Flare Network partners Lena Instruments to launch “first of its kind” decentralized crowdfunding platform

  • Flare Network is collaborating with Lena Instruments to launch the “First of Its Kind” Decentralized  Crowdfunding platform, CloudFunding.
  • Through CloudFunding contributors are free to dedicate anything between 1 percent and 100 percent of the rewards generated from the principle contribution to a project of their choice.

Flare, a new blockchain network that seeks to revolutionalize interoperability between chains has just launched a CloudFunding launchpad in partnership with leading Swiss blockchain software and infrastructure firm Lena Instruments.

CloudFunding, the newest addition to Flare’s suite of products, is a novel launchpad designed with the interests of the contributors to crypto projects at heart. Unlike conventional crowdfunding platforms which are exposed to numerous risks such as defaulting, CloundFunding offers investors the unique benefit of being able to access carefully selected projects while they retain their principal investment.

Current launchpads offer the limited option of only deciding how many coins they wish to allocate in support of a project without giving due regard to the contributors’ position if things go south. CloudFunding tackles high-risk crowdfunding by ensuring that contributions instead come from the rewards earned by contributors’ wrapped FLR/SGB capital, a model that ensures contributors will always hold onto their principal investment.

Through CloudFunding contributors are free to dedicate anything between 1 percent and 100 percent of the rewards generated from the principle contribution to a project of their choice. And what’s more, contributors will be able to access an IOU of the project’s token which will be available before the token generation and listing event.  The IOU tokens will act as the official symbol of a relationship between the parties and may be stored to proof of the contribution.

“CloudFunding is a perfect example of how developers can take advantage of the decentralized data infrastructure built natively into the Flare blockchain,” said Hugo Philion, CEO & Co-founder of Flare.

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Flare Network recognizes the value of CloudFunding technology in the blockchain space, and is grateful and excited that Lena Instruments has chosen Flare and Songbird to build its CloudFunding platform.

Projects that launch on CloudFunding also stand to reap enormous benefits including a regular cash flow that comes with their contribution enabling them to advance their projects hassle-free. Under strong monetary backing from CloudFunding, worries around bills, fund development, and the creation of a log term business plan will be a thing of the past. Moreover, projects are guaranteed instant liquidity through partnering DEXs the moment their CloudFunding campaign concludes.

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Beyond, rewarding contributors, Cloudfunding will also provide growth-related support such as legal advice, smart contract audits, and networking to projects through experts from Lena Instruments.

“Lena Instruments, being a major token holder in Flare, is, of course, committed to its long-term success,” said Laura Moreby, Head of Communications and spokesperson for Lena Instruments. “CloudFunding is one of the many products Lena will be releasing over the next few months on Flare and Songbird to improve the public’s, projects, and institutions’ access to this exceptional Layer 1.”

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