- AidCoin is used as a donation.
- It can easily be tracked due to its decentralization.
- Donors can verify whether their donated money is being utilized in the right way or not.
Aidcoin is an application based on the Ethereum blockchain. In 2017, Aidcoin was founded by a blockchain startup, Charitystars, from Italy. AidCoin is a digital currency designed specifically to facilitate charity and donations. For example, donors can use Aid to donate, receive discounts on transaction fees, and earn rewards for referring others to the platforms. On blockchain technology, AidCoins are built, which ensures security, transparency, and accountability in the donation process.
Understanding AidCoin
The aim of AidCoin is to simplify and transform the way people donate to charity, making it easier and simpler for individuals and organizations to contribute to causes around the world. The Aidcoin charity star team in 2018 met with football athlete Cristiano Ronaldo and received a donation of $36,000 in Bitcoin. The meeting quickly popularized AidCoin and its platform. The AidChain community has also met with the Wikipedia Foundation and held conferences in Europe and the United States.
Working of AidCoin
In the ecosystem of the aid chain, AidCoin tokens can be bought by donors with Bitcoin and other currencies at zero charges. On the other hand, charity platforms can get a payment gateway to set up their websites.
Charities have the opportunity to report on the use of donations received at various stages of implementation. AidCoin works with blockchain technology to create a secure and transparent platform for charity. Here is a simplified explanation of how AidCoin works.
Lower Down The Middle Transaction Cost
AidCoin eliminates the need for intermediaries such as banks and government agencies. This helps reduce the fees charged for donations using traditional fiat currency and completes transactions instantly.
Productivity
The main goal of AidCoin is to smooth down the humanitarian financial sector. Traditionally, it has been difficult to track how charities use donation money. Many of them never want to reveal important details about their expenses.
AidCoin provides an ecosystem that keeps all information about the donation process open. Donors can track their funds when they are held in smart contracts. Charities can increase their credibility by fully disclosing how they use donations. They can also use the blockchain to manage the money they receive and reduce potential overheads due to inefficient use of resources.
Breaking of Taxes
These services of AidCoin can be used in countries where individuals are entitled to a tax deduction for donations. They provide a receipt for every donation so that donors can effectively claim tax credits if needed.
Product and Services of Aid Coins
Verification and Registration
The organizations that want to work with AidCoin are verified and registered to ensure their rights. AidCoin has a partnership with a Swiss company that is responsible for KYC control. However, the platform provides the address needed to connect with a specific organization.
Donors have fewer rules and can register anonymously. They have a dedicated dashboard and a team ready to help them at any stage of the process.
Tracker on Blockchain
Every contribution to AidCoin Smart’s contracts is also recorded on the Ethereum blockchain. After all, AidCoin is an ERC-20 token. On the other hand, the extra services provided by AidCoin, such as receiving timestamps, addresses, and other important information, make the whole process simpler.
Final Summary
AidCoin is a decentralized application implemented on the Ethereum blockchain. The project belongs to the Swiss organization Charity Stars, which wants to use blockchain technology to make the financing of donor funds efficient and transparent.
The future looks bright for AidCoin. If a company can convince more institutional donors to invest in the project, they will have no problem attracting charities. In the process, both the company and AID token investors can win. Donors find value in the money they donate, while charities get the funding they need.
