Carebit team is on a roll
Aloha
Hello again! No less than 4 days ago, I posted a story about how I got myself started in the crypto world and how I stumbled across Carebit and somehow got hooked. The idea of using the blockchain for charity and donations, even with no Whitepaper available at the time and a coin value that appeared to be going down only, was still very appealing to me. After several announced dates on which the Whitepaper was promised in the past couple of months and weeks, had come and gone without a sign of the Whitepaper, doubt whether or not the team could deliver was appearing occationally, even thought we were reassured that it was on its way.
Some investers lost faith in the recent days, and were pretty negative on discord and some were equally negative on their social media profiles such as Facebook and Twitter. The thing is, that if people invested in the coin a couple of months ago, the price was 10 or in some cases even 100 times higher than it is today. And seeing the coin being traded for 2 sat each a couple of days ago, probably caused some investers to loose faith and give up. Nothing bad can be said about that really, as it demands a pretty strong believe in a project to keep on going. Most investers are pretty quiet though, and have probably just tugged the coins away in a wallet.
Finally
Then it happened. Last week the full version of the Whitepaper was released. The Whitepaper contains 50 pages and it is very nice looking. And having read through quite a few Whitepapers in the past 1-2 years, I find this Whitepaper one of the most informative and nice looking papers I have read to date.
The first half of the Whitepaper contains figures and facts on the existing NPO's out there. Those number are used to show, why a new system like Carebit could make a difference, in terms of transparency and efficiency when it comes to using donated funds to the fullest. I have to admit, I have not checked all the numbers, and for now I'm assuming they are correct.
The second half of the Whitepaper deals with Carebit, what their vision is, how it uses the blockchain, which procedures and tools it is planning to deploy to support their vision. I will highlight some of the parts of the Whitepaper in this article, that answered some questions for me personally, but I cannot capture a 50 page Whitepaper in an article like this, so I strongly suggest you follow the link in the bottom of the article, and have a read through the full Whitepaper yourself.
Then a couple of days later, a new roadmap for future steps of Carebit was released. It is a nice looking roadmap that clearly states what their future goals are. These 2 documents should give investers the much needed boost in morale, to hang on to their investment, invite others to have a look as well, and see if those goals can be realised in the near future. It is needless to say, that there are countless obstacles to be overcome, before the Carebit organisation can be as effective as some of the existing organisations are today, and only time will tell if most or all can be overcome so the vision can prove itself in the field.
The Whitepaper
The actual explanation of Carebit and its tools and processes are explained from page 19. The main tool will be a tracker tool, that will be used by charities and good causes to register their project or disaster that money needs to be raised for. The same tool can be used by everyone willing to donate, to give CARE or other crypto currencies like BTC or ETH. You can simply shop around, and make a pick. In the tool you will be able to see the invoices paid for each project, as the intention is to not just give each charity a big bag of money, but to actually pay for specific invoices.
Another interesting part of the Whitepaper is the explanation of the funds that will exist within the Carebit ecosystem. The first fund that is mentioned is the Carebit General Fund which is to be used for purposes controlled by the Carebit community, and not the Carebit organisation itself. It is the organisations primary donation fund. The second fund mentioned is the Operations Fund which will be used for running the organisation itself. It will be funded by the organisations own mining reward allocations, but donations are welcome. The third fund mentioned, the Liquidity Reserve Fund, is intended to exist during the first 5 years to ensure stability of the coin by being able to purchase CARE coins and thus remove them from the market if needed. This fund will only contain ETH, BTC or possibly FIAT to be able to purchase CARE. The purchased coins will be deposited in the General Fund. This third fund will be closed after 5 years, unless its existence is extended one year at a time by vote of the community. The last type of funds, are the Charity Project Initiative Wallets, to be used for specific projects.
The CAREDEX is also on the roadmap as one of the pillars for the origination. It will be a easy way for traders and users to get hold of CARE coins and start donating, where fees charged by the CAREDEX will be very low and of which 50% will be used for donation.
There is also a section on the governance model that will be used in the Carebit ecosystem. Votes, with different weight, consist of various leading members of the Carebit team and members of the community as well. The governance model will be used frequently, by the looks of it, to determine which charities should be allowed in the tracking tool and will be deciding on the future direction of the Carebit project. It is important to note, that a community member in this model is an invester that holds at least 3 masternodes which represent a value of 450000 CARE at the time of writing.
Last but not least, each member of the Carebit team is introduced in the Whitepaper on page 45-48. It is very nice to get an idea who is representing the Carebit team, and what experiences they bring with them. It is comforting that there is blockchain, NPO and financial expertise represented in the team as well as experienced technical personal that will carry the development of the blockchain elements as well as the tools required for carrying out the visions of Carebit.
Closing comments
While a Roadmap and a Whitepaper are no guarantee for succes, it is certainly expected of a project and organisation that is looking to be taken seriously by any small or large invester. So I for one am crossing my fingers.
I recommend that you check out the new Whitepaper here:
https://github.com/carebitcoin/carebit-whitepaper/blob/master/Carebit_WhitePaper_English.pdf
If you want to read the Whitepaper offline, simply hit the download button, and it will download the Whitepaper as a PDF.
And have a look at the brand new Roadmap her:
https://github.com/carebitcoin/carebit-whitepaper/blob/master/Carebit_Roadmap_English.pdf
Give it a try and check out what their vision is, it might be you get hooked as well.
Edit: Corrected a few typos and added a few forgotten words in the text