So this is basically a charity token where the donor buys token which are converted into local currencies for the needed people?
From my understanding, that is one part of it. Many community based charities, say in Namibia or Peru have a hard time getting actual funds because of banking problems.
One of the things the Dev is trying to do is make it easy for people to donate crypto and 90-95% of it ending up in the actual hands of the people in need.
The whitepaper states that there are many other functions of the coin, from my reading of it anyway.
But in the end it will be really difficult to deal with all kinds of scam attacks, don't you think so? Whether crypto or not, imagine how much background information you need about a person or group of people that requests help. How is that going to be dealt with? I really like projects like this, but the bad people are waiting for this, too.
Compared to major charities with
operating budgets in the multi billions per year that only give 5-10% of their donations to the communities and MOST of that actually never filters down;
How could it possibly be worse ? Vetting locals organizations isn't hard. There are many small local charities that are already fully vetted. I am sure part of the process will be vetting those actual small charities.
It's also a way to donate to already established charities using crypto and for CoExist to make a deal that any of the funds transferred have to be used at a certain % at the actual ground level.
The community will also be involved. Each charity has to be community approved as per the white paper. The crypto community is pretty good at ferreting out scammers. I'd rather put it to the crypto community over a multi billion dollar NGO any day. The stories I could tell you about NGO's in Cambodia would make your head spin. Scams from everyone I meet for years, but the money rolled in.
