Charities to Improve Transparency Thanks to Blockchain

After completing its ICO successfully in less than 90 minutes, AidCoin has been listed on Bitfinex.

CharityStars, the online auction platform for the nonprofit sector, announced on Jan. 24 the success of its AidCoin token sale, by raising 14,333 ETH ($16.5 mln at the time of close) concluded within 90 minutes.

This milestone follows the successful raise of 8,333 ETH in the AidCoin presale in November 2017 organized in collaboration with the Eidoo ICO Engine.

AidCoin token (AID) has now been listed on Bitfinex exchange for digital currencies.

CharityStars and AidCoin

AidCoin is the token for charitable giving launched by CharityStars, an auction fundraising platform that has already raised $10 mln for 500 charities, thanks to the collaborations with over 200 celebrities and thousand different brands.

AidCoin allows people to donate to non-profit associations, while easily tracking their donations on a public platform called AIDChain.

By showing how donations are being spent, AidCoin aims at increasing the transparency in the non-profit sector, thus increasing trust in organizations.

As previously reported on Cointelegraph, a bid of $36,000 worth of Bitcoin awarded the auction winner with the chance to meet the football champion, Cristiano Ronaldo. The proceeds from this auction will be donated to the Forever Dream Foundation, the association that gives unique experiences to disadvantaged children and families.

CEO and Co-founder of AidCoin and CharityStars, Francesco Nazari Fusetti said,

“Our team is proud and incredibly humbled by this tremendous show of support for both our project and mission. For years we have worked relentlessly to meet the needs of the most vulnerable in societies around the world. And the success of the AidCoin token sale clearly shows that people everywhere are eager to join us in our journey to not only meet those needs but do so in a way that is more transparent, accountable, and ultimately trustworthy.”

ICOs related to charity

In the last few months, many ICOs related to charity have been started to raise funds for their projects.

For example, there is Giftcoin, a system designed to change charitable giving, which token sale is scheduled March 22. At a time in history of endless natural disasters, the Middle East crisis, and a greater divide between rich and poor than ever before, the need has never been greater for this kind of platforms as said in its white paper.  

With the charitable sector being seriously compromised, never has cultivating trust with donors been more important. Giftcoin aims at creating a world in which every time people give money to charity and good causes, they have total trust that funds are going exactly where they want them to.  

UNICEF and WWF to explore digital currencies

Blockchain technology has some fascinating features and applications that could have a revolutionary impact on charities and charitable giving.

Cryptocurrencies could and will present major opportunities and challenges for the charitable sector.

The excitement around these technologies is palpable and charities are starting to embrace the benefits Blockchain can offer.

For example, the United Nations Children's Fund (UNICEF), the UN program tasked with providing support to children worldwide, has started to explore how it could issue custom cryptocurrencies to further its mission.

This is actually consistent with UNICEF’s drive towards positioning itself as a leader in Blockchain.

Another notable example is WWF which joined forces with Fiji and New Zealand to eradicate illegal fishing and slave labor in the tuna fishing industry using Blockchain technology.

In partnership with ConsenSys and TraSeable, WWF has been able to track using Blockchain the journey of the tuna from when it is caught, through processing and to the distributor.

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