CharityStars is an established online platform where people can bid in an online auction for a chance to win an experience. Of the monies bid, 85% of the net revenue accrued (less 3rd party fees) are donated to a predefined charity. Typically, the types of things auctioned are lunches with celebrities or specific celebrity and pop-culture memorabilia.
The Issue with the Current Charity Ecosystem
CharityStars noticed that due to various recent charity scandals, the impulse to donate to charity is fading. The main problem is that funds are being spent on activities other than the intended goal of the charity. In some cases, more than half the funds raised are spent in operational, marketing and other costs. This means that funds don’t make it to their proposed end goal.
CharityStars have therefore decided to create a subsidiary AIDCOIN which will use the Ethereum blockchain and smart contracts to show accountability of donations and only release the funds when the conditions of the smart contract are achieved. Thus, hopefully giving back trust to donors and showing traceability in the use of funds raised.
AIDCOIN aims to bring transparency to the charity industry using blockchain. In January 2018, AIDCOIN launched an ICO which closed in 90 minutes raising a total of 14,353 Ethereum. This token can now be bought on various exchanges including Bitfinex and Bittrex. The AIDCOIN project has two main components which work together to deliver their service. These are AIDCHAIN and AIDPAY.
AIDCHAIN is a browser where charities can meet donors. It also enables other associated parties including service providers, employees, and end beneficiaries to register on AIDChain to make the donation process traceable. People will be able to monitor the entire process from receipt of an AidCoin (or other crypto) donation via AidPay, to the spending of said donation. All donations are internally converted to AidCoin to enhance donation tracking features for both charity auditors and the donors themselves, thus building more trust and transparency in the charity and fundraising sector.
AIDPAY is essentially a plug-in to be used on any browser which acts like a PayPal for donations. Currently AIDPAY allows users to donate in 22 currencies. If a charity registers on AIDCHAIN, they can use their unique AIDPAY code on their own website to initiate donation traceability at their end. Other than charities, AIDPAY and AIDCHAIN can also be used by ICOs or other companies to enable donations via their personal website to be traced through the AIDCHAIN platform.
How Can I Get Involved?
You can buy AIDCOIN tokens on various mainstream exchanges. You can then use these AIDCOIN tokens or one of the other 22 compatible cryptocurrencies including Bitcoin and Ethereum to donate to a cause of your choosing either on the AIDPAY mobile application, or directly on the charity’s website assuming they have opted in to AIDPAY as a background widget for donation traceability.
If you have a charity and would like to be listed on their platform, simply register on AIDChain and they will automatically review and process your application. Your charity page will appear on the AIDChain platform if and when the application is verified.
Which Charities does CharityStars Support?
In our interview, CharityStars announced that they have 2 well-known charity partnerships which they are due to announce soon. Take a look at our interview with CharityStars to find out more and if you are interested in this project further, check their website and their white paper.
For more information on the AIDCOIN project, visit: https://www.aidcoin.co