GiftCoin - A Blockchain Approach to Charitable Giving

cryptotaofficial (56)in #ico • 6 years ago

I think, despite an opinion that people are selfish, it's somewhat in human nature to help each other. Even if those people we help are complete strangers. This point of view can be confirmed by the statistics, saying that globally people contribute more than $500 billion to charity organizations annually. This is despite the fact that everybody knows that only part of those funds will reach their intended recipients.

There are several problems with the existing organization of charity donations. Among them the high fees charged by fundraising services. For example, the donors, using Giving.com service, have to pay 5% fee. Plus, additional fees are charged by payment processing companies for international money transfers. Another problem is the lack of transparency. To begin with, the donor cannot be sure that a certain charity campaign is trustworthy. Nobody knows how the funds are eventually distributed. Many people think that charity money never actually reaches their recipients, accumulating instead in the pockets of corrupt officials and bureaucrats. Sometimes it's hard even for charity organizations, specializing in a certain area, to track the usage of their funds, and be sure that that money is used efficiently, especially considering long and complex projects.

GiftCoin addresses the existing problems, offering its blockchain based platform and a concept of end-to-end donations. The idea of using blockchain in the sphere of charity was somewhat inevitable, to begin with. Blockchain allows to track the movement of money. All the operations conducted on the blockchain are transparent and visible to everybody, so that I can, for example, trace the route of each coin I donated, and learn where that money has eventually ended up. This makes blockchain somewhat a perfect instrument for charity infrastructure where transparency is an important factor. The concept of end-to-end donations means that I'll know exactly when and how my donations are spent. For example, if I donate money to help a little girl in Africa to get an education, the system would contain all the necessary information, confirming that the money has reached the exact recipient I've intended to help. Plus, the mechanism of Smart Contracts guarantees that that money, sent to pay for school, cannot be spent in any other way. In more complex cases, such as construction projects’ financing, the process can be split into stages. At each stage, an independent verifier can check if the set goals were achieved, and if it's the case, he authorizes the release of the next portion of funds through the smart contract.

One of the interesting features, introduced by GiftCoin, is the so-called round-up app. The idea is that when we make purchases, we don't really care much about small change. So each time the user makes a purchase, round-up app, attached to her bank account, rounds up the money she’s spent to the nearest dollar, converts the change into tokens and sends them to the GiftCoin wallet. So when that person decides to make a donation, she can simply use those accumulated tokens.

Since the GiftCoin platform is intended to handle a significant number of transactions, the project developers are planning to phase out somehow the slow and resource heavy proof-of-work transaction confirmation mechanism. Plus, the platform design will include the components, facilitating off-chain transactions, not required to follow the standard blockchain confirmation protocol. The GiftCoin token will serve as the currency and primary means of exchange on the platform.

Roadmap

Starting from March 20, 2018, GiftCoin will conduct a token sale, aiming to distribute up to 100,000,000 GiftCoin Tokens. The hard cap of the sale is $10,000,000.

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