com consultores de arrecadação de fundos não podem obter uma porcentagem?

Bağış Toplama Danışmanlarının Yüzde Alamaması Ne Demek İstiyorsunuz?

Ý bạn là cái quái gì Các chuyên gia tư vấn gây quỹ không thể lấy một tỷ lệ phần trăm?

F*CK 你是什么意思筹款顾问不能拿百分比？

Securities and Exchange Commission (the “Commission”) v. Caroline Ellison (“Ellison”) and Zixiao “Gary” Wang (“Wang”) Court Filing,  Dec 21 2022 is part of . You can jump to any part in this filing . This is part 3 of 12. HackerNoon’s Legal PDF Series here Feature Image: HackerNoon’s Stable Diffusion AI, Prompt “Boy cries wolf” NATURE OF THE PROCEEDING AND RELIEF SOUGHT 9.The Commission brings this action pursuant to the authority conferred upon it by Section 20(b) of the Securities Act [15 U.S.C. § 77t(b)] and Section 21(d)(1) of the Exchange Act [15 U.S.C. §§ 78u(d)(1)]. 10. The Commission seeks a final judgment: (i) permanently enjoining Defendants from engaging in the acts, practices, transactions and courses of business alleged herein; (ii) ordering Defendants to disgorge their ill-gotten gains and to pay prejudgment interest thereon pursuant to Section 21(d)(5) and (7) of the Exchange Act [15 U.S.C. §§ 78u(d)(5) and (7)]; (iii) imposing civil money penalties on Defendants pursuant to Section 20(d) of the Securities Act [15 U.S.C. § 77t(d)] and Section 21(d)(3) of the Exchange Act [15 U.S.C. § 78u(d)(3)]; (iv) imposing an officer and director bar on each Defendant pursuant to Section 20(e) of the Securities Act [15 U.S.C. § 77t(e)] and Section 21(d)(2) of the Exchange Act [15 U.S.C. § 78u(d)(2)]; (v) prohibiting Defendants from participating in the offer or sale of securities including crypto asset securities pursuant to Section 21(d)(5) of the Exchange Act [15 U.S.C. § 78u(d)(5)]; and (vi) ordering such other and further relief the Court may find appropriate pursuant to Section 21(d)(5) of the Exchange Act [15 U.S.C. § 78u(d)(5)]. Continue Reading Here About We bring you the most important technical and insightful public domain court case filings. HackerNoon Legal PDF Series: This court case 1:22-cv-10794 on Dec 21 2022, is part of the public domain. The court-created documents are works of the federal government, and under copyright law, are automatically placed in the public domain and may be shared without legal restriction. retrieved

SEC's fraud charges prevented Caroline Ellison & Gary Wang from any further fundraising #duh 

Foundry is a blazing fast, portable and modular toolkit for Ethereum application development written in Rust. Foundry is made up of three components: : Ethereum testing framework (like Truffle, Hardhat, and DappTools). Forge : CLI for interacting with EVM smart contracts, sending transactions, and getting chain data. Cast : local Ethereum node, similar to Ganache or Hardhat Network. Anvil Why Should We Use It? It’s speedy, no more wasted time while running tests. It allows you to write tests in solidity which minimizes context switching. Many testing features like fuzzing, console.log, and cheat codes give you more power and flexibility. Topics We Are Going to Cover in This Article Project setup How to install dependencies in Foundry (EX. OpenZeppelin) Integrating Foundry with VSCode Writing the contract and test cases using Foundry Understanding Traces in Foundry Generating Gas report using Foundry Deploying the contract using Foundry Installation Installation of Foundry is well explained in the foundry book, check out the instructions here: https://book.getfoundry.sh/getting-started/installation?embedable=true Setting up the Project Once the foundry is installed, we can create a new project using. forge init foundry-demo // forge-demo is name of the project Once the project is created, use commands to check if everything is working correctly. cd foundry-demo && forge build Installing Dependencies Forge manages dependencies using by default, which means that it works with any GitHub repository that contains smart contracts. git submodules To use we need to install it as a dependency in our project, to do so use the command. OpenZeppelin, forge install OpenZeppelin/openzeppelin-contracts
// forge install is command which is used for installing  dependencies
// <https://github.com/OpenZeppelin/openzeppelin-contracts>
// use {{username}}/{{repo_name}} from the github url Integrate Foundry With VSCode After installing as a dependency, try importing something from it in the contract (your contract is there under the /src directory), If you are using VSCode, an error will pop up. OpenZeppelin To fix this error, Run this command. forge remappings > remappings.txt What this command does is it creates a remappings.txt file inside the root directory of the project. At this moment, the content in the file might look like this: ds-test/=lib/forge-std/lib/ds-test/src/
forge-std/=lib/forge-std/src/
openzeppelin-contracts/=lib/openzeppelin-contracts/contracts/ For more details, visit here https://book.getfoundry.sh/config/vscode Writing the Contract Rename the file → ; the code for our ERC721 smart contract is as below. src/Counter.sol src/FDemo.sol // SPDX-License-Identifier: UNLICENSED
pragma solidity ^0.8.13;

import "openzeppelin-contracts/token/ERC721/extensions/ERC721URIStorage.sol";
import "openzeppelin-contracts/utils/Counters.sol";

contract FDemo is ERC721URIStorage {
    using Counters for Counters.Counter;
    Counters.Counter private _tokenId;

    constructor() ERC721("FDemo", "FD") {}

    function mint(string memory tokenUri) external returns (uint256) {
        uint256 newTokenId = _tokenId.current();

        _mint(msg.sender, newTokenId);
        _setTokenURI(newTokenId, tokenUri);

        _tokenId.increment();

        return newTokenId;
    }
} Testing the Contract Using Foundry Let's start by renaming the test file to match the name of our contract → Counter.t.sol FDemo.t.sol Forge uses the following keywords in tests: : An optional function invoked before each test case is run. setUp function setUp() public {
    testNumber = 42;
} : Functions prefixed with are run as a test case. test test function testNumberIs42() public {
  assertEq(testNumber, 42);
} : The inverse of the test prefix — if the function does not revert, the test fails. testFail function testNumberIs42() public {
  assertEq(testNumber, 42);
} So, right now, we only have one method , so we will be writing a test case for this method, mint and this is going to be a pretty simple one. // SPDX-License-Identifier: UNLICENSED
pragma solidity ^0.8.13;

import "forge-std/Test.sol";
import "../src/FDemo.sol";

contract FoundryDemoTest is Test {
    FDemo instance;

    function setUp() public { 
        instance = new FDemo();
    }

    function testMint() public { 
        string memory dummyTokenUri = "ipfs://metadata_url";
        uint256 tokenId = instance.mint(dummyTokenUri);

        assertEq(dummyTokenUri, instance.tokenURI(tokenId));
    }

} Now, to run this test, we can use the command forge test If we want to explore more details/ events/ flow about the test cases, we can use Traces to enable Traces while running test cases use -vvv or -vvvv The attached screenshot shows the result of test cases with and without traces. More details on the Traces: https://book.getfoundry.sh/forge/traces Generating Gas Report Using Foundry To generate a gas report, use with the test command. — gas-report forge test --gas-report More details on the Gas Report here: https://book.getfoundry.sh/forge/gas-reports Deploying and Verifying Contracts With Foundry Forge can deploy smart contracts to a given network with the command. forge create Some options we can use with forge create while deploying the contract. : Rpc URL of the network on which we want to deploy our contract (in our case, we will be using the RPC URL of polygon Mumbai testnet) —rpc-url : Pass arguments to the constructor constructor-args : Private key of deployers wallet private-key We can optionally pass && if we want to verify our contract. --verify --etherscan-api-key $ forge create --rpc-url <your_rpc_url> \\
    --constructor-args "ForgeUSD" "FUSD" 18 1000000000000000000000 \\
    --private-key <your_private_key> src/MyToken.sol:MyToken \\
    --etherscan-api-key <your_etherscan_api_key> \\
    --verify Let's deploy, now. forge create --rpc-url <https://rpc.ankr.com/polygon_mumbai>
--private-key <your_private_key>  src/FDemo.sol:FDemo
--etherscan-api-key <your_etherscan_api_key>
--verify Complete code: GitHub 💡 Follow me on Twitter for more awesome stuff like this @pateldeep_eth Linkedin Also published here

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