Giftcoin is “the world’s first cryptocurrency for charitable giving and good causes”. It is an alternative to fiat money (like all other cryptocurrencies) aimed directly at charities, and which intends to make the process of donations much more manageable.
Giftcoin is an initiative created by Alex Howard, Tim Bichara, John Beddoes, Chris Cain, and Ben Evans. This team works with a group of Charity, Technology, Legal, and Compliance Advisors, and a team of investors to help the charities they have partnered with, to receive their donations more straightforwardly while saving time and paperwork.
How does Giftcoin work?
Their website presents the process of using Giftoin in “Three Easy Steps”, which are: saving coins, sending coins, and tracking coins.
Every time a customer makes a purchase, giftcoin service will round up the payment and keeps the extra amount. That additional amount then goes to the charity of the customer’s choice from the list on their website. Finally, and after the client has selected the organization they wish to aid, Giftcoin helps the client track their donations by showing when and where the money goes to.
The road to Giftcoin
Gitcoin’s website shows a roadmap of activities for the launching of this coin, which goes from February to October of 2018.
First step: According to them, their “First Token Event” will take place on February 1st, 2018 and this is the beginning opportunity to join them and participate.
Second step: Afterwards, on July 2018 they will do the “MVP Release”, which is just the launching of the fully operational platform and currency, with the first batch of charities on their website and with all the requirements covered for the legal and technical functioning of the site.
Third step: By September 2018 the team behind Giftcoin expects to have the “Beta Version Release”, a second stage of the tokens’ sale, which will allow more and more people to join the Giftcoin crowd and test the product.
Fourth step: Finally, in October 2018, it will be time for the “Final Product Rollout”. That will be the big moment, where the world will get the opportunity to simplify the way donations are made.
For those wondering about the percentage of distribution of the tokens, they will be used in the following way:
- 47% goes to tech development
- 29% will be used for PR, marketing and sales
- 12% is for Legal and accounting
- 7% is for Administrative Purposes
- and the last 5% for Overheads
Pre-sale and sale
The token pre-sale is currently available only for those participants who have pre-registered on the website. However, people can still register, and they will receive a 10% bonus coin. It is necessary to keep in mind that all those who are planning to invest more than 10,000$ must get in touch directly with the company’s developers, which can be done right on their website.