Non profit organizations in the contemporary world often fail to deliver in defining situations due to a clear lack of influence. WWF, a gem among charities, is not only able to endorse a wide range of causes but can also expand initiatives to reach the far ends of the globe. The rest of the charities that we rarely get to see are stuck in a viscous loop of teething problems like lack of support, funds and security. This paves the way to an entirely new perspective.
People are seldom comfortable with donating to charity based organizations because they find it hard to trust them. Funds are seemingly taken from people through advertised promises and they are left to visualize their money being handed over to those in need. So, many consider it safe to simply not donate. Paradoxically, those who can donate rarely educate themselves over global issues. The ones at stake are the organizations themselves. Their purposes perish after struggling to keep a solid ground. In summation, the non profit sector needs a savior.
AidCoin and AidChain
Thankfully, blockchain technology has molded a solution to this too. AidCoin is a token used to donate transparently, which powers AidChain, a platform that provides an ecosystem of services for the non-profit sector. The project was conceived and developed by CharityStars, a leading, VC-backed charity fundraising company. With AidCoin, donations can be tracked with total transparency due to smart contracts and on AidChain, every transaction is visible.
Residing on the Ethereum blockchain, AidCoin, an ERC20 token, is a rather different offering to cryptocurrency mass adoption. The benefits of donating in AidCoin will effectively reduce the concerns of the public when it comes to donations. Some benefits include:
- Tracking of funds from the moment they are donated.
- Identity verification before donating. This includes all parties involved.
- Administrative costs for non-profit organizations can be tracked.
- Proof that donations made for a concerned cause are received by the concerned party is shown.
- Investment policies of charities can be reviewed if preffered.
- Elimination of intermediaries or third party fund organizers/collectors. This leads to minimum transaction rates.
AidChain is a bounty for the non-profit sector as everything is recorded on-chain in real-time. The information recorded is immutable and tamper proof and donations can be tracked even after they are converted to local fiat currencies through optimum level bank APIs. AidChain is also collaborating with TrueLayer to connect to bank data regarding bank accounts, funds, transactions and associated entities.
In addition, a list of all partnering charities will be presented to the user in an interface that is easy to get the hang of. Those who can donate may need to create an account on the website and start contributing to the causes according to their preferences.
The official ICO for AidCoin took place in the early stages of this year. In January, AidCoin gathered a total of $18.6 million from their main sale. The token distribution is amongst their ICO (40%), AidPool (10%), the company itself (27%), bounty program (3%), advisors (10%) and the team (10%).
The parent for the project, CharityStars, has been hugely successful in its endeavors, having worked with 500+ charities including UNICEF, Save the Children and WWF. They have chosen to focus on creating trustworthy relationships between charities, celebrities and popular brands, who can fund them while also mustering up support from the public through social media or sponsorships. AidCoin is one of their core ventures, whose journey began with CharityStars itself when it became the first ever external fundraising platform to accept payments in AidCoin. On the platform, exclusive auctions featuring artists and luxury brands are available to AidCoin buyers.
Pop culture has been immensely welcoming towards the platform. Celebrities like the football legend Christiano Ronaldo, actress Emma Watson and tennis star Novak Djokovic have endorsed multiple charities that are partnered with CharityStars, through bids/auctions and social media promotions. CharityStars has gathered a grand total of $13 million in funds and has partnered with more than 500 charities around the globe. The average user of the platform spends nearly $500 for the cause. Evidently, the progress has been favorable and CharityStars is very hopeful for the future of AidCoin.
Today, cryptocurrencies are constantly sparring for the top spot. For the world around them, making sure that these cryptocurrencies are given the spotlight they need is of greater precedence. For instance, a platform simply ignoring the need for crypto exchanges is most likely to break down one day. AidCoin, however, will never see the light of such predicaments.
AidPay is a payment gateway/embeddable widget that allows charities registered on the AIDChain platform to accept donations in different cryptocurrencies directly on their website and mobile application which are then instantly converted into AidCoin. This efficient new way of keeping all donations converted to AidCoin is a smart move on their part. Users will be able to use a built-in digital wallet to keep their funds safe and secure on the AidChain. These wallets can enable a user to track funds donated to a charity and can receive notifications on the progress.
The official whitepaper gives us a glimpse of a possible new token called AidGift. The token will be responsible for efficiently keeping track of donations to charities in the near future.
Partnerships with WWF and Sidera
A unique accomplishment for AidCoin, WWF’s italian division has now started accepting donations in AidCoin through the AidChain platform, enabling users to donate in 23 different cryptocurrencies. The funds will automatically be converted to AidCoin.
We are very glad to share our latest news: the world-renown @WWFitalia has joined AIDChain, paving its way to full transparency and showing a good example to other charities!
— AidCoin (@aid_coin) August 23, 2018
More recently, Sidera Blockchain Technologies, notable for their wearable decentralized gadgets, has officially partnered up with AidCoin with Sidera contributing 1% of gathered ICO funds to AidCoin.
Another major partnership brightens the world’s future: $Sidera and @aid_coin just signed an agreement that will improve the situation of animals ensuring their survival.https://t.co/1wJCMQP6A1#crypto #blockchain #smartwatch #airdrop #BitBand #BitWatch #IoT #exchange #anon
— SIDERA Blockchain technologies (@SideraBC) September 6, 2018
From Japan’s national flooding crisis to celebrity endorsed fundraising, AidCoin has been circling it all. AidCoin is ready to be showcased to the public as a clean and risk-free way to give back to the community. AidCoin is a benefactor to not just renowned charities, but also to communities who are probably far too deserving of our help.