Humancoin Review

linylinlin(30)

Published in

#ico

Words

725

Reading

4 min

Listen

Play

What is Humancoin?

is the new e-commerce cryptocurrency fuelled by the Proof of Charity mining protocol

Humancoin is a revolutionary platform bringing about the synergy of philanthropy industry, retail e-commerce and cryptocurrency markets, which together have a combined value of $3.5 trillion.

Website : https://www.humancoin.net/

Why is Humancoin a breakthrough blockchain project?

Humancoin unites philanthropists and recipients of funds on a single P2P platform in the most convenient and transparent way possible.

The blockchain platform fuelled by the “mined” Humancoin token will breathe new life into the charity industry, proving an engine of growth.

While at the same time becoming a premier global loyalty program for an increasing number of partners in e-commerce.

How it works | Website : https://www.humancoin.net/

Charitable projects, both private initiatives and foundations, enter the details in the Humancoin platform. They complete a standard form at the initial stage. In the future, Humancoin plans to conduct a forensic audit with the help of specialized financial and legal teams. Contributions can be anonymous or, conversely, if the donor so wishes, can be made public.

The donor will be able to select a project on the platform and transfer money in their choice of currency. For example, after seeing a news report about an earthquake, the user can promptly send money to the victims of this earthquake. To do this, he will need to adjust the filters to find a suitable project. One of the functions of the Humancoin ecosystem is to unite those who are engaged in charitable activities, hence the platform will support all the major languages. A messenger is planned to be incorporated into the platform in order to develop the Humancoin community and give the participants the opportunity

to communicate with each other. This direct communication will further guarantee the transparency of the system: donors and recipients will be able to share information about the status of various charity projects.

Both the web and mobile interface of the Humancoin platform will be equipped with online status tracking of all the projects currently accepting donations, as well displaying the user's own transactions. Data from the Humancoin platform falls into the Ethereum blockchain. The blockchain technology guarantees that any data entered into the system will be stored there without any chance for it to be modified in any way.

Token mining. Proof of Charity

Even a modest 1% of the charity industry turnover accounts for 25 times more than the number of Humancoin tokens issued at the Token Sale. Therefore, in order to provide further rewards to benefactors, the company will issue additional tokens after the Token Sale, in strict correlation to the actual amount of funds raised on the platform.

The platform's smart contract will grant additional issues of tokens in limited tranches (1 billion tokens each), which will depend on the volume of funds raised and are based on the need to reward benefactors in proportion to their donations. New tokens for other purposes, apart from rewarding donors, will not be issued.

Proportional to their donations, benefactors receive back 50% of the value of their donation in tokens, according to the exchange-weighted price of the token (in other words, benefactors “buy” or “mine” tokens at the rate of 2x to the price listed on the exchange). For example, a patron donates the equivalent of $1,000 to charity projects on the Humancoin platform. If the average exchange rate of the Humancoin token is, for example, $2, the donor is credited with 1000/ (2×2) = 250 Humancoin tokens.

Token holders will be able to sell their tokens on cryptoexchanges or keep them for benefits in the ever-growing partner network. All tokens exchanged for benefits from e-commerce partners on the platform will be taken out of circulation and burned.

The Proof of Charity concept allows the project to scale hundreds and thousands of times and, therefore, places no restrictions on the number of participants that can get involved: new projects, donors and e-commerce market players will be able to become part of the Humancoin community in the future.