The World's First Effectively Tax-Subsidized Cryptocurrency!
I've just come accross this amazing new blockchain project! They are at Pre-ICO stage so that means they have just raised the funds they need to set up their structure in order to launch their ICO in early July.
I am incredibly impresed by the amazing way this project has been created. Through creating the Root system and Root Tokens, people can recommend community improvement projects (for which they can be rewarded), a crowdfunding process is then initiated and people stuck in poverty are employed, paid and provided pension savings in cryptocurrency! They describe their unique approach with these three key elements:
Laborless crowdfunding
A new crowdfunding model creates supply and demand for community projects. Project initiators don't need to complete the project or know anything about cryptocurrencies. Donors get tax deductions. Socially visible projects enhance reputations.
CryptoCurrency
A portion of a project's crowdfunded proceeds go to token purchases, driving currency demand. The rest goes to material, one supervisor's wages, and wages for those stuck in poverty to complete the project. The currency's supply is hard capped, so each project reduces liquid token supply.
Pension Fund and Interest Alignment
In addition to hourly wages, paid in USD, cryptocurrency worth half of the day's earnings is deposited into a medium-term pension fund-like entity - further reducing liquid token supply and aligning the interests of investors and society's most vulnerable.
To read more about the project you can read their one-pager here
https://docs.wixstatic.com/ugd/0dc025_6e3a8806bdaa403c8a90495cf76197dd.pdf
or read their whole whitepaper here
https://docs.wixstatic.com/ugd/903af2_2e38351151e5444b8a488fb9ee7af43a.pdf
I am truly inspired by this project and would have participated in their pre-ICO, I'd be happy with this simply as a donation but in reality there is a very good chance, if the project is successful, that investors will reap good rewards from their investment to! A win-win for everyone ;-)
Do get involved and help this one - I think it has a real chance of helping some of the poorest people to get a foot back on the ladder to some security and wellbeing.
Have a beautiful day!
Will
