Launching a community charity currency? Will it work?

TheCoinGrabber

sr. member

Activity: 994

Merit: 302

I'm curious how the value would fluctuate. According to the article it would be initially pegged to the Kenyan schilling. If more money is sent in, would that raise the value or not?

Quote from: UnknownTraders on June 20, 2018, 12:30:54 PM

The main thing we need for charities is transparency. Too many charities have gone rogue and only using something like 5% of donations for their main cause. Blockchain and smart contracts could provide new ways for transparency which could benefit charities and repair their image.

I guess this is one way this would be beneficial. Several charities can accept donations using this crypto and it would be easy for the public to see how much they really are getting. Of course the transparency could stop once they cash out. Maybe prevent the charities from cashing out, like if they receive these coins, they have to use them as is?

pretfeestje

newbie

Activity: 126

Merit: 0

Quote from: UnknownTraders on June 20, 2018, 12:30:54 PM

The main thing we need for charities is transparency. Too many charities have gone rogue and only using something like 5% of donations for their main cause. Blockchain and smart contracts could provide new ways for transparency which could benefit charities and repair their image.

I totally agree with you. But a team starting out to develop a project for charity should first be made up of individuals who already have and will put in a larger percentage of their personal finance to get the project to a certain good height before thinking of engaging the public in donation of some sort. Charity is giving and you can't give what you don't have.

All the same, it would be a good idea and with a strong team, the project will see the light of success

UnknownTraders

newbie

Activity: 56

Merit: 0

The main thing we need for charities is transparency. Too many charities have gone rogue and only using something like 5% of donations for their main cause. Blockchain and smart contracts could provide new ways for transparency which could benefit charities and repair their image.

DOLONCHAPA

full member

Activity: 360

Merit: 100

arity currency refers to help some helpless people by the money which comes from charity. It will continue if it is possible to manage some long term donation. There is need some organization who can help in charity currency.
It has a bright future, if it can be managed

brendongl

newbie

Activity: 98

Merit: 0

Found this article pretty interesting - https://cointelegraph.com/news/bancor-launches-community-token-network-to-combat-poverty-in-kenya

So the team at Bancor are making a Community Token which will help fight poverty in countries that need it the most. Starting with Kenya and partnering with Grass Roots Economy. What do you think?

Topic: Launching a community charity currency? Will it work? (Read 145 times)