Inspiration
The public good sector today is worth an estimated $2 trillion worldwide, yet headlines in recent times have seen the sector stumble between corruption scandals, gross inefficiencies, false expenses, and misuse of funds such as the $187 million misappropriations to cancer charities by James T. Reynolds. Recent high-profile scandals include donors of the Helpers Community Inc. raising concerns regarding the misuse of donations and the Trump Foundation admitting to self-dealing. In other cases, donors are mystified at the lack of results, like in the case of the Red Cross’ failure to enable recovery in Haiti despite receiving $500 million in donations following the 2010 earthquake. The continuous decline in trust on the part of potential donors is justifiable: according to Essential Research, 35% of US citizens have little or no trust in charitable institutions. Similarly, in the UK, figures are not promising, with trust in charities falling from 6.7 out of 10 in 2014 to 5.7 in 2015, with 33% of those polled explaining that the primary reason for their reduction in donations stemmed from the impact of recent scandals on charities’ reputations. Naturally, the consequences of donations decreasing is alarming; in the US, 52% of charities are not adequately funded and cannot match the distressing increase in demand for their services. Unsurprisingly, donors’ trust in charities has been declining1 steadily. In a 2015 poll, more than a third of those interviewed did not trust charities and nonprofits2. Donors are demanding more accountability and charities, with forerunners such as Kiva and GiveDirectly, are looking at how to be more transparent and accountable.
What it does
Given recent scandals, it is understandable that society has grown skeptical towards the public good sector. However, there is a solution that has the potential to transform the industry. Blockchain-powered smart contracts and the adoption of cryptocurrencies are providing transparency, enabling efficiency, and cutting costs. • Lower costs: With traditional donations, money goes through various middlemen, such as government agencies and financial institutions, and fees (approximately 3%) are charged by credit or debit card as well as by clearinghouses. Blockchain donations are executed directly, reaching civil society instantaneously and at a fraction of the cost. • Efficiency: Thanks to the Distributed Ledger Technology, blockchain donors can track how their cryptocurrency is being used by charities. No record on the blockchain, in fact, can be erased, thereby providing traceable accountability showing the exact flow of any coin in the ecosystem. Charities can use the blockchain to manage resources, reduce overheads, streamline their supply chain, and waste fewer resources. • Transparency: If certain KPIs or other predetermined conditions aren’t fulfilled, smart contracts allow donors to receive their donations back or to redirect them towards more deserving or pressing causes. In 2010, the Red Cross raised $500 million USD to build 130,000 homes in Haiti, however only six homes were built, this would have been a prime use case for the transparent technology.
How we built it
To Build the blockchain-based tonkenomics ecosystem by integrating and developing decentralized protocols into charity functional elements one by one, including DEX, DeFi YieldFarm, DAO, Stablcoin and Accounting Unit, Donation Tracking, Fundraising, Volunteer Management, Charitable Programs Daily Operating Management, etc.
Challenges we ran into are
. Tight Time . Funding Shortage . Manpower Shortage
Accomplishments that we're proud of
have done the integration of . DEX . DeFi YieldFarm
What we learned is
how Unites Nation organizations could benefit from Metis for its one-stop solution on easy-to-use, highly scalable, low-cost, and fully functional Layer 2 Optimistic Rollup to fully support the application and business migration from Web 2.0 to Web 3.0. Its scalable protocol supports a wide range of use cases, including yield farming, DEX trading, and powering the tokenomics ecosystem.
What's next for BCharity are
. To continue the integration and development of other charitable elements . To market the BCharity platform for the public good
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