"When you donate to a charity, it can be difficult to track where the money goes or how it is spent. Bureaucracy, corruption, and inefficiency are still common in the charity space."
We wanted to find a way to make donating to kickstarter projects and charities more transparent and more engaging, but the question is how? How do we stop people from making poor decisions or stop people from pocketing money into their personal bank account. How do we let users contribute more than just their money, but also their voice?
What it does
We essentially built Kickstarter for Blockchain. By recording every single transaction into an open and transparent ledger, it is very easy to follow the money. We also added a neat voting threshold to make sure people don't spend money irresponsibly.
1.) Doctors Without Borders starts a campaign to raise money.
2.) Contributors read the description and donate their money. Contributors for D.W.B are considered people who donate $15 or more.
3.) The money is converted to Wei/Ethereum and is stored in the Blockchain. The Manager, D.W.B, can not touch any of the money at all (Very Important)
4.) D.W.B sees that they raised $1,000,000 and wants to spend the money now, but they need to follow a procedure
5.) They need to create an "Intent". Under this Intent they must include the amount they want to spend, a description of the Intent, and the "Wallet Address" (location) of where the money should go.
6.) Each contributor gets a notification of this Intent. For D.W.B to get the money they wanted from Intent A to send $200,000 to a local hospital, they need to get at least 20% Approval from contributors. Note: We don't encourage democratic thresholds of 50% or higher but a low threshold of 20% to confirm that there is some trust about the Intent of D.W.B
7.) If the threshold never reaches 20%, D.W.B can re-write an Intent because the money will stay in the Blockchain. Else if the Intent is approved, the money leaves the blockchain and goes directly to the recipient address. Note: The manager never gets to touch the money. The money stays in the blockchain until contributors pull out or an Intent is approved and goes to a recipient.
What's next for IntentCoin
Ideally, it would be nice to actually ship our hack to the market. We face uphill battles in gaining funding, marketing, and fierce competition from Kickstarter and GofundMe. Next steps for the project would include researching how Blockchain startups remove the barrier to entry of paying with crypto-currency. It's unlikely people have Ethereum or Bitcoin, so is there a way we can find a cost efficient path/exchange of converting USD to a cryptocurrency behind the scenes.