One key topic that I would have liked to emphasize more in this blog site is “Generosity Through Cryptocurrencies”. Different alternative coins out there have different functions, purposes, and services. Today I would like to highlight some coins which are intended in part to purposes that have philanthropic ideas behind their very existence. It is worthy to mention several of the few alike altcoins out there, including 2Give, GrantCoin, and DogeCoin.
2Give (GiveCoin) is a cryptocurrency created for the primary purpose of “supporting the socially responsible stewardship”. Purchasing 2Give, coin holders could use the altcoin as a form of donation/contribution to social causes the holders support. These causes could be charities, religion-supporting organizations, political contributions, or any other goodwill streams that might support the chip-in of 2Give coins. A non-profit, Strength in Numbers Foundation, is one of the organizations that manages the technical aspects of GiveCoin. The whitepaper that describes the plan of this coin in entirety could be found here. Although 2Give does not currently hold extensive popularity, it could still have a promising user-base as more and more entities begin accepting this coin of good cause.
GrantCoin is another example of a cryptocurrency that could be utilized for supporting good-causes, and especially charities. Created in 2015, GrantCoin was developed as a charity-giving non-profit organization with a targeted mission to “Reducing Poverty & Inequality“. y.” The Founder and Executive Director of the Grantcoin Foundation, Eric Stetson, concisely describes GrantCoin as:
“Grantcoin is a blockchain-based currency that is dedicated to reducing poverty and inequality. Grantcoin’s money supply is primarily distributed as Universal Basic Income subsidy grants to everyone in the world who signs up. As expressed in our mission statement, we believe that money should be “issued to all people as a human right… to compensate, at least partially, for the accidents of birth and circumstances of fortune that have blessed or condemned different people and regions of the world to wealth or poverty.
Grantcoin is the the first cryptocurrency to be managed and distributed by a 501(c)(3) U.S. tax-exempt nonprofit organization, the Grantcoin Foundation. We use 80% of the value of tax-deductible donations to our general fund to back Grantcoin on the market so that it retains more value for charitable recipients.
In addition to being the premier cryptocurrency of the Basic Income movement, Grantcoin aspires to facilitate efficient, direct charitable giving to needy people around the world. As we grow our database of participants receiving Grantcoin Basic Income, eventually givers will be able to target their donations to large groups of people in specific places. Wallets will be geographically tagged in the blockchain by country, state, city, etc. For example, people in the future may be able to use Grantcoin to give money directly to thousands of residents of an area where there is a natural disaster, and the value will be sent instantaneously using smart contracts, instead of going through slow and inefficient bureaucracies. This is a long-term goal which will become possible as the Grantcoin network grows.”
The idea behind GrantCoin could undoubtedly positively change the way of digital charitable contributions and basic income worldwide. For a successful digital distribution of basic income, GrantCoin and other cryptocurrencies with alike motives must first implement strategies and procedures for positive publicity, maintain a promise of reliability as well as trustworthiness of its services, and develop a framework on how to properly deliver its promise to the demand of the beneficiaries. While GrantCoin is still a relatively recent idea, it is yet an idea of a right step for the digital currency generosity currently in the making.
Introduced in the year 2013, DogeCoin (DOGE) is designed as an open-source cryptocurrency used for peer-to-peer transactions. Its simplicity of use and captivating mascot make it a preferred method by numerous cryptocurrency enthusiasts for basic frequent or occasional financial transactions. Unlike the previous two cryptocurrencies mentioned above that try to focus on services of philanthropic scale, DogeCoin allows users to spend their coins from a vast list of merchants. So, what is so generous-esque in using DogeCoin? Well, it should be noted that one of the primary usage of DogeCoin other than purchasing of goods and services from the listed merchants is tipping. For instance, there is a “dogetipbot” function that allows users to tip each other for content on Reddit. There is also a subreddit r/DogecoinCharity that is intended for charitable fundraising. Therefore, there is no reason why charitable enterprises cannot sponsor themselves on social networking websites such as Reddit and allow users to tip (donate) them with DogeCoin, in an attempt to further their causes for the common good.
An example of a successful contribution done by DogeCoin is a Charity:Water Doge4Water campaign that raised more than $30,000 in DogeCoin cryptocurrency, where all funds went to the non-profit organization Charity:Water. The impact was astonishing: construction of a water well in a village in Kenya that had previously lacked close access to safe drinking water.
DogeCoin is currently a much well-known cryptocurrency as compared to the aforementioned coins. Therefore, it could be easier to integrate DogeCoin for philanthropic purposes. To accomplish charitable giving using DogeCoin, it would necessitate organizations like Charity:Water to allow chip-in buttons with “DodgeCoin Accepted Here” functions enabled.
Based on the competencies of the three listed cryptocurrencies, it could be seen that generosity, charity, and goodwill could be possible with utilization of digital currencies. Because the development of cryptocurrencies is a technological innovation that is relatively new in scope, not everyone is aware of the many possibilities that this innovation could accomplish. But when sufficient awareness would be achieved, plenty of non-profit entities would have abilities to reach out to their targeted missions by raising funds in volumes never thought of in the past. But for now, generosity through cryptocurrency sources is still in the making, development, and a slow but steady rise to mainstream.