Bill Gates and the Newspaper boy
There is a popular story of Bill Gates and a newspaper boy sometimes ago on Quora. The story supposedly came up when he was asked who in the world was richer than he was. The truth about this story was uncertain as the writer gave no evidence of the truth or a source where the story came from. Also, there was no release from Bill Gates confirming or denying the story. But the story gave a deep insight and motivation about giving or Charity. It affirmed that you do not have to be rich before you can give- this is true. You can get a peek at the story in the picture below.
Charity begins at home as the popular saying goes. Life is all about giving privileges to the less-privileged. The law of karma also supports giving. It affirmed that what goes around comes around. Charitable giving comes with a different motivation. Some do it out of a heart that loves and desire to help the needy no matter the distance (making them a philanthropist). Others do it so as to be seen and be called philanthropic.
Challenges facing Charity Organizations today
Charitable organizations are built essentially for the purpose of promoting a charity or giving for different charitable courses. But charity organizations around the world are under-performing because they face some challenges:
Some people gave up on giving to charity organizations because, in their opinion, they are not transparent enough. Most times the public or givers are not shown how these organizations spend money. This has significantly depleted the level of trust in these organizations. Most charitable organizations do not see the need to show those who have given how they have spent the resources given to them. There are stories of scams by some charitable organizations too. But this has gone so low because of regulations nowadays.
Giving to a genuine course arises from time to time, for example, raising funds for victims of a disaster. But in this case, collections may be limited to those in the country of origination most times. Cross-border payments may take a long period of time and resources to clear especially for third world countries. Transaction or clearing fees in banks are very high nowadays. Other times, announcements by charitable organizations or bodies may not reach people outside the country of origination for people outside the country to respond.
Another popular saying goes thus: ‘Do not allow your left hand to know what your right-hand does’ in relation to personal giving.
Though charitable organizations can protect the identity of the giver and restrict the public from the information. But, some people really wish to give in such a way that these organizations do not know who gave for their course. They want absolute anonymity when they give.
Blockchain Technology- A suitable Solution?
While blockchain technology may be very suitable for solving these challenges, there are some limitations presented by the top coins. Bitcoin can take an average of 10minutes before delivering a transaction. A window of ten minutes can be too long for an emergency collection or giving. Likewise, BTC has huge transaction fees. Bitcoin uses pseudo-anonymity to protect the identity of senders and receivers while transactions remain transparent. But, it has been found that it is possible to attach the identity of a person with transactions. There are many other reasons why BTC and many other popular blockchains are not suitable for charitable giving.
EDC- A Charitable Blockchain
EDC blockchain, however, has the potential to accommodate charitable organizations and course with ease.
EDC blockchain can process 100,000 transactions per second with a flat transaction fee of 0.001EDC per transaction. It has a block time of 1-2 seconds. You can confirm for yourself here.
On EDC charity courses can be implemented with ease. There is a possibility to create a platform which accepts EDC as a payment option for collections. Organizations from anywhere in the world can receive charity donations with ease in a matter of split-second when it is done via EDC blockchain. There is no need for clearing. Emergency collections can be done and people from all over the world will respond. EDC is listed on multiple exchanges (Check CoinGecko below). This means it is easy to convert EDC coins to fiat in any country through the multiple exchanges.
On EDC blockchain transparency of these organizations can be boosted.
EDC blockchain team recently released an update to let the community members know what they have been working on. This update includes the ability to send EDC tokens absolutely anonymous. This means tokens can be sent to your wallet without you knowing who sent it. For people who like to give anonymously, this will be effective for charity donations for organizations who do their collections on EDC.
Updates from Team
Additionally, the update included that it will soon be possible for users to send a transaction to other people through a code package. Any user can send EDC by generating code through their wallets, this code can be redeemed to get funds by the receiver.
Users will be able to do a ‘Red Envelope package' to gift a certain number of people with a pre-entered amount for each beneficiary by also generating code from his wallet. This is by specifying how many beneficiaries can redeem the codes and the amount to be sent to each beneficiary. This can be used by any philanthropist or loyalty giveaways by companies as explained in the previous article.
These updates and works are done by the team only prove that they must be philanthropists themselves. And it is only natural for a philanthropist to create an avenue for other philanthropists to be a philanthropist.
Are you wondering if this is possible?
EDC blockchain team posted an update July 18 on Bitcointalk titled EDC Charity Project. The thrust is towards leasing to charity course since EDC is based on Leasing Proof of Stake (LPoS). You can read more about the update here. The team members have already shown an example to charity organizations how it supposed to be done. This should be a call for them to rise up and take up the challenge to be transparent.
I foresee a future where NGOs, non-profit organizations, and charity courses run master nodes on EDC blockchain to use the dividends or daily earnings to help people who are in need.
EDC Blockchain Links
Thanks for reading, I am Ayobami99. You’d like to gift me some EDC coins?