Humancoin - Review

`WHAT DOES HUMANCOIN STANDS TO OFFER?`

The necessity to follow the trend of how things are been done become a paramount issue in various sectors as no one want to be left out. HUMANCOIN is a blockchain revolutionized platform with the sole aim bringing a great change to the act of giving in relation with the cryptocurrency and e-currency market that has a larger value and still have more room for developing. The level of technology been deployed in the charity industry is very low and has created many problems for people who are willing to donate. These are the problem we are eager to solve through our decentralized platform in other to ensure a better donation platform by putting the following into play charity, e-commerce, and cryptocurrency.

`PROBLEMS ASSOCIATED WITH DONATION PLATFORMS`

• The doubt of the receiver’s getting the full funds when passed through the third parties from the donors and lack of trust in some other aspect since there is no solid evaluation taking place.

• The inter-country payment to assist foreign projects and problems that arise from regulatory agencies

• The inability to differentiate additional benefit when the donation is made.

`HUMANCOIN PROFFERED SOLUTION`

We have been able to put together the blockchain technology to curb all the problems associated with the process of giving which is mostly caused by the middleman. The blockchain helps to provide a clear transaction recording, and this technology helps to solve the issue of trust by providing transparency because the transaction involves two parties our concept is so unique that it will also help the philanthropist to benefit from the automated process as the fund will only be released when the receiver meets the requirement.

`Smart contract`

A smart contract is an algorithm that regulates various aspects of the platform's activities. The ethereum blockchain enables the transparent and secure execution of smart contracts.

Humancoin smart contracts ensure:

1. traceability of transactions in real time;

2. token emission on pre-sale and sale stages;

3. the issuance of additional emissions and allowance of tokens by Proof of Charity principle after the end of the Token Sale;

4. the opportunity to verify whether the raised funds are used as intended.

As the platform develops, an individual smart contract will be provided for each project. These smart contracts will be based on the specifics of each project.

`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.

`Problem`

Despite the rise of new mechanisms for donating, the charity industry still cannot overcome its main obstacle — a lack of trust. Donors, most of whom are private individuals, simply lack the means to verify whether their funds have reached the addressee in full and in the required timeframe, even if they transfer the money with the help of specialized organizations. According to various sources, about 20% (or more) of all donated funds end up being kept as administrative expenses by charity foundations.

Many are faced with the complexity of cross-border payments (when one wants to help a foreign recipient) and later, potential difficulties with regulatory bodies. In addition, donors are forced to spend a part of their well-intentioned contribution on covering the operational costs of the transaction.

`Solution`

The distributed ledger technology, which is designed to put an end to the middleman, gets rid of the long charity chain composed of banks, NGOs, state bodies and law firms. Blockchain provides a digital mechanism for recording and viewing any transaction. It is important that the record cannot be hacked or modified. Blockchain solves the trust issue by providing transparency, traceability and security.

Importantly, the new technology facilitates the development of direct financing platforms on a much larger scale. Philanthropists themselves can ultimately benefit from automated smart contracts as the recipients of grants will only be able to use their funds after meeting mandatory conditions.

All the many advantages that blockchain delivers will spur the growth of the charity industry. This new technology is already being studied by major market players such as UNICEF, the World Bank and Bill & Melinda Gates Foundation. Over the past few years, a number of respected charitable organizations such as the Red Cross, Save the Children and United Way, among others, have already begun accepting donations in cryptocurrencies.