In case you missed it: ΛIDCOIN: the global charity coin by CharityStars

aidcoin (25)in #charity • 7 years ago

CS+Aidcoin.png

In view of the upcoming Aidcoin token crowdsale starting November 20th 2017, we explain why Aidcoin is the most simple and effective solution to donate efficiently, boost charity fundraising and reinstate trust in non-profits.

At best, charities are gentle, bungling giants. In the worst cases, they are murky black holes, leeching off our altruism: don’t take our word for it, but that of the generous men and women in the street.

Trust has been eroded by the non-profit’s lack of transparency and accountability, as public perception is being influenced by outrageous scandals — pick your favourite: personally, my blood never fails to boil over James Reynolds’ $187m misappropriation or the Red Cross’ embarrassingly poor and eye-wateringly expensive results in post-earthquake Haiti.

Is it surprising, therefore, if more than half of US charities are unfunded and can’t meet demand?

At CharityStars, we’ve been working every day, for years, on this problem, helping charities transitioning to efficient and engaging digital fundraising.

Today, we couldn’t be more excited to share with you our beautifully simple plan to revolutionise the non-profit sector. We introduced the gentle bungling giants to the dark side of the web: blockchain.

Given their current reputation, cryptocurrencies are as much in need of a good PR agent as the non-profit sector. In this series of articles, we’ll show you how our CharityStars’ Aidcoin tokens are manna in the wildness for fundraising charities.

THE BLOCKCHAIN ADVENT

Central to the CharityStars ecosystem will be Aidcoin, a cryptonized network token enabling its holders to: A) donate to their favourite charity, or B) purchase memorabilia and experiences from our charity partners (from Novak Djokovic to Silvio Berlusconi, from Leo Messi to Andrea Boccelli) on CharityStars.com — where proceeds go to the celeb’s charity of choice.

What are the benefits?

The blockchain ledger is public, it can be viewed by anyone, promoting transparency and accountability. It sends financial intermediaries and middlemen into a well overdue retirement, reducing transaction costs and increasing trust between the donor and the charity of choice.

We also know that blockchain allows parties to run smart contracts, automatically executed donations once certain conditions are triggered.

What are the implications?

Charities will raise money more frequently, with less hustle and at lower costs — while at the same time ensuring efficiency and rational scrutiny.

Fundraising will be earmarked for specific projects, contingent on pre-identified KPIs: if the amount needed for the project is not reached, your money will return to your account. As a donor, moreover, you can easily monitor exactly how your donation is being deployed or divert donations to the most pressing areas of need, based on empirical decision dictated by an analysis of public data (poverty rates, health indicators).

Once again, the ledger is not owned by any single authority: every user contributes their own computing power to guarantee the security of the system by complex cryptographic processes. It confirms that all transactions reliable and tamper-proof.

Refugee Camp.png

With Aidcoin transactions and donations, we are getting one step closer to the fulfilment of effective altruism and one step further away from low-quality, ineffective donations.

One of the most damning examples of low-quality evidence concerns microcredit (proselytized by Muhammad Yunus and the Grameen Bank): it seemed like a cost-effective solution and donors were spellbound by anecdotes of people who had used their microloans to start businesses that, in turn, helped them escape poverty. But when high-quality studies were conducted, microcredit programs were shown to have little or no effect.

Once again, there’s no shortage examples of less than ineffective charity projects. Aidcoin can put an end to these “bubbles” overnight and ensure that every cent is devolved in the most efficient way and fostering innovative financing solutions.

The Aidcoin vision

The non-profit sector is painfully slow in terms of innovation: the costs are enormous and are borne by those most in need. The already laborious and ineffective fundraising process is further hindered by the fact that each platform seems to operates on its own terms, following different dynamics, processes and requirements. This, in turn, translates as poor engagement with donors and ebbing willingness to embark on innovative fundraising initiatives.

Aidcoin’s goal to bring fundraising platforms closer together by:

increasing donation’s transparency, simplifying payments and KYC processes;
allowing charities to fundraise efficiently accepting cryopto currencies

No piece of cake, that’s for sure. The non-profit industry is led by change-averse institutions — and at CharityStars, we learned it the hard way.

We’ve come a long way since we first faced these obstacles in 2013, when we launched our first product. Today we collaborate with 500 non-profits worldwide (including Unicef, WWF, Save the Children) and we are in a unique position to generate and boost the adoption rate of Aidcoin tokens among our charity partners.

AIDCOIN use flow_new.png

Aidcoin is in line with a broader vision to establish new, fast, secure and transparent payment protocols across non-profit industry. Cryptonized assets and smart contracts will inevitably redefine old business practices and vanquish those that are slow, expensive, untrustworthy or benefit central authorities. Moving forward, CharityStars will drive Aidcoin as the new protocol and solution for transactions in the non-profit industry.

WHAT’S IN STORE FOR AIDCOIN TOKENS?

As effective altruists, we are right behind William MacAskill’s call to arms: “The challenge for us is this: How can we ensure that, when we try to help others, we do so as effectively as possible?”

The upcoming ICO of Aidcoin tokens, in Nov 2017, is the answer to CharityStars’s obsession “How can we make the biggest difference we can?”.

Given the innovative breakthroughs made available by blockchain, coupled with CharityStars’ experience network of charity partners, it is not hyperbole to say that “few people who have ever existed have had so much power to help others as we have today”.

With this short post we hopefully wet your appetite for what is to come: in the next few days we’ll share a video explaining how Aidcoin tokens work, how we envision them functioning in the CharityStars and non-profit ecosystem, we’ll update you on how you can become an active part to the Aidcoin revolution and more details regarding the ICO, the token emission.

Stay tuned, the future is bright!