Susumi – Bringing Traditional Crowdfunding to Blockchain
Susu is an ancient cooperative financial system practiced in Africa and many other parts of the world for hundreds of years. It is a type of group crowdfunding used by people who share common interests.
Susu has different names in different cultures. It is called Adashe in Hausa, ekub in Ethiopia, Gam’eya in Egypt, Shama among the Swahili of East Africa, Ajo in Yoruba, and the Igbo in Nigeria call it Esusu..
This system is also widely practiced in Asia and Latin America. In South Korea he is known as Kye or Gae and in the Caribbean he is known as Pardner.
Wherever the system is used, the basic principle is the same. Susu is a form of peer-to-peer lending/banking that exists outside of conventional banking institutions.
PRESENTATION OF SUSUMI
Susumi Capital is set to launch the decentralized crowdfunding app Susumi with a native SUSU cryptocurrency token on the Binance Smart Chain Blockchain Network. The DApp will allow anyone to finance personal and professional projects on the Blockchain based on the traditional model of Susu Finance.
The Susumi project is a bold attempt to merge the old with the modern.
Susumi will eliminate the limitations of traditional Susu, while retaining its core values and benefits such as ease of fundraising and community wealth creation.
HOW DOES TRADITIONAL SUSU WORK?
A group of individuals with a common bond decides to create a general pool of funds to be used for the benefit of each member by making a fixed amount of contributions into the pool at regular intervals. Typically, the lump sum collected by dues each round is given to a member of the group to finance their personal projects. The dues round continues until every member benefits by receiving the lump sum before the rounds stop.
For example, 20 people might decide to contribute $50 a week for 50 weeks. Each would have contributed $1,000 at the end of the rounds, but more importantly, each member receives $1,000 as a lump sum within a week.
A third party serves as custodian of funds and oversight of contribution and payment schedules.
The success of the system is highly dependent on the trust and loyalty of each member
There are often several problems encountered with Susu:
- Member Defaults.
- The Fund’s custodian may misappropriate funds or become insolvent.
- Poor record keeping
- Death or relocation of a member of the group.
The Susumi Blockchain Solution
As an open and accessible ledger of data records, Blockchain technology provides a solution to many of these challenges.
- This can reduce the risk of fraud and increase trust.
- Without a single point of control, the system is protected against potential points of failure.
- Using self-executing smart contracts enabled by Blockchain Networks, the Susu system is completely decentralized, eliminating the need for participants to rely on a central authority or common link for the trust and security necessary for participation.
The Susumi Decentralized Crowdfunding Platform consists of a web application and the SUSU Cryptocurrency utility token used for its governance and reward system.
How does this work?
a) A user registers on the Susumi app to get the SUSU tokens by purchasing the tokens or contributing to an existing Susu fund to receive SUSU tokens as a reward.
b) Obtained SUSU tokens can now be used to create a new Susu crowdfunding campaign on the app.
c) The SUSU smart contract regulates transactions and donors will contribute to the campaign using stablecoins like USDT.
d) The unique crowdfunding model is that when donors donate to the campaign, they also receive SUSU tokens in return equal to their contribution. Then the proceeds from the Fund are deposited into the creators’ wallet.
By incentivizing campaign donors with Susu Tokens, more Susu-based crowdfunding campaigns will succeed.
This provides a solution to the problem of classic failed crowdfunding campaigns. Research has shown that up to 80% of personal crowdfunding campaigns worldwide fail to achieve their goal, and the cost of marketing crowdfunding campaigns continues to rise.
With Susumi, we can make virtually any campaign successful with no additional marketing costs.
Susumi will expand the use of the traditional Susu system beyond people in narrow geographic or social circles. This will increase the impact of Susu to help more people raise funds faster.
How is Susumi administered?
The Susumi Smart Contract is essentially the custodian of the Susu fund, with each Susu fund having a fixed number of subscribers known as slot machines.
For example, if a Susu fund has a value of $10,000 and there are 50 slot machines, then the value of the slot machine will be 10,000/50 = 200, so subscribers contribute $200 each.
Users can create their own Susu funds and invite members of their social circle (friends, family, colleagues, members of associations, religious groups, etc.) to join them. There is a profit guarantee for each participant.
We will charge transaction fees to cover platform maintenance costs.
Susumi is about to launch the SUSU token on BSC through our limited Crowdsale on the Susumi website.
To obtain the SUSU token through Susumi Crowdsale, users must register on our website (www.susumicapital.com) and be whitelisted by filling out an online form and meeting the Know-Your-Customer requirements ( KYC).
For Crowdsale details, please visit: www.susumicapital.com TG: https://t.me/Susumi_Blockchain
Company Name: Capital Susumi
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