Blockchain Startup Giftcoin Brings Revolution into the Charity Sector

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Have you ever wondered when donating money for "a good cause," will your funds reach the hands of that person in need? Me too. A study conducted by The Telegraph, looking at over 5,000 charities from the UK claimed that only a small part of donations go to charitable activities. According to them, one in five charities spends less than 50% of their funds on good causes. Americans don't lower themselves either, with estimated spending of $390 billion, in 2016, according to Giving USA 2017. Globally, Giftcoin found that the total charitable donations are judged to be more than $500 billion a year. So, the answer is simple: where charities exist, people will give. But wouldn't it be great to keep calm and know that your money is truly going where they say so?

What is Giftcoin?

Giftcoin is a new cryptocurrency platform aiming to revolutionize the charity sector, through the implementation of blockchain technology. In fact, it is the world's first cryptocurrency specially designed for charity and good causes. With the help of smart contracts, Giftcoin tracks, and reports where your money goes and the impact it has. As a result of great transparency, donors have increased confidence, while charities receive powerful feedback and more money to increase their influence.

How does it work?

Giftcoin has a well-defined vision, and at its core, there is a concept in the giving process which they call end-to-end giving. This is how it works:

• Accumulate giftcoins: when a user makes a purchase, Giftcoin App will round up the payment, convert the difference into Giftcoin and store it in the user’s wallet

• Send it as a Gift: once the user has accumulated coins in their wallet, they can choose how to donate: automate to give to a selected cause each month, manually donate to different causes they care about, or keep the giftcoins and use them in the future

• Track your donation: through blockchain, records transmitted are showing exactly when and where funds are spent.

Giftcoin states that their recording files will be available to the public to be read. This way, they want to encourage transparency and guarantee foundations, NGOs, governments and all individuals that the money is being used for the right purpose.

About the Sale

Giftcoin has a total supply of 1 billion tokens. The highest percentage of tokens will be distributed during the coin offering events. The pre-sale has already started, and it is targeting “sophisticated investors” who are looking to invest more than $10,000. The first main sale is estimated to take place on March 20, 2018, and those who want to participate are advised to get pre-registered. In September 2018, with the funds raised through a second token sale, Giftcoin team plans to launch a Beta version, with a fully functional platform and a few charities already signed up.

Want to find more on your own? Visit Giftcoin at the official website https://www.giftcoin.org/. You can also download and read GiftCoin’s whitepaper which outlines their roadmap, business model and other aspects here: https://www.giftcoin.org/GiftCoin_Whitepaper.pdf
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