RainyGrace

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Problem Statement

It is undeniable that Covid-19 has severely affected the global economy and financial markets. This also indirectly affects many charity organizations. Because of the financial pressure that has occurred during Covid-19, many people have changed their attitudes and behaviors towards donations.

Some people choose not to donate due to lack of financial resources, while some people prefer to invest in themselves, not because they are selfish, but because they are worried about their financial situation. And the most obvious reason is psychological barrier. It's not easy to convince or encourage someone to donate because everyone has a different point of view, and one of the most common views is that they feel unbalanced when giving away their hard-earned money to charity.

When it comes to donations, many charities reported that they did receive donations, but they were short-term and only lasted for a short period of time, after that they needed to look for donations again. There is subscription-based donation in the market that can achieve continuous donation, but frequently donations will reduce enthusiasm, the more transactions you make, the lower your enthusiasm is, it's a fact in global reports that many people stop donating after making very few transactions because people feel like they can't see the outcome or results of their donations. There is still no perfect solution to solve the psychological barrier and to provide a better way to convince and encourage people to make donation.

What if I told you there is a solution to make donation without giving out the money and it will also achieve long term and continuous donation.

   

Project Purpose : What the project is meant to do ?

RainyGrace - Reinvent the way of donation by turning user's savings interest into donations.

   

Solution : How the project will work ?

You can imagine RainyGrace works like a banking app where users can log into their accounts, deposit to savings, they can withdraw money anytime, the system will generate interest from savings, but the only difference is that RainyGrace turns users' savings interest into donations. It will transfer daily saving interest to the corresponding charity. For many people, 2-8% APY (Annual Percentage Yield) interest may not be useful, but for charities, this little amount of money can be very helpful. So why don't we make this small amount of interest more meaningful and help more people?

   

Technical Considerations

You may be wondering where does the saving interest come from?

When a user saving their money into the app, it actually deposits into the smart contract. The smart contract then transfers the funds to the staking platform and will retrieve the daily staking rewards back to the smart contract then will make donation to charity. Everything is done in smart contracts, which means there is no centralized party, it is transparent, secure, reliable and automated.

   

Why Now

First is because of Covid-19, it changed people attitudes and behaviors towards donations. And the market is becoming more familiar with and trusting the blockchain. The main reason for why now is that, there are real demand from the charity organization. There are many charity organization asking for donation every month as there are less and less people make donation and there is no continuous donation.

   

Market Size

For the market size, of course is everyone with love, but what is the exact size? Well its actually 1.4 billion people worldwide with love, There are 10 million non-profit charity organization seeking donations, and there are more than $500 billion in donation yearly.

   

Business & Revenue Model

The business and revenue model for RainyGrace is quite straightforward, which is making profit from saving interest. There are some other revenue model can be apply like selling goods or ask for donation.

   

Innovativeness : Envision being built

Based on market research and competitor analysis, currently seems to be no similar solution on the market - which turn saving interest into donation. I envision that RainyGrace will bring huge benefits to charitable organizations, greatly increase the amount of donations, and solve most of the real pain points that charities are facing now!

   

Built With

• evmxideathon