HumanCoin | A Blockchain based Charity E-Commerce

HumanCoin ICO Review, Blockchain, Cryptocurrency

HumanCoin is a blockchain based application which connects philanthropists with fund-recipients in a transparent way. We already know that the charity industry is facing trust issues where there is no mechanism to ensure that the funds have reached to the deserving people and spent on the same cause they were delivered. Donors find it hard to identify the right projects for funding, but this ecosystem allows them to choose the projects listed on the platform or use Humanpool for making donations. Projects with ratings are stored in this pool which automatically routes the donor's money to the highest rated project which makes the system transparent and trustworthy. They can also keep track of their money, vote or rank a project and perform other useful activities on this platform.

Problems with the traditional model

Trust issues are greater where there is money involved. Charity is one of such industries which is fighting hard to gain the trust of the investors because the industry has (until now) failed to provide a system where they could track down the utilization of investors’ money. People also doubt, even while donating to charity organizations, that whether their funds will reach the deserving or not. Beside trust issues, the traditional system has no answer to hefty transactional costs, barriers in sending money cross-border and regulatory restrictions. The system is outdated and therefore, it can’t offer any other benefits associated with the cause. The charity and donation sector could not flourish because of these problems and it needed an ultimate solution for a sustainable growth and success.

Solution to these problems

Humancoin, as the name suggests, helps humanity by providing a transparent system to the donors where they can trace down their payments to ensure that it reached to the right recipient and for the right cause. The platform allows them to instantly send donations anywhere in the world. They can also monitor their expenses and receive other benefits associated with the platform. The business model also includes e-commerce which will help the application grow at a faster rate. So these features are a sure indication that finally, blockchain has offered something to the donors and philanthropists for making payments under the complete trust of the system.

Other benefits of Humancoin platform

The users will also receive a receipt for their donations which can be used for tax purposes depending on their jurisdictions. The efficient use of blockchain technology has eliminated the need for any third party intervention or middleman which always result in huge costs. Humancoin is not using its own blockchain but can switch to another one if and when needed. There is a native coin of the system with the same name and runs on ERC20 protocol. We believe that blockchain technology will change the way charity business had been conducted so far and bring a much-needed revolution by making things transparent, immutable and secure. It is expected to see a significant growth once the platform gets familiarized to the mainstream users.