GMX - Global Monetary Transfer
GMX
Global Transparent Monetary X-fer
The first ETHICAL cryptocurrency for TRANSPARENT financial flows for NGO's
What Ripple is for the banks, is GMX for the Non-Governmental Organisations
Use Case : Money transfer for NGO's
NGO's = Non-Governmental Organisations.
Examples are Oxfam, Plan, Pax Christi, Save The Children, Amnesty International, Care International, Doctors without Borders, Greenpeace, ....
The number of NGO's worldwide is estimated to be around 10 million NGO's.
The large NGO's have a yearly budget that is multi-billion dollar.
So an enormous capital is being transferred inside NGO's and between NGO's and their partners.
Where does this capital come from ? An important source are gifts by individuals, companies and governments.
But these parties will only perform gifts to the NGO if they fully trust the NGO to use the money for the correct purpose.
Currently the financial flows inside the NGO and between the NGO and their partners are difficult to follow.
We propose a solution where every stakeholder can follow the main financial flows inside and outside the NGO. And this even for new financial flows to new partners, EG in case of a sudden human catastrophy.
Lets take as an example OXFAM :
Oxfam is an internal organization with different locations and different affiliated organizations worldwide.
So there are important international financial flows inside the organization.
Oxfam is active in multiple countries, and works in those countries together will trusted partners.
We want to give transparency in the financial flows : starting from the Oxfam head-office to the local subsidiaries and up to the final destination (a school, s building constructor, a hospital, ...)
How can this transparency be given ?
GMX will provide a Trusted Blockchain Directory (TBD) in which Oxfam can set up the wallet address of every partner they work with. This TBD will not only contain the wallet address but also all data needed to fully identify the owner of this wallet (company name, registration number, physicall address, website, email, telephone,...)
The NGO's will also publish their part of the TBD in their annual accounts and on there website. As such every stakeholder can check that the information in the TBD is correct.
Every interested stakeholder will be able to follow in real-time via the TBD the main financial flows between Oxfam and their international affiliates/partners. As such, there will no longer be blind spots on the aid allocation map.
We will provide an application with a drop-down list of all NGO's that participate in the GMX initiative. Once a specific NGO is selected, we will provide a real time and graphical overview of all financial flows from the NGO to their partners worldwide. You will be able to define :
the time period
the geographical area
for which you want to see the transactions.
This approach of full transparency will improve the confidence of all sponsors in the NGO, and will as such increase the financial means that they will receive.
The international transfers will not be done in foreign currency, but in GMX so that every NGO only needs to maintain only a balance of the local currency and of the GMX coin.
The GMX coin will not only be used by NGO's, but also by cryptocurrency investors. Because of this crypto investment demand, the price of the GMX will rise continuously. So the stock of GMX owned by NGO's will also increase in value, and NGO's will be able to do more with the funds they collected. As such an investor that invests in the GMX cryptocurrency, does not only invests for his own profit, but also supports the functioning of NGO's worldwide. So the GMX cryptocurrency can be described as an ETHIC investment.
more info :
https://digitalnomadcoin.webnode.be/your-own-coin/
