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Author Topic: [2018-03-03] How Cryptocurrency and Blockchain are Changing Philanthropy  (Read 39 times)
hashman
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March 04, 2018, 12:05:45 AM
 #1

Much of the growing interest in Bitcoin and other digital currencies has focused on getting and not giving. But flying under the radar is an exciting new trend toward leveraging cryptocurrencies for philanthropy.

Fundraising with Crypto

Over the last few years, a number of charities and foundations have been trialing Bitcoin donations. These include such well-known organizations as the Red Cross, Save the Children, United Way and the Electronic Frontier Foundation. Cryptocurrency donations to charity are clearly on the rise. Fidelity Charitable, which houses the nation’s largest donor-advised fund, received $69 mln in cryptocurrency donations in 2017, up from $7 mln received in 2015 and 2016 combined.

Beyond charity donations are many innovative platforms and projects happening in the emerging “crypto-philanthropy” space. These include crowdfunding platforms such as BitHope, which allows donors to make Bitcoin donations to selected charities for their fundraising campaigns. Besides, some new tools like GiveTrack and Alice can track the flow of donations from donor to a done openly, and to verify what charities have received and achieved, all on a Blockchain.

Charity coins

Beyond cryptocurrency donations and tracking, a number of social purposes digital coins have been created to support specific nonprofit programs and endeavors. Clean Water Coin, for example, was designed to raise money for the nonprofit charity and bring clean water to the families around the world. Pinkcoin, a philanthropy coin which allows investors to both donate to charity and to earn a return on their investment, is listed on major cryptocurrency exchanges and has performed well in comparison to other commercially traded digital currencies.  

Crypto-foundations


Another new arrival in the cryptocurrency for charity space is the “crypto-foundation.” One anonymous investor established a foundation to give away 5,057 Bitcoins.  The motto of the donor’s charity, the Pineapple Fund, is: “Because once you have enough money, money doesn’t matter.” So far, through the anonymous outreach of an individual who goes by the moniker of “pine,” $56 mln has been donated to 56 hand-selected charities.

Further down the road, we may even see an autonomous and decentralized foundation or fund, under which grant and financial distributions are made purely through the votes of holders of foundation created tokens. Such a “Distributed Autonomous Foundation” would be governed by an external collective of shareholders with the right to direct donation flows and even produce and fund project ideas through majority token rule.

Blockchain-based systems could also help to improve the reputation of charities. According to recent studies, one in three Americans are said to lack faith in nonprofits, many believing that these institutions spend too much of their budgets on overhead and too little directly on programs. Reduced overhead spending due to improved operational efficiencies and disintermediation through Blockchain technologies (e.g., direct donor to beneficiary giving) could help restore faith in charitable giving among skeptical givers. This, in turn, could lead to increased philanthropic engagement and a rise in overall giving.

In the future more charities, and even foundations could produce their own cryptocurrencies, the sale of which may enable a new sustainability model. A charity token exchange developed exclusively for the buying and selling of them, may one day bolster a new market-based approach to philanthropy in which both philanthropists and charities make money from trading “digital currencies for good.” Nonprofits and foundations could also engage in fundraising through token mining.

Despite unlimited opportunities, there are many challenges ahead. Most prominent among them is the fact that digital currency donations and Blockchain anchored systems are still new and untested in the world of philanthropy, and there are limited awareness and interest among individual givers, charities, and foundations.

What the future holds

In the short term, it is unlikely that cryptocurrency and Blockchain platforms will significantly disrupt or displace traditional philanthropy, but they will drive further innovation and experimentation in the sector.

As donations through Bitcoin and other digital currencies become more commonplace and acceptable and assuming the crypto market continues to flourish, crypto-philanthropy will indeed grow. There will also be more testing of smart contracts and Blockchain managed to give and to track which, if successful, could establish a new norm for transparency in philanthropy. Ultimately, as givers and beneficiaries interact more directly, we may see diminished roles for charities, aid agencies, and foundations - in some cases even the removal of these entities from the philanthropic equation.

On the flip side, if greater transparency in giving and impact does lead to increased confidence in charities, millions (or even billions) of dollars more could be generated for the social sector.

Regardless of which way the wind blows, it’s a brave new world just waiting to be explored by those wanting to give a little back.

Code:
Cointelegraph: https://cointelegraph.com/news/how-cryptocurrency-and-blockchain-are-changing-philanthropy-expert-take

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March 04, 2018, 07:09:26 AM
 #2



Just what I have been saying, cryptocurrency can be all-embracing technology making the things we do much easier and with a good reach even to remote places in many parts of the world as long as communication gadgets can be present and of course electric power. Philanthropy is one area that benefit much with cryptocurrency and I am imagining that the blockchain can be able to help in recognizing real philanthropy projects and squash those fake ones out to just grab money from their victims. The blockchain can then help foster trust and confidence with projects that can really reach more people for their intended and real purposes.

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March 04, 2018, 08:49:56 AM
 #3

Much of the growing interest in Bitcoin and other digital currencies has focused on getting and not giving. But flying under the radar is an exciting new trend toward leveraging cryptocurrencies for philanthropy.

Fundraising with Crypto

Over the last few years, a number of charities and foundations have been trialing Bitcoin donations. These include such well-known organizations as the Red Cross, Save the Children, United Way and the Electronic Frontier Foundation. Cryptocurrency donations to charity are clearly on the rise. Fidelity Charitable, which houses the nation’s largest donor-advised fund, received $69 mln in cryptocurrency donations in 2017, up from $7 mln received in 2015 and 2016 combined.

Beyond charity donations are many innovative platforms and projects happening in the emerging “crypto-philanthropy” space. These include crowdfunding platforms such as BitHope, which allows donors to make Bitcoin donations to selected charities for their fundraising campaigns. Besides, some new tools like GiveTrack and Alice can track the flow of donations from donor to a done openly, and to verify what charities have received and achieved, all on a Blockchain.

Charity coins

Beyond cryptocurrency donations and tracking, a number of social purposes digital coins have been created to support specific nonprofit programs and endeavors. Clean Water Coin, for example, was designed to raise money for the nonprofit charity and bring clean water to the families around the world. Pinkcoin, a philanthropy coin which allows investors to both donate to charity and to earn a return on their investment, is listed on major cryptocurrency exchanges and has performed well in comparison to other commercially traded digital currencies.  

Crypto-foundations


Another new arrival in the cryptocurrency for charity space is the “crypto-foundation.” One anonymous investor established a foundation to give away 5,057 Bitcoins.  The motto of the donor’s charity, the Pineapple Fund, is: “Because once you have enough money, money doesn’t matter.” So far, through the anonymous outreach of an individual who goes by the moniker of “pine,” $56 mln has been donated to 56 hand-selected charities.

Further down the road, we may even see an autonomous and decentralized foundation or fund, under which grant and financial distributions are made purely through the votes of holders of foundation created tokens. Such a “Distributed Autonomous Foundation” would be governed by an external collective of shareholders with the right to direct donation flows and even produce and fund project ideas through majority token rule.

Blockchain-based systems could also help to improve the reputation of charities. According to recent studies, one in three Americans are said to lack faith in nonprofits, many believing that these institutions spend too much of their budgets on overhead and too little directly on programs. Reduced overhead spending due to improved operational efficiencies and disintermediation through Blockchain technologies (e.g., direct donor to beneficiary giving) could help restore faith in charitable giving among skeptical givers. This, in turn, could lead to increased philanthropic engagement and a rise in overall giving.

In the future more charities, and even foundations could produce their own cryptocurrencies, the sale of which may enable a new sustainability model. A charity token exchange developed exclusively for the buying and selling of them, may one day bolster a new market-based approach to philanthropy in which both philanthropists and charities make money from trading “digital currencies for good.” Nonprofits and foundations could also engage in fundraising through token mining.

Despite unlimited opportunities, there are many challenges ahead. Most prominent among them is the fact that digital currency donations and Blockchain anchored systems are still new and untested in the world of philanthropy, and there are limited awareness and interest among individual givers, charities, and foundations.

What the future holds

In the short term, it is unlikely that cryptocurrency and Blockchain platforms will significantly disrupt or displace traditional philanthropy, but they will drive further innovation and experimentation in the sector.

As donations through Bitcoin and other digital currencies become more commonplace and acceptable and assuming the crypto market continues to flourish, crypto-philanthropy will indeed grow. There will also be more testing of smart contracts and Blockchain managed to give and to track which, if successful, could establish a new norm for transparency in philanthropy. Ultimately, as givers and beneficiaries interact more directly, we may see diminished roles for charities, aid agencies, and foundations - in some cases even the removal of these entities from the philanthropic equation.

On the flip side, if greater transparency in giving and impact does lead to increased confidence in charities, millions (or even billions) of dollars more could be generated for the social sector.

Regardless of which way the wind blows, it’s a brave new world just waiting to be explored by those wanting to give a little back.

Code:
Cointelegraph: https://cointelegraph.com/news/how-cryptocurrency-and-blockchain-are-changing-philanthropy-expert-take

I do not see it diminishing the roles of charities, aid agencies, and the like, because the only thing that has changed is the method of giving in-kind donations. If people will donate through Bitcoins, there has to be receivers who will receive in representation or on behalf of the donees who will thereby facilitate in bringing about the donation to whom it pertains. For example, if I donate 1 Bitcoin directly to cancer patients, the authorized representative will receive it and will work with government hospitals so the latter can pay for the treatments for and on behalf of the donees. So you see, there has to be people in between who will coordinate with adjunct government instrumentalities to reach the goal, that is, to treat cancer patients. You know, if you would just send donations directly to cancer patients, how can you be sure your donation served its purpose? Also, if they are too ill to do the works personally, how can they carry out the coordination with other government instrumentalities for their treatments, especially so if they are orphaned patients? There is clearly a loophole right here.
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June 18, 2018, 02:53:54 AM
 #4

There is so much more that blockchain can be doing for social impact and little is being done to address the lack of engagement from Millennials who currently are about 50% less engaged than Baby Boomers according to a 2016 report by Blackbaud (I think you would need to download the full report). The lack of trust and transparency is definitely the biggest problem in the industry and most current blockchain projects are really just offering side avenue for charities to accept crypto payments as a donation when they could be leading an industry-wide change in the whole giving paradigm.

Take for example our platform's functionality that uses reward tokens as an emergency relief fund for first responders to catastrophic emergencies. Funds need to be mobilised asap and there is no time for fundraising campaigns at that stage as lives are on the line. We came up with a way to transfer funds to the right people quickly, using a democratic voting system with time limits.

Or the way we will be integrating CSR programs that open up equity for staff to decide where their organisation spends funds.

It just seems to me that there is generally a lack of entrepreneurial effort when it comes to charity because people are so used to it being done how it has been done for decades that they can't seem to visualise better systems to achieve greater engagement and social impact.
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June 18, 2018, 10:16:01 PM
 #5



Just what I have been saying, cryptocurrency can be all-embracing technology making the things we do much easier and with a good reach even to remote places in many parts of the world as long as communication gadgets can be present and of course electric power. Philanthropy is one area that benefit much with cryptocurrency and I am imagining that the blockchain can be able to help in recognizing real philanthropy projects and squash those fake ones out to just grab money from their victims. The blockchain can then help foster trust and confidence with projects that can really reach more people for their intended and real purposes.
This is what i like on where cryptocurrency or blockchain tech do gives which as being said it would already reach out those people who are in need when those funds accumulated for such purpose. This would really end the old system where corruption or holding up funds is most likely. Now this tech changes the way regarding on the distribution which is revolutionary. Hope this would be implemented into more other sectors.


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