Hello guys! As usual, this is an article about cryptocurrency review. In this article, we'll talk about one of the highest rated projects in ICOBench with more than 60 expert reviews, #Humancoin. Just hearing by the name, you probably guess that somehow this project is related to some kind of charity. And, you're not wrong! In fact, Humancoin is a cryptocurrency & blockchain project aimed to solve the problems in the philanthropy industry.
The Problems in Philanthropy Industry
To understand Humancoin in-depth, we have to understand first about what are the problems that they want to solve. These are the problems that lie in the current philanthropy industry according to some sources including Humancoin whitepaper.
# Transparency
This is probably the most common problems in almost traditional platforms out there. As a donator, it is natural if you wanted to know exactly how your money will be used by the charity foundation or platform where you give your money. However, such information is hard to find, sometimes take very long to be available (you have to wait for the monthly newsletter, or worse, annual report).
On the other hand, charity or philanthropy foundation also find it is difficult to provide such information as soon as possible, because there is no technology available to track their spending and which part of that is coming from a specific donator. To provide such technology or features, they need to spend additional money, eventually decreasing the amount of money that they can spend on their programs.
This transparency problem can 'cause distrust between parties, and at the same time, become something like a loophole in the philanthropy industry that can be utilized by scammers to take away the money from donators.
Some important key figures in Humancoin market
# Payments Limitations
Another problem in the current philanthropy industry is payment or donations limitations. This limitation comes from regulations, transfer speed, high-fees and so on. In order to donate overseas, donators need to pay a hefty amount of money. Not only that, sometimes they can't donate because they don't have a VISA or MasterCard as the only payment channel accepted by a foundation.
Donators also need to wait for payment confirmation, which probably takes around hours or more, depending on which payment procedure they choose. All of those problems makes overseas donations difficult. To solve all of that, philanthropy industry would need to have a platform where payment can be done instantly, across the world, with cost as small as possible.
Those two are some key problems in the philanthropy industry. If you wanted to go into details, you can read the Humancoin whitepaper or do your own research on the internet. But, just by looking at the problems above, won't you conclude that philanthropy industry needs some changes? Of course, it is!
Bottom Line
Revolutionizing the philanthropy platform should be the solution to solve the problems above. The good news is, Humancoin is already on its way to do that. How will they solve the problem? Will it have more advantages or disadvantages? We'll discuss it later.
Some important links:
Humancoin ANN Thread: https://bitcointalk.org/index.php?topic=4469466
Humancoin Whitepaper: http://docs.humancoin.net/HumanCoin_whitepaper_en.pdf
Humancoin Website: https://humancoin.net
Humancoin Token sale Page: https://sale.humancoin.net/
Humancoin Team & Advisor: https://www.humancoin.net/#team
Note: This article is not a financial suggestion. The author, Humancoin and other parties mentioned in this article are a separate entity. The author writes this article based on his own understanding of Humancoin, readers should read the original document of Humancoin by themselves. The author shouldn't be responsible for any actions taken by the readers, including but not limited to: joining Humancoin bounty program, participate in Humancoin token sale, and etc. The author is a member of Bitcointalk with the profile link: https://bitcointalk.org/index.php?action=profile;u=1275282.