Why we should see more ICOs turned into Charity and Philanthropy?

Invest For Society > Blog > Why we should see more ICOs turned into Charity and Philanthropy?
Turtle sea

The current trend in developed countries:

As most of the studies show, the so-called “millennials” generation is looking for a more meaningful life, in their work, in their hobbies and in their actions.

These 18-35 year olds grew up with the idea that the world is in serious trouble and that it needs to be fixed.
Looking at the societies in which we live, they see that they are run through by profound injustices and dysfunctionalities, and that the traditional mechanisms for correcting these problems are failing.

In less than 3 years, over half of the working population will be millennials.

Also, according to the Charities Aid Foundation projections below, the underlying power we all share together is significant when we look at these figures:

As Alexandre Mars, founder of Epic foundation, said:

“Everyone can be a philanthropist; this is not the domain of the rich”.

We believe in this too. We want to break that mental barrier and allow everyone to be involved in philanthropy, without the need to give more money than they have. Finally, we want to make the act of giving as normal and anchored in the mindset of our community.

This is where blockchain and digital assets technologies are useful for us. They will bring some dynamism and interactions with NGOs and causes we would support. Furthermore, they will allow transparency and precise tracking of the different investments and participations we could make.

 ICOs are lagging in the philanthropic and charity areas so far:

Let’s look at the ICO Bench statistics from the past ICOs that occurred before 2019:

Source: ICO Bench stats as of 9th of January 2019, out of 5198 ICOs.

As we can see, only 0,8% of all the projects were focusing on Charity and Philanthropy. Sadly, ICOs mainly focused on digital platforms, cryptocurrencies, and business services development so far. That is not necessarily a bad point, but there is room for more social oriented projects. A technology is for sure useful when it helps businesses to be more efficient or user friendly. But a technology which can be a game changer in people’s life and common interests become a revolution.

Furthermore, seeing the crypto and digital world to act for the common interest and well-being would definitely help the mass adoption.

It could be only beneficial for these new technologies to show that the efficiency and flexibility they bring are opening a new world of useful possibilities.

A new world is opening for NGOs:

The Global NGO Online Technology Report 2018 below is showing how crypto-currencies are doing their first steps with philanthropic organizations:

Source: Global NGO Online Technology Report 2018

Indeed, these new technologies are unavoidable for NGOs when they are trying to raise money.

As transparency and trackability of the flows is key for them, that is exactly what could bring blockchain technology. Furthermore, some very efficient blockchains become very cheap and quick in terms of transaction processing. Some are now cheaper (almost costless) that the usual payments methods, removing then the minimum amount entry barrier.

One can also easily understand that this is an unavoidable trajectory to take if you want to keep communication going with younger and more digitalized generations.

Hence, we see that digital wallet and bitcoin are making their entrance within the accepted payment methods by NGOs. We also can affirm that there is a huge growth potential of these methods. That is why ICO and more broadly blockchain technology development should keep growing within the philanthropic and charity fields.

Related Posts

Leave a Reply