Project Initiation and Launch Process
The project lifecycle begins when the creator submits the project application. During this stage, the platform will perform an initial review of the creator’s qualifications and the project concept.
1.The specific process is as follows
Project Application: The creator submits the project application, providing a detailed project overview, including creative introduction, funding goal, reward design, etc.
Platform Initial Review: The platform reviews the creator’s qualifications, creativity, and market potential to ensure that the project meets the platform’s content and quality standards.
Project Refinement: Based on the initial review, the creator refines the project’s detailed information, including the project plan, fund usage plan, reward content, etc., and sets support amounts and corresponding reward tiers.
Risk Assessment: The platform performs a risk assessment of the project, including feasibility, market demand, and execution capability, to evaluate whether the creator can deliver the product or service on time.
Contract Signing: After the project is approved, the platform signs an agreement with the creator, clarifying the rights and obligations of both parties to ensure smooth project execution.
PTC Rules Setup: The platform sets the PTC rules for each project, specifying the support amounts and the corresponding PTC point ratio.
Pre-launch and Release: The project is pre-launched on the platform, with promotional activities to attract potential backers, and is officially released once ready.
2.User Support and PTC Flow Process
User Browsing the Project：Once the project is live, users on the platform can browse the project and decide whether to support it. Supporting users not only provide financial support to the project but also engage with the platform through the PTC reward mechanism, enhancing their sense of participation and investment.
Browse and Choose Support Tiers: Users browse available projects on the platform and select the project and support tier based on personal interests and budget. Each support tier corresponds to different rewards (such as products, experiences, exclusive services, etc.).
Payment and PTC Lock: After selecting a support tier, users pay the support amount through the platform. The system calculates and locks a certain percentage of PTC points based on the payment (e.g., pay $100 to receive 120 PTC points). These points will be unlocked upon successful completion of the project.
Order Record and PTC Flow: After a successful payment, the system records the user’s support order and the corresponding PTC status. Users can check the progress and status of their points at any time.
Project Success or Failure Handling: If the project successfully raises funds, the user’s PTC points will be unlocked according to the agreed rules. If the project fails to raise funds, the platform’s refund mechanism will return the user’s payment, and the points will be destroyed.
3.Project Execution and Progress Updates
After the fundraising is complete, the creator will execute the project according to the plan and regularly update backers about the project’s progress. Users can access project information through the platform to ensure transparency and real-time updates.
Project Progress Tracking: During project execution, the creator regularly updates progress, uploading milestone achievements (such as prototype completion, production start, etc.) to ensure backers are informed about the latest status.
Transparency Mechanism: The platform provides a project transparency page, publicly displaying each project’s total funds raised, number of supporters, key milestones, and fund usage plans. Supporters can check and supervise the progress of the project, enhancing the project’s credibility.
4.PTC Release and User Rewards
Depending on the project’s progress, user points will be released under specific conditions or timeframes and can be used for withdrawal, reinvestment, or consumption. This ensures transparency and the proper use of funds.
Fixed Date Release: Some projects will set specific dates for unlocking points, such as the shipping date or a particular day when points will be unlocked as usable points.
Gradual Release Based on Conditions: Points will be gradually released as the project progresses through different stages. For example, when the project reaches milestones like “design completion” or “prototype approval,” the system will unlock points progressively.
Hybrid Release Model: Points will be released based on both time and project progress, ensuring supporters are rewarded according to the project’s advancement.
5.User Choice of Use Path (Withdrawal/Reinvestment/Consumption)
Withdrawal: Users can choose to convert their unlocked points into cash at a set base value (e.g., 1 PTC = $0.1) through the platform’s buyback system.
Reinvestment: Users may also choose to use their unlocked points to support other projects on the platform, participate in new crowdfunding campaigns, and potentially benefit from leverage effects (e.g., using a certain number of points to support a higher-value project).
Consumption: Alternatively, users can use their points in the platform’s marketplace to purchase completed crowdfunding products or services, often with exclusive discounts or offers.
6.PTC Withdrawal and Buyback Process
Once the user’s PTC points are unlocked, they can choose to exchange the points for cash, reinvest, or use them for consumption on the platform. The platform provides a buyback mechanism to facilitate cash conversion.
Withdrawal Application: Users submit a withdrawal request. The platform will verify the user’s identity and available points to ensure a secure and compliant withdrawal process.
System Verification of Identity and Available Points: Upon submitting the withdrawal request, the platform first verifies the user’s identity to ensure that they have completed the necessary KYC (Know Your Customer) process. The system then checks the available points in the user’s account to confirm they meet the withdrawal criteria, ensuring that the points have not been frozen or locked. This process ensures the compliance and security of the withdrawal operation, preventing potential fraud or financial risks.
Risk Control Check: The platform conducts risk control checks to prevent money laundering, fraud, and other suspicious activities, ensuring the compliance of the transaction.
Buyback and Payment: Once the verification is passed, the platform will buy back the points at a base fiat currency value (e.g., 1 PTC = $0.1) and return the funds through the original payment method. The user can choose to accept or decline the buyback offer.
Financial Review: The platform’s finance department reviews the withdrawal order, confirming the withdrawal amount and related fees.
Withdrawal Payment:Once the PTC points in the user’s account are unlocked and available, and the withdrawal request has been approved, the Platform will return the corresponding cash amount to the user through the original payment method after deducting a 5% withdrawal fee. At the same time, the withdrawn PTC points will be deducted and canceled from the system.
Point Cancellation: The corresponding PTC points will be canceled, ensuring consistency between points and cash refunds.
7.Compliance, Security, and Risk Control Framework
The platform is committed to providing a compliant and secure transaction environment by implementing a comprehensive risk control system to ensure fund security and compliance.
Fund Custody: All user payments are held in licensed payment institutions or bank accounts, ensuring the separation of platform funds from user funds.
Regular Audits: The platform hires third-party audit firms to perform regular audits of the platform’s financial flows, point management, and compliance to ensure transparency in platform operations.
Risk Control System: The platform monitors projects, transactions, and user behavior throughout the process to prevent malicious activities, abnormal payments, and money laundering risks, ensuring secure and compliant transactions on the platform.