Whilst 2017 may become known as the year where blockchain startups burst onto the scene for the innovative solutions that they are bringing to industry, observers have a tendency to forget about the other benefits that the Blockchain’s inherent qualities of data transparency and security can bring to other domains.
AidCoin (AID) is a perfect example. It is setting out to restore confidence to the one area of human activity that is arguably most in need of it.
The Haiti earthquake disaster in 2001 is a prime example of where millions of dollars were raised from public donations but much of the funds failed to arrive in the devastated country.
They either disappeared or found themselves misspent, leading to accusations of embezzlement which have tarnished the reputations of some well established charities with the concept of international aid suffering more generally as a result.
“Every Penny Tracked”
AidCoin is an ERC20 token and seeks to remedy one part of this problem by utilising the blockchain to track donations and to make sure that each cent reaches the intended recipients. This will transform the not for profit sector by providing a transparent method of donation.
Having successfully raised over $6 million in the pre-sale and scooping an award at this month’s d10e event in Ljubljana, the signs are looking positive for their ICO commencing on the 16th January.
A maximum supply of 100,000,000 AID tokens will be created and the original price will be 1000 AID to 1 ETH. Contributions will be accepted in ETH, BTC, USD, EUR, CHF GBP, DKK and SGD.
The team behind AidCoin are backed by the CharityStars platform that holds five hundred monthly high profile auctions for worthwhile projects with the help of personalities from the worlds of sport, movies, music and business.
These include power lunches with crypto evangelists such as Jeremy Gardner, the co-founder of Auger or the CEO of TenX, Julian Hosp.
As a result, the token already has a use-case because it will be accepted on the CharityStars website in payment for the auctions. Reinforcing this is an ecosystem of charities, donors, celebrity donors and gala events aimed at jumpstarting the immediate use of the tokens to fulfil the blockchain promise to the nonprofit world.
The token holder will be able to track tax-deductible donations and whilst that may seem insignificant now, the increased vigilance from various tax authorities may make the use of the coin very attractive moving forward.
“The real attraction of this ICO is the benefits it brings,” one investor stated when speaking to ICOExaminer on the ICO’s own telegram channel. “Every penny is tracked.“
The organisers are requesting engagement from investors who are not interested in speculative gain only.