[ANN]Concept for Charitycoin! 50% of mining revenue goes to charity.

[fishy]

Announcing a concept for a new coin: (I am putting together a Dev team)

Charitycoin!
With Charitycoin, 50% of all coins go to charity.  There is a 50 coin block reward, 25 to miners and 25 to the charity address, from blocks which generate at 10 minute intervals, which stays constant until a hard limit of 200,000,000 coins are reached.  That means mining will probably go until 2089, if it was started this year.

Advantages:
Charities, instead of soliciting for donations, would be able to get a steady supply of donation money from miners.  Because the reward for miners is 25, and the fact that there is a coin cap, it should be a coin to mine that both provides a spiritual as well as a monetary reward.  Devcoin gives 95% of coins to miners and there is no cap, so each coin is worth very little.  With charitycoin, there is a cap and 50% (900% more than devcoin) is given to miners, increasing its value.

How will charities receive this money?
The 50% charity money will be sent to a "main" address and from there it will be distributed to charities.  For a charity to be selected to receive coins, research will be done and public opinion considered.  Once the charities are approved, charities will download the client and get an address to start receiving coins.  Because it is aimed at charities in the beginning, the blockchain will not be a preposterous size and charities will be able to download it with ease.

Which charities will receive money?
At the moment, charities that will receive money are the big, well-known ones, (such as the Red Cross) but as the coin grows, more charities will be able to receive Charitycoins.

Why will people mine Charitycoin, not some other coin?
With the adequate block reward and coin cap, it will become more valuable as time progresses, but also, people will be able to see a difference made in the world by their GPUs and ASICs (Scrypt or SHA-256).  There hasn't been much happenings with Devcoin, but with charitycoin a profound difference will be made.

Join the Dev Team!
PM me and join the Charitycoin Dev team!  If you are a cryptocurrency developer, web developer, or graphic designer, you are needed!  Most of you regularly receive pay for doing your specific craft, but please try to put people who need Red Cross aid before the need to be makin' some BTCBTCBTC If you want, we may be able to forever memorialize your name (or bitcoin talk username) in the client of our coin!  

[anderl]

And so it begins, the abstraction of cryptocurrencies.  I welcome Beeb.

[peonminer]

Will this coin demand transparency from each charity it donates to? This is a HUGE decision factor for me.
http://www.charitynavigator.org/index.cfm?bay=search.summary&orgid=3277 < Red Cross Charity Transparency Rating among other factors for rating.

Some charities are greed mongers and will stop at nothing to write off million dollar personal expenses as 'working toward the goal of  the non-profit' which gives a very far fetched understanding of what 'Non-Profit' really means.

I used to work as a cold caller for a 'non-profit' charity foundation. Actually we were contracted for multiple 'non-profit charities'.

ICOPS- Illinois Counsel of Police - Basically calls you to sell you a sticker for your car window and receives 87% of the collected funds. The remaining 13% goes to a very tight nit group of cops in Illinois.

Same with many others.

[jackjack]

There hasn't been much happenings with Devcoin

Are you kidding? Lying? Stupid?

[anderl]

Will this coin demand transparency from each charity it donates to? This is a HUGE decision factor for me.
http://www.charitynavigator.org/index.cfm?bay=search.summary&orgid=3277 < Red Cross Charity Transparency Rating among other factors for rating.

Some charities are greed mongers and will stop at nothing to write off million dollar personal expenses as 'working toward the goal of  the non-profit' which gives a very far fetched understanding of what 'Non-Profit' really means.

I used to work as a cold caller for a 'non-profit' charity foundation. Actually we were contracted for multiple 'non-profit charities'.

ICOPS- Illinois Counsel of Police - Basically calls you to sell you a sticker for your car window and receives 87% of the collected funds. The remaining 7% goes to a very tight nit group of cops in Illinois.

Same with many others.

I agree each charity should have its own coin network.  I understand that hashing power is not at the point that many networks can exist independently like this but miners should vote with their hashing power as to where the funding goes.

[bittick]

This project can be great in many ways, but the original post sounds iffy for some reason still...

[JohnDorien]

Sounds like EthiCoin....

[fishy]

Sounds like EthiCoin....

What's that?

[solracx]

I can donate the source code and explorer to this project (from ZenithCoin) if you can prove to me that money will actually go to charities.

In short, I will provide a new genesis block.  All you need is to give me the parameters, like:

Block Rate
Max Number of Coins
Rewards
PoW Algorithm

etc...  coin can be built and ready in an hour or so.

email info@zenithcoin.com

[edd]

What makes you think charities will accept the latest in a extremely long and questionable list of alt-coins when

• Its value is zero
• They need to understand and download a client they've never heard of
• It's taken Bitcoin100 a year and a half to get a handful of charities to accept $1000 in the form of bitcoins

[fishy]

you can prove to me that money will actually go to charities.

That's the hard part, they're aren't any charities which even know about this.
Since you are an independent entity, you should be the "main" address, the one from which charities receive money.
(Like how devtome is the devcoin "main" entity)
In the beginning, you will distribute the coins but eventually charities will get the client and their addresses can be embedded "inside" the coin so that when it is mined the coins are sent directly.

[fishy]

What makes you think charities will accept the latest in a extremely long and questionable list of alt-coins when

• Its value is zero
• They need to understand and download a client they've never heard of
• It's taken Bitcoin100 a year and a half to get a handful of charities to accept $1000 in the form of bitcoins

-This one is specifically FOR charities.
-Also, just as we trust charities, charities will trust us.
-Devcoin has value.  (sorry for the devcoin fans)
-The client will try to be more streamlined and easy.
(If the charity accountant can understand an online bank account, he or she can surely understand charitycoin!) 

[Shmoopy]

Correct me if I'm wrong, but Devcoin isn't about charity. It's about paying people for their creativity. I do like this idea, but don't have any concerns that haven't already been mentioned.

[solracx]

you can prove to me that money will actually go to charities.

That's the hard part, they're aren't any charities which even know about this.
Since you are an independent entity, you should be the "main" address, the one from which charities receive money.
(Like how devtome is the devcoin "main" entity)
In the beginning, you will distribute the coins but eventually charities will get the client and their addresses can be embedded "inside" the coin so that when it is mined the coins are sent directly.

Obviously the coins will not got directly to a charity... rather you need to convert them into currencies they can spend.  

In short, the dev. of this coin needs to be a trusted party.

The addresses that are in the client tend to be static.  One would have to allocate address to perhaps to the charities involved.  

Perhaps one need go back to the drawing board and figure a way for charities to accept BTC or LTC.

[fishy]

Correct me if I'm wrong, but Devcoin isn't about charity. It's about paying people for their creativity. I do like this idea, but don't have any concerns that haven't already been mentioned.

You are right, I believe.
Thanks for your support!

[fishy]

you can prove to me that money will actually go to charities.

That's the hard part, they're aren't any charities which even know about this.
Since you are an independent entity, you should be the "main" address, the one from which charities receive money.
(Like how devtome is the devcoin "main" entity)
In the beginning, you will distribute the coins but eventually charities will get the client and their addresses can be embedded "inside" the coin so that when it is mined the coins are sent directly.

Obviously the coins will not got directly to a charity... rather you need to convert them into currencies they can spend.  

In short, the dev. of this coin needs to be a trusted party.

The addresses that are in the client tend to be static.  One would have to allocate address to perhaps to the charities involved.  

Perhaps one need go back to the drawing board and figure a way for charities to accept BTC or LTC.

Would you like to be part of the dev?
If you are not a web developer, graphic designer, etc. you can be one of the trusted members.

[solracx]

you can prove to me that money will actually go to charities.

That's the hard part, they're aren't any charities which even know about this.
Since you are an independent entity, you should be the "main" address, the one from which charities receive money.
(Like how devtome is the devcoin "main" entity)
In the beginning, you will distribute the coins but eventually charities will get the client and their addresses can be embedded "inside" the coin so that when it is mined the coins are sent directly.

Obviously the coins will not got directly to a charity... rather you need to convert them into currencies they can spend.  

In short, the dev. of this coin needs to be a trusted party.

The addresses that are in the client tend to be static.  One would have to allocate address to perhaps to the charities involved.  

Perhaps one need go back to the drawing board and figure a way for charities to accept BTC or LTC.

Would you like to be part of the dev?
If you are not a web developer, graphic designer, etc. you can be one of the trusted members.

I can certiaily implement the coin...  we need to discuss the key features:

(1) All donations need to come from known sources?

you need to do some research as to what is allowed... you also need to register a non-profit org.

the way I see it... coin gets exchanged to USD... and then you show proof that you donated to charity X.

[fishy]

you need to do some research as to what is allowed... you also need to register a non-profit org.

I don't think registering as a nonprofit is required, we can just exchange the charitycoins.

[crumbs]

[...]
ICOPS- Illinois Counsel of Police - Basically calls you to sell you a sticker for your car window and receives 87% of the collected funds. The remaining 7% goes to a very tight nit group of cops in Illinois.

How well does the stickie work?  How many does it take to drive 50 in a 30mph zone?

[solracx]

you need to do some research as to what is allowed... you also need to register a non-profit org.

I don't think registering as a nonprofit is required, we can just exchange the charitycoins.

I got no idea as to what legal requirements are needed for a person to act as a solicitor for charities.

Also, like all charities, there's a management fee.  I gather part of that 50% goes to the management fee?

Someone needs to sell the minted coins in the open market... then cut a check that goes to the charities.

May be feasible, (you have to wait for ZenithCoin to implement this tracking functionality).

If you are serious about doing the charity work, then I certainly can donate whatever we build on ZenithCoin to make it happen.