Inspiration
- Emerging technologies enable helping those who are in need to raise funds and spread the word without the middle-men
- There’s still low trust/high doubt concerning charity sector
- There’s no real transparency of where the funds went and how successful was the project
- The execution of donations and other charity activities is slow and expensive
- There's no real privacy & anonymity of the donors, personal data shared with third parties
- Early generation blockchain protocols still face problems of scalability, speed and cost
- Current web3 solutions are neither led by, nor designed with the community
- The solutions are still too centralised, quite basic and merely enable crypto payments
- A new era of brand loyalty in Web3 – rewarding mechanisms
- Earning protocols are an emerging trend – DeFi passive income
- DeFi may very well present the best opportunity to attract the younger generation
What it does
CHERR.IO is setting an online trusted standard for charity. By using this standard anyone will be able to post a charity project on any platform, and thus benefit from CHERR.IO’s features and functionalities.
CHERR.IO platform V1 features Proof of Charity integrating Web2 projects, however, our newly developed V2 introduces Proof of Charity DAO protocol integrating Web3 projects.
We envision CHERR.IO as a DAO – community-run and owned, with complete user data ownership, where individuals are empowered and incentivized to maintain the system, and help through direct ownership, and are rewarded for participation. Protocol enables secure, immutable, censorship resistant, scalable & accessible on-chain donations, and presents governance by using the consensus mechanism.
CHERR.IO Vision
- Integrated DeFi protocols – using the “money legos” phenomenon (token staking, lending, yield farming, liquidity providing, etc.) enable users to earn APY rewards, while indirectly donating to charity projects by performing DeFi activities
- SDK for easy integration as an added value service of Web3 projects
- Proof of Charity – a rewarding gamification system, where community members act as governors – Cherrions, and receive tokens as rewards for online volunteering – any activity with regard to governance, or promotion (sharing projects on social networks has a large community effect and it enables organic marketing)
- Charity Market Analytics – an analysis module, with a database of registered charities and their projects’ history and statistics (e.g. “CoinMarketCap”), and an algorithm sorting of organisations determining a trust score (based on transparency and performance), acting as a source of trusted information (e.g. “TripAdvisor”)
- NFTs launchpad – selling NFTs and giving a share of profit to charity projects
- SBD – a soul bound token (Cherrions who will show effort to spread the good word around will receive SBDs that will enable them more voting power for activating projects and greater CHERR.IO benefits)
- GameFi – play-to-(l)earn games
- Metaverse (for use case showing, fundraising events, promotion, dCommerce - D2A model)
CHERR.IO Top Features
Launch or choose a project
Anyone can list a cause as an inactive project that needs Cherrions to activate it and thus receive rewards for their action.
Unlock the project
To make the project active, we need people, so called Cherrions, who show support for the project and back it up with native tokens. When this goal is reached, the project becomes ready for donations.
Donation process
Donors can donate in TRX. To mark the project as successful only 10 % of approximate project value needs to be collected. Project is finished when the duration time expires. If we collect more than 60 % of approximate project value we also reward the activators for their support.
Donors can vote for credibility of spent funds. Smart Contract releases collecting amount to the end party through milestones every time when conditions are met. Each milestone is completed when the organisation submits any proof of progress.
Integrated DeFi Lending Protocol
CHERR.IO leverages the power of DeFi to fund charity causes. Using an innovative funding mechanism to allow users to contribute to public good while preserving their initial deposit.
Contributors deposit tokens into JustLend DAO lending protocol. The interest earned is donated to the cause associated with the pools. Pools generate interest through an integration with the JustLend DAO lending protocol. Users deposit tokens they want to lend out, which are amassed into a large lending pool. Borrowers may then draw from these pools by taking out collateralized loans. In exchange for providing liquidity to the market lenders earn a passive rate of interest on their deposits - part of that goes to the charity pools. This way CHERR.IO enables users to earn APY rewards, while indirectly filling charity pools and donating to charity projects by performing peer-to-peer transactions.
How we built it
- Login with TronLink Wallet.
- Project creation - a new smart contract is deployed (the project creator is the project contract owner), which triggers the activation contract that defines the token amount and user number needed for unlocking the project.
- Unlocking project - upon creation, the project is inactive, and unlocking process is enabled; any user/Cherrion can stake TRX tokens to show trust and support for the project, which enables the activation of the project when all conditions are met.
- Donating - donations are in TRX tokens; in the future, the project owner will be able to choose the donating currency.
- Reward distribution - when the project is finished, Cherrions receive back their staked TRX tokens and CHR tokens reward.
- Claiming funds - the raised funds are stored on the project smart contract, and can be claimed by the use of governance; the project creator can post several proposals (during or at the end of the project), where he states the claiming reason, amount and wallet address.
- Voting - donors have the power to vote and approve proposals in order to the funds to be released.
- DeFi Lending protocol - users can show their support for the project also by supplying TRX tokens to the lending protocol; TRX total supply on JustLend DAO protocol is currently 417M, TRX TVL on JustLend DAO protocol is $23M; TRX supply APY is currently approx. 3,5 % ($805K); 10 % of the yield go to projects (stats: 10/11/2022).
CHERR.IO & TRON
- CHERR.IO smart contracts are deployed on TRON Protocol
- Staking TRX token for unlocking projects
- Collecting donations in TRX token
- Fees paid in TRX token
CHERR.IO Token
- Unlock projects (token holders will be able to choose and stake a project – become ambassadors)
- Governance
- Vote if funds from organizations were spent correctly
- Rate organizations after each fund-raising campaign is completed
- Decide where funds from the emergency pool should be spent
- Promote a project for higher rewards
- Exchange PoCh points for CHR token
Business model simulation
1 % fee of every integrated DeFi protocol transaction
If just 1 % of JustLend DAO TVL (approx. 4B) is redirected to CHERR.IO, then 40M will be locked on our platform. If we take 1 % fee of every locking, this amounts to 400K.
1 % fee of every donation
After DeFi activities on the platform grow, this fee will be eliminated.
Challenges we ran into
The challenges that we ran into were establishing the conditions of project activation locking, e.g. amount of locked tokens needed for activation, number of activators needed, percentual distribution of rewards, and selecting the most suitable DeFi protocol.
Accomplishments that we're proud of
As part of TRON Grand Hackathon - Season 3 we made significant progress in the development of CHERR.IO MVP V2.
What we learned
We learned that there is a significant boom in stakeholders' interest to ride the wave to improved donations. Technology is changing fast and so is the world and consequently also the charity sector. Current solutions are still too centralized and quite basic. However, building with "money legos" brings about countless opportunities in DeFi space to create new, efficient, and faster financial products that can be used for social good. DeFi, where earning protocols are an emerging trend, presents a good and creative opportunity to attract the younger generation with new, modern donation options, with earning passive income at the same time. TRON presents a perfect foundation for setting a secure charity standard. It has substantial and constant increase in statistics, especially in regard to TVL in DeFi and more developer activity.
What's next for CHERR.IO
Collaborating with all major DeFi DApps on TRON Blockchain (SUN Network, etc.).
🍒 Q4 2022 MVP V2 & Deployment on Tron (done)
🍒 Q1 2023 SDK, PoCh & Partner adoption
🍒 Q2 2023 Integrating other DeFi protocols & SBD
🍒 Q3 2023 GameFi & NFTs Launchpad
🍒 Q4 2023 Charity Market Analytics
How to test
For entire testing experience you need:
- 1 wallet for creating new project (project owner wallet; steps 1-4, 7).
- 2 wallets for activating project (activating wallet ; step 5).
- at least 1 donor wallet (donation wallet; steps 6, 8).
1️⃣ Login with TronLink Wallet
2️⃣ First, click "DASHBOARD" in the menu and then "Click to create new project"
3️⃣ Add Title, Excerpt, Description, Goal, Duration and Project type. You can also add some images or document in the "Files" section. When you're finished, click "CREATE"
4️⃣ Go to "HOME" to see your project
5️⃣ Unlock project - stake TRX tokens to show trust and support for the project, which enables the activation of the project
6️⃣ Donate in TRX tokens
7️⃣ Claim funds - post a proposal, where you define the claiming reason, amount and wallet address
8️⃣ Vote - donors have the power to vote and approve proposals in order to the funds to be released
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