Giftcoin brings blockchain technology to charities for greater transparency
15 Nov 2017by Chloe Green
, the blockchain start-up that brings transparency and trust to charities, has announced that its token sale will commence on 11 December 2017.
Giftcoin’s donation tracking technology will redefine the relationship between charity and donor by bringing trust back into the equation. Donors will be able to see the true value of their donations by understanding where and how they are spent.
Donations are converted into the Giftcoin cryptocurrency, allowing the subsequent path of the contribution to be tracked from end-to-end using blockchain, while providing immutable proof of transactions. It will close the feedback loop by sending donors a notification when their gift is spent and, crucially, informing them about how their money has been used. The technology further drives fundraising by encouraging social media sharing, turning each donor into a social advocate of the charity and helping them to spread awareness.
Charities already signed up to the platform include The Optimum Health Clinic Foundation, Ourmala, and Enhance the UK.
Closing the circle
Advisor and social innovator, Jon Duschinsky, said: “The social feedback loop is about giving power to those on the frontlines of our biggest global problems. I believe Giftcoin, by completing the circle between giving and the spending of donations, has the potential to trigger a new and much more effective wave of social giving.”
Giftcoin will lower transaction fees for charities. Mainstream fundraising sites charge up to five per cent, with credit card fees added on top. Giftcoin’s disruptive feeless system means all donation money goes to the frontline organisation, adding much needed transparency to the process.
Lady Astor of Hever has been fundraising for charity for twenty years. She has raised funds for charities including Parkinson’s UK and her main focus, The National Autistic Society.
“Giftcoin is a revolutionary concept for charitable giving that shows the route from pound to project. This is exactly the kind of transparency revolution the charitable sector needs in the 21st century. It is an open, protected and satisfying digital method of giving,” Lady Astor said.
Users of the platform will have access to more ways to donate, with options such as micro-donations where purchases are rounded up to the nearest dollar or pound and used to buy Giftcoins for chosen charities. It will also open up direct donations to holders of cryptocurrencies.
Alex Howard, co-founder of Giftcoin said: “As the founder of a charity myself, I am all too familiar with the difficulty that charities face in connecting with the public and building trust. I firmly believe that transparency is key to solving this problem, and blockchain is the tool that will deliver it.”
Giftcoin’s token sale is scheduled to start on 11th December 2017. It will be used to fund the development of its prototype platform, which is scheduled to be released in May 2018.