What is Charity Token?
In a sentence, Charity token is a Web3 startup addressing the macro problems in distributing charitable funds around the World.
Charity is most likely the last thing you're researching on a Friday night. So I will sum up 8 months of research that was carried out during the development phase and save you the time.
When a direct donation occurs on a platform, the charity will see 92-98%. This is great however, the problem isn't this, the problem is in the way LARGE amounts of charitable cash moves across borders and into the pockets of the great unknown....in fact, around 80% NEVER makes it to the intended region. How is this possible you ask?
- Charities have extremely low accountability for public funds. They have far less reporting than a company and so money is easily hidden. Trying to find financial data on the flow of charitable money is impossible!
- 39% of the TOTAL 500b, is received by religious Organizations. HUH?
- Charities organizing Aid to a poor nation in a rich Country...a total waste of resources when the labour force AND goods are far cheaper in the poor countries and we boost THEIR economy too!
- Platform processing and service fees from Charity "service providers".
- Grant facilitation is trickled down from several large Organizations and otherwise are left to the Countries governments who dust their hands of any involvement, as they have no way of distributing funds outside of these larger Charities.
- Money culture in the sector is poor. A business mindset is lacking and also real talent as the wages are low for a C suite position.
- Money is wasted on ongoing aid rather than sustainable development. I speak with many leaders within the African Communities and I assure you...they are NOT receiving anything. Its just not getting to them. Those that do, see it in the form of minimal temporary aid.
- Ultimately, we organize FOR not WITH the local Charities. Their is no empowerment but only control in which money is handed out to these places.
Just some quick figures to give you a small insight into how little these people need to thrive.
- $100usd will see 12 bags of cement, 2 days of meat, 40 lengths of timber and some small tools in Uganda.
- $2500 can build a home for around 10-30 family members
- $10,000 would have a water bore dug and fresh water supplied ongoing for around 1000 people.
Every dollar wasted in a dollar unwanted...
A platform that can...
- A platform for Charities to receive funds from both public and private
- Move value in seconds, while bypassing ALL of these "middlemen" to get 99% of the value their!
- A way to distribute the funds more evenly, faster and for less money.
- An admin panel to collect data and structure it into a report to build extra revenue while creating more efficient systems to distribute money. That's data!
Well....we built it!
How does it work?
Im so glad you asked! Ha
You start by downloading our app from the Apple (soon) or Google stores. Sign up and verify to receive an account. You can now fund the account via a bank card via our third party payment integration or a cryptocurrency exchange. You can also purchase using metamask and import this wallet into our app.
So now you have Charity Tokens. You have a few options to choose what you would like to do with them. Donate them to one of our verified and registered Charities, give them to a friend/stranger OR hold onto them and EARN as others make transactions in CHAT.
EVERY donation platform has financial inequality across their charities donation amounts. Some have many thousands and many more have zero. To align our Charity earnings better, we introduced a "transactions split". This distributes 7% of each transaction across the members of the Community as stated below. Our aim is to see EVERY charity earning a little more equally.
1. 93% will be sent to the recipient or Charity
2. 3% will be gifted proportionally to EVERY wallet that holds Charity Tokens. JUST HOLD TO EARN.
3. 2% is distributed to the listed Charities EQUALLY.
4. 1% is split into 50% Charity Token and 50% Matic then deposited into our liquidity pool. This creates both a stable trading price AND a deflationary mechanism increasing scarcity over time.
5. 1% will go to us here at Charity Token Pty Ltd, this ensures our growth as a private Company which in turn grows the amount of services such as advertising and marketing for the Charity sector.
All of these percentages CAN be adjusted as will be closely monitored as the platform is adopted and used.
Now for the dreaming...I dream of a World that see the likes of Google, Amazon and McDonald's holding Charity Token. As blockchain is adopted more and more, large Corporations will begin integrating with private platforms. We are aiming to become one of these "plug in" networks in the hope they will use us to donate millions directly to our charities.
Finally, this platform is simply a foundation of what could very well be a "disrupter" for the Charity sector. We have such a direct relationship with each one of our charities that a very accurate list can be drafted to show HOW every dollar will be spent followed by photos, letters and smiling faces! You WILL NOT find this passion for change ANYWHERE!
Thank you for reading 📚