On an annual basis, the amount contributed to charitable organization increases. However, in recent years, the donors’ trust in these humanitarian groups has been gradually dwindling. The lack of openness in the management of the donated funds is the primary reason behind this distrust. Over time, this will adversely affect the amounts donated to charity.
Nowadays, a substantial number of charity campaigns are run on online platforms, which the biggest inspiration to contribute being instigated on the various social media. Moreover, 45% donors contribute to charities located outside the countries thy currently reside in. therefore, the will to donate is there; the only issue is transparency.
Odyfund will use blockchain technology to develop a platform that enables donors, charities and non-profit organizations to conduct philanthropic fundraisers. The project will be backed by an Emergency Fund held in digital assets. Ultimately, Odyfund intends to achieve a transparent, secure and universally accessible charity fundraising platform.
Odyfund Token Generation Event
Odytokens (ODY) are ERC223 complaint tokens based on the Ethereum blockchain. The total supply is capped at 40,000,000 ODY. The supply is limited, meaning that no tokens will be minted after the token sale. Since Odyfund is an advocate of openness, every phase of the TGE will be public.
To participate in the event, a user has to duly follow the KYC and whitelisting process. All unsold tokens will be forwarded to the Odytoken reserve.
Parameters of Odytokens Token Sale
Token name: Odytoken
Supply: 40,000,000 ODY
ICO supply: 21,000,000 ODY
Presale: April 15th – May 15th, 2018
ICO event: June 15th – July 15th, 2018
Accepted currencies: ETH and BTC
Foundations of the Odyfund Project
Using ODY, members can make donations on the Odyfund platform. Besides contributing, ODY can function as a vote, giving owners a chance to influence the project’s policies.
Blockchain technology may possess numerous advantages, but it is far from perfect; its major shortcoming is the volatility of the value of crypto assets. Consequently, Odyfund established a monetary policy to shield the platform’s assets from the adverse effects of volatility.
Internal Exchange and Reserves
The exchange will facilitate the seamless conversion of fiat and digital currencies into ODY, the native currency of the Odyfund ecosystem.
The Odyfund Fundraising Platform
The Odyfund platform does not obligate prospective donors to register before contributing to a charity. However, members have access to ODY, cam participate in community events and launch their fundraising campaigns. Registration is free of charge.
Managing a Campaign
During the creation of a fundraiser, the user has to choose a name, write a description, the category and the intended target of the event. Upon the inauguration of the fundraiser, the systems automatically generates a smart contact on the Ethereum blockchain.
Every member of the Odyfund ecosystem will have access to the campaign’s details, smart contract address, its progress and any withdrawal made by it organizers.
All withdrawals on the Odyfund platform, will be subject to a 5% VAT fee. The funds will divided equally between the Emergency Fund and maintenance costs of the Odyfund platform.
Odyfund Alternative Payment Methods
Initially, Odyfund will not allow payments made in fiat currency; instead, users will have to concert their cash into ETH on external exchanges. Later on, the platform will create a service through which clients can but ODY using fiat money, considerably expanding the client base.