What Is Commit Good?
Commit Good is an Ethereum-based blockchain solution to facilitate the transparent fundraising for philanthropic causes in exchange for rewards. Primarily, the platform seeks to ensure that the money raised for humanitarian purposes is used rightfully. Moreover, the system will reward its members for specific activities through the creation of the GOOD token. GOOD tokens will be the native cryptocurrency of the Commit Good ecosystem.
Initially, the Commit Good comprise of over 300 charitable organizations. The ecosystem will be based on the Creative Chatter platform that uses geo-location techniques to identify what specific charities need. Ultimately, Commit Good intends to be the largest charity group in the world.
The Problem Commit Good Seeks To Solve
Despite the increasing number of charities, there still no reliable way to establish how the donations are spent. Last year, a whopping $2 trillion was contributed to humanitarian causes, yet nobody knows of the money reached its intended destination. According to multiple studies, people are less likely to donate if they do not know where their contributions will end up. Therefore, the challenge for charities is to reassure the donors that the money will be spent appropriately.
Usually, most donations are given in the form of goods, rather than money. Currently, there are several charity-run thrift stores across the US. Most of these outlets require vast amounts of time and money to manage. As a result, the funds that would otherwise be used to fund philanthropic projects is often spent in maintenance.
Nowadays, donors are overly obsessed with transparency, albeit in the wrong way. Charity groups are forced to slash down recurrent expenditures and focus primarily on delivering the donations. Consequently, these organizations resort to using old infrastructure as well as incompetent staff.
The Commit Good Blockchain Fundraising Charity Project Solution
As mentioned earlier, the Commit Good platform will leverage blockchain technology to solve the challenges facing charity organizations. Using blockchain-driven smart contracts, all stakeholders in the charity sector will have access to the entire donation process, from contributing to the implementation of projects.
The Commit Good Ecosystem
The following are the components of the Commit Good ecosystem:
- Commit Good Internal Exchange – enables users to exchange digital assets.
- Commit Good Wallet – this simplifies the management of a user’s tokens.
- Commit Good Explorer – enhances the transparency of donations by recording all transactions on the blockchain.
- Commit Good template – eases the process of initiating smart contacts for fundraising initiatives.
- Commit Good Community Dispute Platform – automates the process of dispute resolution.
- Commit Good Item Deliveries
- Commit Good Item sale – an online shopping platform.
Commit Good GOOD Token ICO Details
Commit Good will mint a total of 200,000,000 GOOD tokens. The GOOD token conforms to the ERC20 protocol on the Ethereum blockchain. Notably, only 50% of the total supply will be issued for circulation.
Parameters Of The ICO
- Token Symbol: GOOD
- Token Sale Date: Present – August 15, 2018
- Token Price: $.17 USD per GOOD token
- Accepted Payment Method: ETHEREUM
- Total Supply: 200,000,000
- Token Standard: ERC20
Distribution Of Funds
- 15% – operations
- 15% – IT and datacenter
- 5% – platform security
- 5% – legal and compliance
- 30% – marketing and advertisement
- 30% – research and development