Charity on the Blockchain: Humancoin

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Charity…

Charity has been seen to be one of the marks of a good person in the human race. Many wish to be seen as good so they do humanitarian services or donate to charity. People give to charity for different purposes of which larger percentage is religious.

But the charity industry has, over the years, been plagued with a disease which is lack of trust. Many people have lost trust in charity organization for a lot of reason which ranges from lack of transparency to allegations of mismanagement of funds. In an article written by Jonathan Garton (Professor of Law, University of Warwick) titled, ‘Why has trust in charities been declining?’ made some intriguing conclusions on reasons why trust has been on the decline over the years. People do not want to donate to charities but they want to give directly to victims of disaster, or when they donate to charities, they wish to get reports on how their money was spent.

Problems associated with donating to Charity Organizations

Aside from the fact that people have lost trust in charity organizations because of the lack of trust due to lack of transparency, people are getting discouraged to use Charity platforms for some reasons:

  • It takes a long period of time to complete transactions, especially when donating to charities which are outside the country of the donor.
  • Charity organizations through which funds are sent takes up to 20-25% of the funds donated to maintain the organizations.
  • Some people will like to donate to courses directly not through organizations and see how their money is spent.
  • Etc.

This and many more problems plague humanitarian services till date which needs to be attended to.

The blockchain and Charity

The attention of the cryptocurrency ecosystem has been drawn to the challenges that plague humanitarian services and have started to rise to help people in need. Since the blockchain is built to eradicate lack of transparency and speed, it will be the best solution to the challenges that plague charities all over the world.

Binance, which is the largest cryptocurrency in the world, has risen to the challenge and set an example for other cryptocurrency exchanges to follow by donating it listing fees to charities and organizing fundraising for the course (read more here and here). But this may not be adequate as a platform is needed for the same course. Humancoin is the needed platform

Humancoin

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Humancoin is a platform that is built on the blockchain to help philanthropists and recipients connect directly to send and receive funds trustlessly through the help of the blockchain technology. With Humancoin the issue of transparency is dealt with adequately as the platform is bringing charity on the blockchain. Humancoin is not only creating a trustless, transparent platform for charity alone, but also for e-commerce.

Humancoin and Charity

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On the Humancoin platform, Charities come to register their organizations, not just organizations but bodies who are seeking to raise funds for a specific need. The Humancoin team performs due diligence on any recipient or organization that wishes to receive funds on the platform to ascertain originality. Documents are checked by legal personnel on the platform and each registrant is made to pass a high level of scrutiny to keep the platform pure of scammers.

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After the recipients are certified they can put up notifications of the help they need and for which course on the platform. Each recipient can specify the currency (fiat or crypto) with which it wishes to receive funds. Any donor can easily send money to any recipient on the platform in any currency (as the platform helps to convert the currency to that which is specified by the recipient). Sending and receiving funds on the platform is very fast.

Whenever anybody donates using the platform, the person is credited with 50% of his donation worth in HUMA token (as at the time) on the platform. This means that tokens can be mined by donating to the platform.

The Humanpool

The Humancoin platform has the humanpool to which anybody can send donations. The platform uses funds from the humanpool to donate to selected Charities or course from time to time after quality checks have been performed.

Ratings

The Humancoin platform rates each organization, body, or course according to their transparency. For example, the platform allows each recipient to give reports on how monies sent to them was spent. Updates or reports like these will help rate the recipient higher on the platform.

Humancoin and E-commerce

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The Humacoin platform also helps to conduct loyalty programs for producers, online stores, airlines, international corporations, etc. Any of these can give discounts in exchange for HUMA tokens, the HUMA tokens can be miles which can be used for part payment of a purchase. The tokens can also be used by game producers to reward their players. The tokens have a whole lot of use in the E-commerce sector. And in a way any company or organization that supports the use of Humancoins also supports charity.

For further information on Humancoin, you can Visit:

Website | Whitepaper | Telegram | Twitter | Bitcointalk ANN | Facebook

All images are property and gotten fro the Humancoin project.

Thanks for reading. I am @ayobami99. You can also reach me on bitcointalk and blog for more exciting contents on the blockchain technology.

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