Blockchain's Gift to the World

hatu (76)in #cn • 8 years ago (edited)

Introducing GiftCoin

Acquire wealth and then donate it--this seems to be the hallmark of modern capitalism.

A vast portion of the world's wealthiest self-made individuals have dedicated their wealth to charitable purposes, and many have agreed to donate 99% of it once they pass away.

But charitable actions aren't limited to the intentions of the rich. Mass media constantly reminds the privileged of the hardships of the world's weakest societies. People can look away once or twice, but they eventually give in. This has led to an annual dedication of 100s of billions of dollars to charities. But the direction that money takes post-donation is often untraceable.

Scam Charities

The Kony 2012 scam outlines a key problem in charity: people are moved and blindly dedicate their money in hopes of bettering lives. Whether they do it to show off, to feel that warm fuzzy feeling inside, or simply because they cannot stand to see anyone else in pain, is irrelevant. The point is that people do not sleuth charities before dedicating money to them.

Kony 2012 movement "pitched" the crimes being committed by Kony and the LRA in Africa. The movement's headliner showed the abuse children faced and immediately collected an outpour of donation, as the movement's founders promised to dedicate funds to better the lives of those who had been affected by Kony. However, once the funds had been collected, the movement's founders disappeared with all the money.

Because of incidents like the one described above, people have lost trust in charitable organizations. While pathos appeals still manage to convince them to donate, they are restricting themselves from giving too much until trust is established, and often delayed funds can mean the difference between life and death for some poor souls in a troubled region.

The key problem remains that transparency of donated isn't guaranteed. Conveniently, a powerful new technology is cored on providing transparency.

A Coin for Good

GiftCoin is designed to target the problem faced by the charity sphere. GiftCoin is a project that aims to bring transparency to the charity world by leveraging the blockchain. GiftCoin is a multi-layered product: it's a coin, a dApp, and a blockchain. The coin serves as the native currency for the blockchain that GiftCoin's team has built to bring transparency and low fees to charity transactions. The GiftCoin dApp is designed to roundup (to the nearest dollar) transactions made by everyday people, who use the dApp.

Suppose a drink is purchased for $1.95. GiftCoin's dApp will round up the transaction to $2 and the extra 5 cents are simultaneously converted to GiftCoin which the dApp user can donate to a preferred cause. GiftCoin then gives the user a clear view of what his/her charity has been used for. The key product here is the blockchain and the GiftCoin dApp is just one application of it. A blockchain tailored to bring transparency to the charity market ensures that all the key intermediate locations of a donated fund are transparent and conveniently viewable by the masses.

This holds benefits for everyone involved in any charitable transaction:

Donors no longer have to worry about the proper usage of their funds. GiftCoin offers all donors the ability to have a clear view of how their donation is being used. Without holding any anxiety of how funds will be used, donors can confidently support the causes they truly believe in without having to exert any effort. GiftCoin allows donors to track the funds at each step of the delivery network as the transactions are viewable by anyone.
Despite the funds allocated to charity reaching a net sum of 100s of billions across the globe, the need for funds is not yet met. Charities, even the genuine ones, need to shift the way charity works to generate these extra funds. GiftCoin offers a seamless solution. Genuine charities can voluntarily adopt GiftCoin to assure donors of their legitimacy.

Recipients of aid and charitable funds will now be able to get help without having to worry about the world erroneously thinking they've been helped even when they haven't. In case funds allocated via GiftCoin do not reach those who need help due to any reason, whether it be fraudulent activity by some members of the delivery network or technical errors, the world will be able to step in and provide a new chain of funds to those who need imminent help.

GiftCoin, primarily via its blockchain, will revolutionize the way charity is carried out across the world. Donors, charity organizations, and aid recipients will be connected within a transparent ecosystem.

This transparency is going to restore confidence in the charity world. Be a part of the effort to restore confidence in global intentions for good with the GiftCoin ICO.