TrueDonate promises to be the first blockchain-based fundraising platform. Find out how it works today in our review.
What Is TrueDonate?
TrueDonate, found online at TrueDonate.io is a decentralized ecosystem where social entrepreneurs, community groups, non-profit organizations, and individuals can share social ideas, create projects, and gather funds.
In other words, it’s a blockchain-based fundraising platform. With TrueDonate, anyone can start a cryptocurrency-based fundraising campaign. You sign up for TrueDonate, then the platform builds you a website and a widget. You can share the landing page with your friends, family, and potential backers. Or, you can place the widget on your website.
After clicking on the “donate” button, your supporters can donate to your campaign in any cryptocurrency they wish to use.
As an introductory video for TrueDonate explains, “cryptocurrency fundraising has never been so simple and quick.”
How Does TrueDonate Work?
You sign up for TrueDonate, then receive a widget and a landing page. Your supporters can click the “donate” button to contribute any cryptocurrency to your campaign.
The entire transaction is secured by smart contracts. These smart contracts create an anti-fraud system. Reviews, comments, and ratings – provided by other TrueDonate users – also contribute to this anti-fraud system.
Obviously, there are a number of other crowdfunding and charity platforms available online today. However, TrueDonate has identified 5 key problems in the industry, including:
- Decentralized collection of funds for any needs and in any cryptocurrency in a single click
- The ability to raise funds in cryptocurrency on a regular basis
- Creating an autonomous community of people who share common ideas, values, and charity objectives
- Protection against fraud and combating corruption in the field of crowd-framing with the help of the community
- Stimulate the growth of socially significant projects and develop crowdfunding initiatives
The system is completely autonomous. There’s no central authority or organizations. All transactions, reviews, and ratings are built on the blockchain.
After users click on a TrueDonate link, they can contribute to the campaign using cryptocurrencies, fiat currencies, PayPal, VISA, MasterCard, or the payment method of their choice. All payments are sent to TrueDonate, which records the transaction in the blockchain, then sends the funds to the charity’s TrueCoin wallet, which sends payment to the charity through a smart contract.
What Problems Does TrueDonate Seek to Solve?
Obviously, there are a number of charity platforms and crowdfunding systems available on the internet today. How does TrueDonate plan to compete with these platforms?
TrueDonate argues that all of these platforms come with unreasonably high costs. The platforms operate with high overhead expenses. It’s expensive to accept donations from guests, and it’s expensive to run these organizations. TrueDonate slices costs as low as possible using an autonomous system with no centralized party, no overhead expenses, and no unnecessary friction. That means more money goes to the charity initiative and less money goes towards overhead expenses.
Corruption And Lack Of Transparency
Many charities today have benevolent goals in mind, but they end up using the money in problematic ways. Some charities only spend a fraction of their received funds on their actual cause, for example. People donate to charities, but have limited transparency over where their money goes. Using blockchain technology, TrueDonate wants to ensure maximum transparency and security in fundraising.
It’s Not Easy To Donate From Anywhere In The World
Charity platforms exist today, but they don’t fully embrace the power of the internet. Some crowdfunding platforms exclude people from certain countries. Other charity organizations make you verify your identity before sending money. TrueDonate wants to open charitable giving to the entire internet, allowing anyone from bloggers to corporations to easily donate money to a cause.
TrueDonate emphasizes three distinctive features that make it an indispensable tool, including:
Available to Everyone: TrueDonate’s tools can be used by anyone from artists to social groups to multinational charities. The tools are designed to be easy to use, allowing charities to instantly launch a fundraising campaign to a massive global audience.
Single Wallet: TrueDonate has a convenient wallet for raising funds. That wallet can hold 30+ different cryptocurrencies. When the fundraising campaign is complete, the charity can convert funds from their wallet into cash.
Market Analysis: TrueDonate describes itself as “an expert platform that allows everyone to follow market trends and realize their unique idea.”
TrueDonate’s other key features include:
Blockchain-based Transactions: All TrueDonate transactions are registered on the blockchain. They’re easy to track and verify.
Smart Contracts: Regulate all exchange transactions and internal transfers and enjoy maximum clarity of all transactions.
Ratings: The system self-regulates with ratings, while attachment to the blockchain reduces manipulation and fraud.
Tools: TrueDonate will have a number of tools designed to make the charity campaign launch experience as smooth as possible. Those tools include extensive reporting tools, APIs, third party integration tools (with Salesforce, Twitter, and Slack), custom forms, mobile apps, live reporting, relationship tracking, roadmap and timeline creators, QR code generators, big data analysis tools, and more.
How Do TrueDonate Tokens Work?
TrueDonate tokens, or TDN, are the in-platform currency used by the platform. They’re ERC20 tokens built on the Ethereum blockchain.t
There’s a total supply of 200 million TDN tokens. The value of the tokens is expected to rise as more tokens get added to the platform.
The TrueDonate Token Sale
The TrueDonate token sale will see the release of 151,700,000 TDN tokens out of the total supply of 200,000,000 (73.15% going towards the ICO). There’s also a pre-ICO for 3,300,000 TDN tokens.
5,000,000 TDN tokens are reserved for bounties, 9,000,000 are reserved for a stabilization fund, and 20% of tokens sold during the ICO are reserved for the team.
The pre-ICO took place between September 29 and October 9, 2017, while the general ICO is scheduled for December 1 to January 15, 2018.
Who’s Behind TrueDonate?
TrueDonate is led by a Russia-based team of developers. The company was launched in January 2017. Full team information is available on TrueDonate.io, although the company doesn’t list any executive positions (12+ developers and engineers are listed, but none are listed in traditional roles like CEO or CFO).
TrueDonate believes it sits at the intersection of two emerging trends, including social crowdfunding and cryptocurrency. The ICO for TrueDonate’s TDN tokens begins in December.
To learn more about TrueDonate and how the platform plans to change the charity landscape, visit online today at TrueDonate.io.