This is a very unselfish project. It would be nice to make use of crypto to be a blessing to others. I'm just wondering how is the community assured that funds will be properly used and that it will really go to the recipients?
Hi,
Thank you, we are most definitely working on a project for good, which we are not only proud to be part of, but excited to bring it to the community to join us (thanks to blockchain and ICO's nature).
With regards to your question:
1. The transactions will be token based and recorded on the Ethereum blockchain, therefore available for everyone to observe - creating full transparency.
2. Due to the nature of blockchain, it is virtually impossible to change and temper with past transactions, so fraud, human errors and manipulation of other kinds is impossible.
3. By using crypto currency, we eliminated (or dramatically) reduce transfer costs, cutting banks and other middle agents from the equation, making sure the recipients get the maximum of the funding.
4. In the future as more and more charities and organisations embrace crypto currencies, the vertical integration would become deeper, and more profound allowing them to pay suppliers, salaries etc.. over blockchain, which means that another level of granulation transparency opens up.
5. As for Philanthor, we'll be audited and we'll publish quarterly and annual reports which will outline which causes were supported and how.
WE hope this offers an answer to the question (?)
