The charity sector is currently going through a crisis of public trust. According to former UN Secretary General Ban Ki-moon, 30 per cent of UN development assistance funds were lost to corruption. Many charities have come under scrutiny for spending donations inefficiently. Charities are now under considerable pressure to minimise the amount of aid lost on banking fees, poor exchange rates and fraud, in order to prevent further disillusionment with the sector.
BitConscious Foundation aims to address that by properly utilizing blockchain technology. Cryptocurrency and blockchain technology have some fascinating features that could have a huge impact on charities and charitable giving.
Charities could take advantage of technology that reduces the number of intermediaries when transferring money overseas simultaneously mitigating exchange rate-based losses.
The blockchain ledger is public, so a given asset can be tracked all the way through a value chain. In the case of donations this means that a donor would be able to track their individual gift all the way through a charity to the end beneficiary (and beyond). This could have major benefits in terms of reducing waste, misspending and corruption and thus boosting levels of trust.
Sensing an opportunity to leverage blockchain technology for fundraising, a growing number of charities has been emerging. Compared to these charity projects a limited number of BitConscious Foundation’s tokens will be offered once during ICO to raise funds for the development of the platform and initial marketing campaign, and afterwards no tokens will be circulated in fundraising activities. Instead, donors will be able to make direct donations sending cryptocurrencies such as ETHs, BTCs and LTCs to donees without third-parties and free of charge through the platform without covering running costs inherent in competitor business models. BitConscious Foundation Platform will store the following databases of:
ELDERLY HOUSES/ORPHANAGES from which donors can independently select one and make donations towards fulfillment of needs set out in Funds Request Form by the entities. Raising the bar for the transparency and accountability, BitConscious Foundation has developed control framework integrating the Reporting System and the Fundraising Committee in each house.
INDIVIDUAL STORIES from which selected ones will be awarded financial aid for the purposes such as Lifesaving surgeries, Tuition fees, Medical treatment, Participation in talent contests (air tickets, hotel accommodation, transfers) etc. This section represents the compilation of personal stories from individuals residing in orphanage and elderly houses. BitConscious Foundation strives to introduce greater flexibility through the Individual stories program tailored to specific needs and aspirations of individuals. Donors (any person making donation through the Platform) can review individual stories and make donations to one single pool. At the end of each month accumulated funds will be distributed by Tokenholders, investors with tokens purchased during ICO, among particular individuals chosen through voting. Investors acquiring tokens for 5 ETH (200 BTCFs) will be included in the Founders’List and become Co-Founder of BitConscious Foundation.
BitConscious Foundation’s values are driven by a desire to improve lives of less fortunate, operate with the highest standards of integrity, commitment and transparency. We live in the world in which everything is interdependent. That said, helping others is helping yourself.
For more information about BitConscious Foundation ICO please see:
Website: http://www.bitconscious.org/
Whitepaper: http://www.bitconscious.org/assets/bitconscious-foundation-whitepaper.pdf
Bitcointalk: https://bitcointalk.org/index.php?topic=2202667.0
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