All around the world, there exist various individuals with projects or needs without sufficient fund or resources, this led to the use of the Fundraising system.
Fundraising is the process of acquiring resource through voluntary contribution which may be from government, individuals, charity organizations, and some others. Initially, this has been done in a face -to -face form; in which people move from one person to another asking for funds. But in the recent time, a digital form has been invented in which both the asking and receiving of the help will done online.
However, whichever way it is been done, lack of transparency, accountability and trackability has been a great challenge in the system. A very high percentage of about 84% of donors have the believe that their donations have not been effectively used as intended, this is mainly due to the lack of accountability and transparency; donors do not have access to the history on how their donations ate been utilized.
Moreover, these non profit organizations too are being discouraged due to this challenge, because most intending donors and present ones are not willing to donate, this gradually make them become inactive due to lack of fund and resources. But nevertheless, Vantage is here to effectively solve all the challenges.
Vantage is a decentralized interface for interaction between donors and nonprofit organizations in the fundraising ecosystem. It has the main aim of making the ecosystem transparent as much as possible, and the primary purpose of introducing blockchain into the ecosystem. This will decentralize every operations done on the platform, thereby increasing the level and efficiency of accountability, transparency and trackability.
HOW DOES VANTAGE OPERATES?
Through the platform, a donor make a donation to a nonprofit organization by making use of credit card. A tracking package containing an ID which is related with the donation made, is then sent to the donor. This will enable the donor to easily track the end to which their donation is being used.
The donations enters into the Vantage accounts of the nonprofit organizations. The donations can then be spent via the Vantage Mobile Pay app. Every of the purchase done with the donations are tracked on the Vantage network using the NEM blockchain. Donors can then make use of their tracking ID to view all the transactions associated with their donations.
OTHER FEATURES ON THE PLATFORM
The followings are the components of the platform:
• Vantage webpage; which comprises of the tracking page, Vantage network dashboard and Vantage explorer.
• Vantage donation point: for contributing money to a fundraising entity.
• Vantage Network API
• Vantage Mobile Payment Application.
• Digital Asset Management Platform.
TOKEN
The XVT smart contract token is an integral part of the platform. A little percentage of the donations made via the platform is exchange into this token, and it is used to access various functionalities on the platform.
CONCLUSION
Vantage is definitely reforming the fundraising ecosystem by introducing the most important but missing component of the system; TRANSPARENCY, back into it.
Useful links
Website: https://vantage.network
Whitepaper: https://vantage.network/wp-content/uploads/2018/05/VantageWhitepaper_05242018.pdf
Twitter: https://twitter.com/vantagetoken
Facebook: https://www.facebook.com/vantagetoken/
Telegram: https://t.me/vantageofficialcommunity
Authors information
Bounty0x username: Bossbaby