Charity Token (ChaT): How Is Charity Token Streamlining Charity
Updated: Jun 20, 2022
Due to increased inflation, rising war, Covid-19 after effects, and other factors, the world's per capita income has significantly reduced. Recently, the world bank reported that the growth in 2022 has fallen from the projected 5.4 % to 2.1%.
As seen above, the world's economic condition is worsening. This isn't due to a rise in lazy communities, but it is due to a rise in the unemployment of talented experts. This creates a rise in power disparity among the community, which is never good. Donations to legit charity funds to help legit people get through the great recession can be a great solution to improve the lives of many individuals. It could help the community with basic needs of housing, clothing, food, and education, which can turn the tide on this economic disparity.
Donations For The Greater Good:
Regardless of the amount donated, in huge numbers, it can create an actual impact on the lives of the community. However, the donations should always be made with the help of legit charity funds to self guard selves from possible scams.
As seen in the above representation of the current charity scenario, the general public is interested in donating (which, according to statics, is at an all-time high). However, the public is refraining from donations due to a lack of incentives and mistrust. Moreover, there is no record of where the donations go, which can increase mistrust between the two parties. The solution to this problem can be utilizing blockchain-based technology, which is more secure and completely public.
Charity Token (ChaT) And Its Blockchain Solution
The technology of blockchain has brought many reforms in the traditional industries, making them more efficient in terms of operations. For example, with the advent of crypto-supported decentralized apps (DAPPS), the financial industry is on its way to becoming faster with fewer transaction fees. It also has had a trickling-down effect on many connected industries as well. The adoption of the technology is due to its utility which is the most crucial element to be considered. A project with actual life utility is the one to succeed.
Charity Token (ChaT) is a utility-based project to streamline the charity process. The project does that by instilling trust between the user and the charity organization and incentivizing charity participation. The services/products which assist them in this noble goal are their crypto token (ChaT), their application assisting in transfers, and soon-to-launch NFTs.
For registering into the ecosystem of ChaT, the Non-Profits have to be registered in their local country in the case of
Ø USA (501 ( c ) (3) status)
Ø UK & Australia (Registered Non-Profit Status)
Ø Canada (T3010 status)
For other country-based charities, they will be reviewed in a case-by-case study. Along with this, the NFPs must go through a stringent check which the team does in the background. The check involves a relevant KYC check, and getting in touch with the charity liaison officer are some measures the ChaT takes. It also involves a comprehensive zoom call with the head of the Non-profits, thus ensuring the organization's legitimacy.
After these mandatory checks, the NFP will be listed on the charity database of the project and hence will be allowed to receive donations. ChaT also keeps track of annual reports of over 3 million charity organizations by using the database of regulatory bodies around the world with their API. However, if the NFP doesn't keep updating information with the charity regulatory, the NFP won't be allowed to receive donations anymore. The information of transactions will be public due to the utilisation of blockchain technology.
Charity Token has listed a detailed procedure for registration of NFP in the project. Its also indicated in their whitepaper and is very easy to understand.
Charity Token has launched its own crypto token, ChaT, based on the Polygon Matic chain. Hence, the users won't be subjected to absconding transaction fees, which other cryptocurrencies might be subjected to.
Along with the side-mentioned characteristics of the token, the token has an exciting utility-driven and community-focused tokenomics. The transaction split is as mentioned below. The readers should note that each transaction will contribute to all the listed charities through the charity for all pool. Also, all the tokens holders will be entitled towards a 3% share of the transaction amount. Whereas the organisational expenses, like the team expense, application maintenance expense, network cost etc. will be paid through fees equivalent to 0.5% of the transaction.
The majority of stakes of the tokens will be in Liquidity pool, while 14% are denoted to the private sale and 3.35 % are denoted to early investors. The ecosystem consists of 8.100.000.000 Tokens, out of which 1.486.000.000 tokens will be as initial circulating supply.
Tokens Smart Contract:
The above transaction split is not overseen by the organization but is enforced by the smart contract on the Polygon Matic blockchain. Hacken, a leader in Blockchain and IT security, has audited the smart contract. The transaction split can be changed depending on its network demand. Even after that, a maximum of 4 million tokens are permitted to be sold by a wallet daily, thus avoiding a massive price drop.
As seen in the above examples, the smart contract has been coded by considering the latest crypto dumping schemes typical in other projects. Also, it has considered investors' perspectives by offering them rewards irrespective of the amount invested. As a result, any investors will start to earn a return for investment through the token holders' pool, which gets accumulated by 3% of the transaction value.
To start earning, the investor must buy the ChaT token and thus participate in the community. Then the smart contract will automatically distribute the transaction fees according to the percentage stake in the community. The Charity Token has integrated IndaCoin, as the 3rd party/provider, which will assist conversion of Fiat currency to the ChaT token and store it in your Metamask wallet. As an alternative to IndaCoin, users can purchase the token through exchanges and transfer it to the Charity Token issue "0X" address. Then, the users can easily convert those tokens to MATIC to sell them through the exchanges.
Current & Future Stage of The Project:
The project is currently undergoing a presale, accounting for 14% of the total token in supply. The presale is scheduled from the 1st of June to the 12th of June. However, the investors from the presale won't be allowed to sell the token until 2 weeks after the public sale, thus making the ecosystem safe from early dumpers. The public sale is scheduled to be launched during the 1st week of July this year. Current investors will receive LP tokens during this presale in June, which can be swapped 1:1 for charity tokens when the liquidity pools go-lives.
The team is also planning to launch a dedicated NFT marketplace on the Opensea, which the charities can use as an extra source of income. It's much like the traditional sense, where charities used to auction art, relics, or artifacts, while in the modern world of NFT, they will be auctioning digital work, which will be more efficient due to lesser intermediaries in between.
Along with the community-focused tokenomics of the project, the project has also created a Token Auto-Staking model and Token Deflation nature. Due to this mechanism, the value of the tokens held by the users will only rise. According to the project's tokenomics, 1% of every transaction will be burnt, and each transaction will contribute to the token's value.
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Written By: Arjun Patil