Blockchain can solve the Go Fund me debacle!

What’s happening around the donations to the Canadian truck movement is appalling. If people are being censored by halting donations regardless of political or health stance is against democracy!

However, it comes with a silver lining….what if I were to tell you a little about a censorship resistant technology called blockchain. If a fund-raising app were to be developed there would not be a single “middle man” to halt payments or disrupt social impact events like this.

For example, Charity Token is built on a blockchain. It enables an autonomous movement of money that had been previously coded into the smart contract. Nobody including our Company can halt, touch or move any funds on the network but our own. The same technology could be applied to every type of industry.

Every blockchain software requires a token, this token is used to enact a type of ‘mini economy’ with inflation and deflation measures in place. This rewards those who participate on the network. In the blockchain industry, this is called “tokenomics” or the token economy.

You will find at first, blockchain and crypto projects sound “scammy” and this is mostly due to the gamer-fied experience that is the tokenomics. To incentize participation, we need to reward people, and the easiest way to do so is by way of token, then we build value around the token by adding use cases to the model. This allows users to get on and off the network at anytime with ultimate flexibility over their Investment or finances without centralised banking like locked contracts with little incentive.

To sum my point up, while what is happening around the Go Fund me issue may be a bad thing. It’s highlighted the need for censorship resistant technology for things such as voting platforms and distributing money without bias. This only has to be the intent when writing the “rules” for such applications.

Feel free to ask any questions you have regarding blockchain technology and the future of finance.

Thanks for reading 📚

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