YouToken Customer Journey (Part II)
The YouToken customer journey is an exciting one and you really don't want to miss a step. Hence, check out part one here if you haven't already. Great, now that you're all caught up, let's continue on down the road of success. In part two of the customer journey, we'll discuss the project verification process, the issuing of smart contracts, crowdsale, and product launch.
YOU TOKEN CUSTOMER JOURNEY: PROJECT VERIFICATION
Unlike some of YouToken's crowdfunding competitors, the verification process here is extremely simple. To get verified, each user only needs to submit a copy of his/her government issued ID and proof of Ethereum address. In order to begin the crowdsale, each user needs to send the amount of ETH required for issuing his/her smart contract. YouToken will use these funds for fees later. Keep in mind, this is just a one-time verification only. So what's all this about smart contract issuing? Glad you asked.
YOUTOKEN CUSTOMER JOURNEY: SMART CONTRACT ISSUING
Alright, the creator completed the verification process and submitted their idea to the YouToken marketplace. Next up is to find one of four smart contracts for your project (donation, debt, revenue share and equity.) Furthermore, YouToken will issue YTN_creatorname tokens for each creator. The smart contracts each have their own, unique abilities that vary depending on the goal of the creator. To find out more about each one, please see the table below.
As for YTN_creatorname emission, YouToken created these ERC-20 standard tokens with l limited emission of 1,000,000,000 YTN_creatorname. Entrepreneurs will use the same tokens for all future projects.
We could get into the logistics of YTN_Creatorname tokens, their distribution and price progression but we will keep that for a later article. Keep your eyes open for that one.
YOUTOKEN CUSTOMER JOURNEY: CROWDSALE
The moment has finally arrived. The entrepreneur's project is right up there alongside with the other creators on the platform. Now, it's just a matter of waiting for the investors. It won't be a long wait though as the investor journey is quick and simple. All they have to do is use a simple form to buy a creator's token. Furthermore, they are given plenty of options for payment meaning they can't make any excuses to not invest. For example, investors can purchase creator tokens using:
An Ethereum addressMetamask pluginFiat MoneyOr any other coins (Using BestRate cryptocurrency converter)
After purchasing YTN_creatorname tokens, the investor's money is sent to Vault. There it will remain until the crowdsale is complete. If the crowdsale fails, all the money from Vault is immediately returned to the investors. But for the sake of this article, let's pretend the project did get funded, so we can complete our journey.
CUSTOMER JOURNEY: PROJECT GETS FUNDED
Congratulations to the entrepreneurs! Your project raised enough money in the crowdsale and the "Production" stage of the project is launch. From here on out, all received funds from investors go directly into Vault, and not to the entrepreneur. Only when the entrepreneur completes the crowdsale, will they receive the funds to start their project. Now, it's time for the smart contract to dictate the terms of the agreement.
Each project has a series of steps (minimum of 1 needed). Each step comes with the following questions:
What will the creator do?When will the creator complete it?How much money does the creator need to do it?
After answering these questions and completing the goal of the step, the entrepreneur sends a request to close that part and move on to the next stage of financing (if necessary). If you chose this step, then investors will hold a vote. Here, they decide whether or not the step was completed and if it’s time to move on with funding the next step of the project. If they vote”yes”, then the entrepreneur automatically receives the next portion of funds from Vault. If they vote “no,” then investors receive unused funds from Vault.
CUSTOMER JOURNEY: PROJECT LAUNCH
Ring the bells, gather your friends and call your family because the big day has arrived. Finally, you've completed all the steps of the "Production" stage and your project enters "Existence." But hold on, don't say goodbye yet. YouToken is not like other crowdfunding platforms. We don't just set you up and let you go like some wealthy but lost little kid. No, this is just the beginning of a long and fruitful relationship with YouToken that will help you grow as much (or as little) as you want.
Now that you're the project is out into the world, that means your YTN_Creatorname token takes on a life of its own. At first, it enters the Internal Exchange. At this stage of the project, YTN_creatorname tokens can be bought/sold on the YouToken Internal Exchange. Each YTN_creatorname holder can put an order with the following data:
(Order type (bid/ask)AmountPrice)
After a certain amount of orders are placed in the exchange, the exchange engine starts to execute orders with the same (or close to the same) prices depending on the order mode (fixed or market price). An entrepreneur also can trade his/her personal tokens in the Internal Exchange. (E.g. if he/she needs additional funds.)
But if your YTN_creatorname token succeeds to higher levels, then you can put it on external exchanges. This brings benefits to both the entrepreneurs and the investor just like when stocks succeed in a stock market.
That concludes the YouToken customer journey. But as we already stated, there really is no end to this journey. If your idea is a good one, then only the limits of your own mind will prevent your value from increasing to the highest reaches of the universe. If that happens, YouToken will be with you every step of the way.