This week’s crypto review is on a coin, soon going to ICO, that I’ve just come across – Giftcoin. According to their strapline, it’s ’the world’s first cryptocurrency for charitable giving and good causes’. I’m all for good causes so does this ICO hit the mark? Read on to find out…
How does it work?
Giftcoin works in three main ways:
1 Accumulate Giftcoin
Each time you make a purchase, the platform rounds up the payment and converts the extra to Giftcoin
2. Send it as a gift
As Giftcoin accumulates, you choose who to donate to and support on the platform.
3. Track your donation
Once you have chosen your causes, Giftcoin shows you exactly when and where your money is spent.
See it in action below:
What I like about Giftcoin
Sometimes I review ICOs from a profit viewpoint: how much will it make and when will it make t by. With this coin, my interest in the coin goes beyond profit as I think it’s a real cool idea to put something back into the world.
Isn’t that what crypto was originally designed to do? To improve fairness, to improve transparency, to make the world a better place.
Building on the central ideas inherent in crypto I like this token for two main reasons.
First, Giftcoin will give complete transparency on your charitable donations. Utilizing smart contracts, you will be able track the direct impact of donations. This is a massive real world improvement. I know personally the current system where you donate and you have no idea where your money goes is massively off putiing for even those of us with the best intentions. Giftcoin solves this and can be a game changer for charitable donations.
Secondly you give as you spend you make a difference to the world. The app will convert the small change from daily spending into Giftcoin. In this way coins can be donated immediately or allowed to accumulate. Your coin thus builds bit by bit and then can be released in the full knowledge that you will be doing good – so for this alone it will get some eth from my other ICO successes
So if putting back into the world through Giftcoin, doesn’t deserve some crypto Karma… then I don’t know what does!