Anyone who has the opportunity and time to review Giftcoin whitepaper will immediately notice that their team of developers has decided to create a coin that will revolutionise the world of cryptocurrencies and charity donations while making this more accessible for everyone.
The first statement you will find on the Giftcoin whitepaper says: “Our vision is to create a world in which every time you give money to charity and good causes you can have total trust that your funds are going exactly where you want them to.”
How many times have you desired to donate to an organisation but are too afraid to do so because there is no guarantee that your funds will go to where you want them to go? Many people get discouraged by this, and others lose the opportunity to receive funding because of the lack of trust.
The main purpose of Giftcoin
Giftcoin is a cryptocurrency that will make donations easier because according to their whitepaper, it will allow donors to know exactly where their money goes to and is spent on, and for organizations, it offers complete transparency and tracking of the funds they will receive.
Also, there is the benefit of the fees. The white paper states the following: “Traditional giving platforms are expensive because they are inefficient. The power of the blockchain means that donations in Giftcoin, in addition to the revolution in the giving process that is offered, are also feeless. That means; that not only do you have confidence that every cent you give is going to the cause which you donated it to, but you are not wasting any fees in the process of giving.”
Giftcoin creators are aiming towards the millennial market, since they are the trend creators currently. Also, they have a prominent voice in social media and believe in trust and transparency, two of the most crucial factors in Giftcoin development and release.
Using blockchain technology and smart contracts
This whitepaper explains that the technology behind Giftcoin is the “end-to-end” blockchain: “End-to-end giving is a revolution (…) that means you can track the path of your donation right up until the point it is spent.”
That means that right after the donor makes their transaction, the money goes into the blockchain and it goes into the recipient’s hands in a restricted way, to be used only for paying the goods and services previously agreed. Afterwards, the same blockchain is used to send all the records to the donor, using an indelible block, for transparency purposes.
Giftcoin’s whitepaper presents particular cases for projection and identification. Donations to sponsor scholarships in third world countries and to build services in African nations are two glaring examples of how to take advantage of donations made using this cryptocurrecy.