What is Giftcoin?
Blockchain start-up Giftcoin was established in London by seasoned experts in the fields of charity and the technological industry. Its founders include Alex Howard, who also established British charity The Optimum Health Clinic, and Tim Bichara. The latter is the co-creator of the financial technology Q App start-up which was purchased by Yoyo Wallet last year.
Giftcoin aims to revolutionize fundraising, mainly its transparency aspect. In its initial stages, it received valuable support from notable third-sector personalities. For instance, Jon Duschinsky, member of the team behind the Ice Bucket Challenge, which raised over $100m to cure ALS.
Giftcoin’s aim is to bring radical change to the world of charity, by means of using the blockchain technology. That way, it seeks to transform the process of receiving and tracking donations.
With this new technology, it is able to provide unprecedented transparency. It does so by tracking expenditures, and maintaining a policy of regularly updating donors. As a result, the entire process behind Giftcoin will reestablish public trust when it comes to charities.
It is based on having firm relations with the donors, thus bringing forth increased support and larger donations. That way, important charity causes will continue to receive much-needed global support.
The Giftcoin platform is custom-designed in order to improve the donating methods as we know them. What does this look like in practice? By converting all donations into the Giftcoin cryptocurrency, it enables tracking the donation’s consequent route with the usage of blockchain. Such a process ensures a permanent evidence of all transactions.
An additional novelty with this technology is the utilization of social media. Thus, every donor becomes a public supporter of a charity, playing a vital role in the awareness-raising process.
Jon Duschinsky, social innovator and entrepreneur, has emphasized the fact that Giftcoin creates a platform that bridges the gap between making donations and their expenditure. By doing so, he argues, it can lead to a new and more productive manner of societal change through charity.
Lady Astor of Hever, a twenty-year veteran in the field of fundraising, who has been active in charities such as the National Autistic Society and Parkinson’s UK, also spoke of Giftcoin. She called it a brand new concept of charity, one that clearly marks the path from donation to final results. Lady Astor also highlighted the transparency aspect behind Giftcoin as a necessary next step in the modern digital society.
Alex Howard, Giftcoin co-founder, has stated that blockchain represents a valuable asset to bring about transparency and help build trust.
In addition to this, many pre-existing charities have already come on board of this new platform. The Optimum Health Clinic Foundation, Enhance the UK and Ourmala are just some of them.
Giftcoin's main goal is to revolutionize charity efforts by reestablishing trust between donors and charitable organizations. Namely, it gives donors an opportunity to track and monitor the expenditure of their contributions.
Giftcoin also aims to decrease charity-related transaction fees. The major websites dedicated to fundraising have a fee of up to 5% - and add to this credit card fees. With Giftcoin, all donated funds will go to the organizations in question, with added transparency in the entire process.
The platform also implies more ways of donating, with added options like micro donations in which a purchase is rounded up to the nearest dollar, for purchasing Giftcoins for a charity. This introduces an avenue for cryptocurrency owners to make a direct donation.
The Giftcoin Initial Coin Offering began in January 2018. The raised funds will be invested in the development of a prototype, which will be released in May of 2018. Following this, Giftcoin will maintain a close cooperation with chosen charity platforms, and the finished product is to be released in September 2018.