Every year 100’s of billion of dollars are donated in the form of charity but very less is known how the contributed money is spent by the non-profits. There exists opaqueness in the use of funds and their traceability, which leads to distress among contributors for further donations. Though these organizations were formed to fill in the gap in the society by doing the most vital work but emergence of poor accountability and corruption has led to loss of trust among donors. One of the famous research has indicated that 67% of the people would donate more to a non-profit organization that is transparent in how they spend donations. With the recent evolution of blockchain, this problem can be addressed with the use of distributed ledger technology in a cheap manner and thus restoring the trust among the donors.
Image Source: Vantage Network Whitepaper & Twitter Account
Vantage Network has come up with a very simple but powerful solution to address this problem. All the stakeholders involved I.e. fundraising entities, donors, auditors can interact on the Vantage network and can access the data through tracking page / vantage explorer leveraging on blockchain technology. The solution is built on NEM standard, which utilizes off-chain smart contracts for transaction ID generation, recording donation contributions, recording transaction fees, associating token with campaigns, hashing receipts etc. All data will be stored using customized clustered IPFS solution. The interface with Digital Asset Management Platform will take place via the Vantage Network API. The company plans to build a mobile payment application for the fundraising entities to capture spending data as and when it occurs. Use of GPS will track the location of the purchases made and this whole data will be available to the donors/auditors through the Vantage Web Portal completing Track & Trace. Not only this, but the donors will be able to assign a Reputation Score to the organization, which will later act as a metric to raise further contributions and will also become a proof for good governance. Infographic displaying the sequence of transactions that will take place in the ecosystem is as below:
Image Source: Vantage Network Whitepaper
XVT Token will be used for all tracking all transactions in Vantage Network including recording charitable donations, tracking amount donated to each non-profit, tracking the spend of the contributions made on the platform to the transaction level. Mobile App and full Beta launch is scheduled for Q1-2019 and full fledged Main release in Q3-2019. The entrepreneurial team is strong and is comprising of experienced experts from technology industry. The company has the broad vision to bring transparency to the Giving economy, especially in the area surrounding social humanitarian issues.
The Token sale hard cap is fixed at 35,000 ETH and total tokens for public sale are 110 million tokens I.e. 55% of the total created 200 million tokens. Rest of the tokens are kept for team, advisors, bounty and company partnerships/exchange reserve. The tentative proceeds allocation plan is detailed out as below.
Image Source: Vantage Network Website
Further details on this promising project can be checked at the following links:
Official Website: https://vantage.network/?utm_source=https://steemit.com/@mittal2a&utm_medium=article&utm_campaign=bounty
Whitepaper: https://vantage.network/wp-content/uploads/2018/05/VantageWhitepaper_05242018.pdf
Project Telegram: https://t.me/vantageofficial
https://t.me/vantageofficialcommunity
Follow me on my Twitter https://twitter.com/mittal2a
Follow me on my LinkedIn Profile https://linkedin.com/in/abishekmittal
Disclaimer: This article was created in exchange for a potential token reward through Bounty0x (Username: mittal2a), which may be granted on acceptance of this article.
** This should not be treated as explicit financial, trading or otherwise investment advice. Please do your own detailed research and due diligence before final investing.**
