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Queensland, Australia-based, Giftcoin, has announced the world’s first cryptocurrency charitable giving and good causes. Looking to overcome the problem of transparency when gifting donations to charitable causes, Giftcoin enables donors to accumulate Giftcoin, which they then donate to a charity or cause of their choice. Tracking of the Giftcoin donation then begins, so the donor can see exactly how the spending of their donation occurs.
More information is available at https://www.giftcoin.org.
Recently released, the Giftcoin system creates transparency and trust during the giving process through the use of blockchain technology, so donors know gift use is as they’ve intended, and funds have not been misspent. Current methods of making donations incur high fees and these administration costs erode the value of the donation reducing its effectiveness.
By bypassing traditional giving platforms, Giftcoin revolutionizes charitable gifting. Using secure blockchain technology linked to a distribution ledger, donors can track contributions. The smart contract associated with the token also makes it possible for the donor to release funds in stages only when projects reach milestones. Thus, any unused funds get returned to the donor to use on another project, such as in case of project failure.
The key features of Giftcoin include a permissioned ledger, no public mining or PoW, low bandwidth network adaption, and an open ecosystem which allows the integration of other apps. Also, Giftcoin uses a round-up app, which rounds-up donations to the nearest dollar. As a result, small change can make a big difference.
Giftcoin is launching a token sale to help raise funds, which starts on March 20th, 2018. Gifting will begin in July 2018, with the second batch of Giftcoin tokens available in September 2018. The proceeds gathered in the Giftcoin token sale will develop the systems technology, cover overheads, marketing, legal and accounting, as well as administration costs.
A spokesperson for Giftcoin said, “Giftcoin is a revolutionary concept of charitable giving which shows the route from the pound to the project. This system is exactly what the charitable sector needs in the 21st century. An open, protected and satisfying digital method of giving.”
To find out more about Giftcoin and its charitable giving token, visit the link above.
Release ID: 302022