Solomonstouch is a humanitarian donation platform that utilizes blockchain technology. It aims to alter the humanitarian ecosystem by adding transparency and helping funds that have been donated reach their intended destination.
The mission statement of Solomonstouch is “To provide a structured digital platform that organizes financial and economic resources to provide aid to people in need throughout the world using blockchain technology.”
A video on the Solomonstouch website notes that roughly 37% of all charitable donations are spent on overhead costs rather than helping people in need. It’s also common for nonprofit organizations to lack transparency and be susceptible to fraud. These are the primary reasons Solomonstouch CEO Darryl Garth created the organization.
“I saw a need for change in the nonprofit ecosystem,” says Garth. “There’s a lack of trust because of fraud in the nonprofit ecosystem. The lack of transparency causes people to donate less. On top of everything, I believe that the efficiency with which funds are being utilized is also something that has to be moderated and something that needs to have a healthy system provided for it. So we created Solomonstouch to do just that.”
According to his LinkedIn profile, Garth has no past experience with blockchain technology or cryptocurrencies. However, the Solomonstouch website lists nearly a dozen team members with varying backgrounds, including blockchain developers and advisors.
How Solomonstouch (MIL Token) Works
In order to create more transparency within the nonprofit ecosystem, as well as improve efficiency within that ecosystem, Solomonstouch developed a system called Trustblock, which serves as a system of checks and balances. It utilizes blockchain technology to create smart contracts between nonprofits and organizations that are on the ground attempting to help in a crisis situation.
Once the nonprofit accepts the contract, a second contract is created to add to the fundraising goal to cover overhead costs. The nonprofit can then raise all the funds needed for the humanitarian project by reaching out to its pool of donors. The initial smart contract can then send the funds requested to the organization doing the work on the ground while the second smart contract sends the extra funds raised to cover overhead costs.
Solomonstouch uses the Trustblock program to implement a three-step process to help bring food, water, education, and other resources to impoverished areas all around the world. This is where the Solomonstouch MIL cryptocurrency dubbed the Millennial Coin comes into play.
The first step is Donation, which is done using the Solotouch mobiles donation app (STDA) and the Millennial Coin. The app has a directory of nonprofit and humanitarian projects and can connect donors directly to families in poverty, making it easy to donate on a regular basis.
The second step is Call to Action, which takes the funds from the Donation phase and gets them to the intended destination. Using blockchain technology helps to get donations to people in need faster with little wasted time. That relates directly to the third step, which is called Elysium and works to create incentives for people to donate on a regular basis.
Solomonstouch (MIL Token) ICO
Solomonstouch will operate with 50 billion Millennial Coins (MIL), with 25 billion being available for sale. Of the remaining coins, 15 billion will be in escrow for founders and developers and the final 10 billion will be held in reserve.
The organization is running a pre-sale that runs through March 31. Presumably, there will be a formal sale starting at a later date. However, the sale of Millennial Coins will cease as soon as the 25 billion mark is reached. The minimum purchase during the pre-sale is $100, with tokens costing $0.0075. Accepted cryptocurrencies for the sale include BTC, NEO, and ETH.
Solomonstouch (MIL Token) Benefits
There is no reason to doubt the sincerity of the people who have started Solomonstouch. They genuinely want to help people with limited access to food, water, and education get the resources they need to make their lives better.
In theory, utilizing blockchain technology may be able to help nonprofits improve their efficiency. Whether Solomonstouch can actually make the kind of impact it seeks remains to be seen. But it’s an organization worth betting on because it has a chance to make the world a better place.
Is Solomonstouch Right for You?
If you have an interest in nonprofit organizations and humanitarian efforts, Solomonstouch may be right for you. Even if you don’t have any prior experience or much knowledge about blockchain or cryptocurrencies, Solomonstouch is still an organization worth exploring because of how it’s seeking to help those in need all over the world.