If the advantage of blockchain technology can be summed up in one word, it’s transparency. When applied to the realm of financial contributions, transparency can have a transformative impact on how businesses, non-profits and even governments operate.
In a world of heightened social responsibility, people are contributing a record amount of money to charities, fundraisers and other non-profit institutions. However, research shows that two out of three (67%) people would donate more to an organization that is transparent in how it spends donations. In other words, knowledge of how an organization spends money can have a direct impact on its ability to generate additional support in the future.
This simple fact is the founding principle behind the Vantage Network, the Contribution Tracking Platform that leverages blockchain technology to provide full transparency and traceability of contributions made to organizations and non-profit entities. By tracking every dollar that flows from donor to recipient, the Vantage Network provides a detailed audit of how funds are being spent by the recipient organization, all the way down to the transaction level.
Charities are the most obvious use case for the Vantage Network given their reliance on public donations. As the number of fundraising entities and aid organizations continues to grow, transparency will be the key differentiator for campaigns that are competing for scarce resources in a globally competitive environment.
Beyond charities, the Vantage Network can provide traceability and tracking for virtually any organization that allows contributors to make monetary contributions. When contributions are made over the Vantage Network, donors are able to see where their money goes and how it gets used by the recipient organization. The entities in receipt of the donation can then demonstrate that the funds they are raising are being put to good use. It’s a win-win situation for both parties involved.
The Vantage Network is built on the NEM blockchain and utilizes a token called XVT, which enables the tracking of both contributions and spending. If you’re a donor, Vantage allows you to give money as you normally do, only with the power of traceability software to monitor where your funds go. If you are part of a charity or non-profit, the network yields the benefits of transparency and accountability so that you can track spending and engender trust in your operations.
Although XVT is a cryptocurrency, donors and organizations do not need to own cryptocurrency to give and receive donations. Rather, they are free to transact in traditional fiat currency directly over the Vantage Network.
By applying blockchain technology to fundraising, the Vantage Network is open to virtually any organization that wants to take online contributions. This includes, but is not limited to, educational institutions, government entities and even crowdfunding platforms.
Phase 1 of the Vantage Network’s development roadmap kicks off in the first quarter of 2018, with an initial token sale and infrastructure build scheduled to conclude by the end of the year. [H1] The second phase begins in early 2019 with the expansion of non-profit partnerships and the full launch of the Vantage Network.
To learn more about the project, visit our website https://www.vantage.network
https://t.me/vantageofficial