Problems in the Charity Market
When it comes to donating on charity, there is one concern that looms on the mind of most philanthropists... Where is my money going? It's part of human nature to want to help others, however, corruption, greed, and mismanagement of charity funds has left many people opting to not donate to charities, for fear of wasting their money.
The charity industry suffers from a severe lack of transparency, though around 75% of large businesses run some sort of charitable efforts, very few are satisfied with the way their money is being used, and feel that there is very little ability to discern the benefits the recipients received from their donation. In addition to this, there are huge operating costs associated with providing cross-border charity and foreign aid, with large transactions costs that eat into the donation, and the increased complexity of dealing with the variety of regulatory agencies makes international donations more difficult than it needs to be.
Along comes Humancoin
Humancoin looks to resolve these problems by introducing the Proof-of-charity protocol, a system that allows benefactors to receive back 50% of their donation amount as tokens, rewarding them for their contributions via the Humancoin partner network.
Additionally, Humancoin completely resolves the issue of transparency in the charity market, ensuring that all those involved can fully track their donations online, to see who received what, making sure there is no foul play involved. Philanthropists using the platform will have the ability to vote and rank charity projects and will provide a receipt for donations to be used for tax purposes.
The blockchain ledger technology that Humancoin offers will massively shorten the chain from philanthropist to recipient, cutting out the long chain of middlemen that act as a barrier for contribution, ensuring more funds reach their target and enabling a fully transparent chan for the traceability of funds.
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| Humancoin looks to target three large market segments with its product, the Charity, Retail E-commerce and Cryptocurrency segments (source) |
Besides this, Humancoin also looks to become the world's first cryptocurrency based loyalty scheme aggregator. By integrating the loyalty sector with the charity industry, Humancoin hopes to create strong emotional resonance with philanthropists, whilst allowing retailers and brands to incentivize giving using personalized loyalty schemes.
Humancoin Token Sale
Humancoin is based on the ethereum blockchain, using the ERC20 standard for its HUMA tokens. The project has a modest soft cap of $6 million, and a hard cap set $26 million. The Humancoin token sale is conducted in four separate stages, each with a reducing bonus level, with the earliest investors receiving a 50% bonus, reducing to 35% in the first stage, and 20% in the second stage of the token sale, before finally ending on 0% with the third and final stage.
The token sale period is due to end on November 1st, 2018.
Humancoin Project Review
As far as ICOs go, it is rare indeed to find one that operates for a generally humanitarian cause, Humancoin is one of the rare few that go against the mold of the tried and tested, to offer something that can genuinely benefit the lives of millions. The team behind the project has extensive experience in technology, entrepreneurship, and philanthropy, and look well poised to bring to market a product to help tackle the myriad issues inhibiting in the charity industry.
We think that with the right guidance, partnerships and advise by its excellent team, Humancoin has the potential to be one of the most popular, and relevant projects in recent times. For now, we hope to see further developments from the team, regular updates and additional partnerships are welcome and will demonstrate the strength this project needs to gain momentum in hostile market conditions.
For Further Information:
Website: https://www.humancoin.net/
Whitepaper: http://docs.humancoin.net/HumanCoin_whitepaper_en.pdf
Announcement Thread: https://bitcointalk.org/index.php?topic=4469466
About me;
Bitcointalk username: jamalaezaz
Bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=721115
Ethereum address: 0x05CAbdFE623E127a034B19349180984E8bB051C5
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