A Better Solution to Charitable Donations
A Better Solution to Charitable Donations
Flawed at Best
Eight and a half years ago, on January 12th, 2010 a catastrophic 7.0 magnitude earthquake occurred 16 miles west of Port-au-Prince, the capital of Haiti. An estimated 230,000 people were killed, 1.5 million people displaced and anywhere between $7.8 and $8.5 billion dollars in damage was inflicted on this already impoverished country.
Within weeks, concerned citizens of the world banded together to help this battered nation. Nearly $500,000,000 was donated to The Red Cross Foundation to assist in the restoration of Haiti. But, after all this generosity and philanthropy only six new homes were built by The Red Cross. Six.
You may be outraged, confused and even shocked to hear this number. But, this tells a story all too familiar within the charity sector. In 2018, public trust in charities rests at a measly 54% . And why is that?
Well, maybe its $500,000,000 being donated to build 6 homes in Haiti after a 7.0 magnitude earthquake.
Or, maybe its projects like Wounded Warriors spending only 60% of raised funds actually on veterans.
Or my personal (favorite?), the Cancer Fund of America donating only 3% of its donations to actually cancer treatment and research. The rest being spent on luxury cruises, a trip to Vegas and dues for a dating website. Yikes.
Anyways, the point here is clear. You have no idea how your money is going to be spent when you donate it to a charity. You may think you do, but can you truly know for sure? One answer would be “Oh well, there are charity watchdogs.” Well, that’s true. But, watchdog groups are often limited. And it’s naive of us to place all the trust in these watchdogs, who themselves could be corrupt as well.
What do we do and how do we solve this? Only 54% of U.K. citizens trust charities, and even if that number was 100% who knows the true percentage of donations going to their intended recipient?
On top of this, middlemen (may they be banks, government agencies or any other firm) also end up taking a piece of the pie when transferring currency. This is especially relevant when dealing with organizations that operate in developing countries where transfer fees for remittances can be as high as 20%.
So here we are, a problem identified: The process of transferring charitable donations between donor and recipient is flawed at best and often times corrupt.
Evimeria intends to solve this problem.
Advance and Evolve
Using a three part system including a platform, an exchange, and a public blockchain linking the two, Evimeria is poised to challenge the industry.
The Evimeria platform will be the contact point where donors and reputable charities around the world meet. Donors will have the option of staying anonymous (up to a certain donation amount), but each charity will undergo a manual vetting and thorough KYC process to confirm their identity/business status and be publicly listed on the platform. Upon entering a campaign or charity page, the potential donor will be able to view all the information given by the charity: who they are, what they do, past work, and a reputation. Each charity will earn their reputation over time based on whether they follow through on their donation proceedings as expected.
The Evimeria exchange, powered by the Evimeria token ($EVI) functioning similar to the $BNB token powering Binance’s exchange will be linked to the platform via the $evi token. All $EVI transfers between platform and exchange will be free and exchange fees will be reduced by spending the $evi token. The token’s purpose is to provide liquidity and to be used as an exchange-of-value system within the Evimeria ecosystem. Current, the $evi token is based on the waves-platform but will be soon be moving to its own native Proof-Of-Stake public blockchain, completing a 2:1 swap in Q1 of 2019. (Tokenomics can be found in the Evimeria Whitepaper, located at the end of this article.)
The Evi blockchain will link the platform and exchange, permanently storing all transactions on an immutable ledger providing a simple and transparent record of which charity is receiving funds, which donor is giving them and where the funds are going. The blockchain can also be used by charities to manage resources, reduce overheads and boost their supply chains.
Yes — bitcoin and other cryptocurrencies themselves can be used to transact and donate worldwide without fees, but Evimeria is creating a platform for charities to meet donors and build an honest reputation. Evimeria will advance and evolve the charity sector by restoring public trust, reducing unnecessary fees and ultimately increasing the amount of wealth shared worldwide.
The Evimeria team is public and decided against an ICO.
Read their whitepaper below:
“The IRS treats virtual currencies as non-cash assets and, therefore, eligible to be treated as long-term capital gain property. Blockchain-based donations make for easy tax deductions and a simple one-click system to produce the necessary documentation will eventually be integrated into the platform.”
Until next time,