Scruge is a DAO for tokenised crowdfunding. Using a decentralised stable cryptocurrency and governance by prediction markets, we bring a transparent and decentralised mechanism for conducting crowd sales.
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Fundraising market is broken. Having had an unprecedented level of bias and segregation for years, it denied the opportunity for non-wealthy to invest in early-stage ventures and made it extremely hard for founders from underrepresented backgrounds and geographies to raise capital. As a result, the creation of new wealth has been privatised and controlled by the few, further widening the gap between the rich and the rest. In recent years, an innovative method of crowdfunding crypto projects by issuing and selling cryptographic tokens have emerged. However, it has been heavily abused by fraudulent actors and, furthermore, the process of participation in such token sales have been cumbersome and not user-friendly at all. We propose a two-way solution to address the issue. First one is the BIDLing Economy, a decentralised protocol built on EOS blockchain, that allows people to raise money for their crypto ventures and invest in others. Replacing bureaucracy with smart contracts, proprietary payments system with a community-owned cryptocurrency and a decentralised stablecoin, the BIDLing Economy allows anyone to participate in the creation of new wealth at no cost and with best-in-class fraud protection. The second solution is a crowdfunding mobile application called Scruge, which acts as a bridge to the BIDLing Economy by allowing mainstream users to participate in the token offerings by abstracting most of the complexity behind blockchain and cryptocurrencies. We aspire that our two solutions, a decentralised protocol and an easy-to-use mobile application, will make token offerings safer and more transparent and ultimately change the fundraising landscape to bring a tokenised global economy, that is fair, transparent, people-owned and people-governed.