While much of the blockchain is in use for personal financial gains, there is a growing interest in utilizing cryptocurrency for more philanthropic activities. The new trend of leveraging digital currency for charitable activities seeks to solve some of the challenges that our current charity foundations are facing. It is well aware that people lack trust in charities due to the cases of corruption, overspending, and fraud. However, using the secure and decentralized blockchain could help reduce the malicious acts and errors and improve operational efficiencies.
In the future, the charitable foundation relying on blockchain could gain more investors due to restoring faith in skeptical donators. Consequently, this could increase the levels of philanthropic engagement and a rise in overall donations. Here is a blockchain charitable platform for all charitable organizations that want to embrace cryptocurrency and engage more people.
What Is CHERR?
CHERR.io is a decentralized blockchain solution for donations from people from all across the world. The charitable platform will harness the power of blockchain technology to offer a breakthrough solution based on trust, transparency and a people-based design. In return, this will protect against fraud which is the donor's primary concern. Additionally, CHERR.io will provide for fund allocation tracing, confirmation, and the use of an internal token (CHR).
CHEER.io will operate on the Ethereum blockchain to also ensure there are immutability and the ability for donors to control where the money goes and trace all transactions. That will also entrust the fundraising platform to have an optimized donating and spending process. In technicality, the execution of charitable organization will witness a paradigm shift in their operations.
- Ethereum blockchain – the funds are full traceable thanks to the open transparency ledger within Ethereum.
- Decentralized model- the CHERR.io structure works on a peer-to-peer basis with no intermediaries
- Smart contracts- entrusting funds on the blockchain goes with using the self-executing agreements that indicate real-time evidence of the fund's progress
- Reward system- as a way to give back to the cause, CHERR.io will reward tokens to frequent users and contributors.
- An emergency pool- any token not sold during the sale campaigns will go to an emergency pool fund that provides a reserve for crisis situations
- Transparency as both parties have access to the funding process
- Low transaction costs since there is no operating costs or commissions to pay
- Enhanced trust for the donor as they have power on how the donation spending happens
- Efficiency in charitable operations
CHERR CHR Token ICO Details
CHERR is planning to launch an ICO for their CHR token in the 3rd QTR of 2018. The token is an ERC-20 compatible token. You can join their whitelist on their website to stay informed.
Despite the unlimited potential in solving the challenges facing charities, CHERR.io still has a long way to go. The salient fact is that these digital currency donations are still entirely untested although there are already working and viable ventures. Additionally, there is limited awareness within the population on how blockchain charity work, for example, CHERR.io.
However, in the short run, we can anticipate that CHERR.io can have a significant disruption to our traditional philanthropy. Consequently, this could drive up the levels of innovation and experimentation within the charitable and nonprofit sector. But the point of concern remains to foster the adoption of digital currencies into becoming commonplace and continue to flourish. If that is achievable, there will be a more significant impact that could increase the confidence of millions to donate to the social sector.