Making use of Crypto-currency: Bitcoin to support the vulnerable
This file photo handout taken on an unspecified date in March shows some of the proceeds of digital or virtual currency (cryptocurrency) and computer generated wallets (Bitcoins) being handed to the children who are one of the most vulnerable category. PHOTO/FILE/COURTESY
What you need to know:
- By playing Goodwill Racing game which is actually free on your smart phone, you will be in essence donating to a noble cause without handing out hard ‘solid cash’.
People have different experience of Crypto-currency and Bitcoins. But Despite your experience, did you know these digital or virtual currencies (Crypto-currency) and computer generated wallets (Bitcoins), can be harnessed for the benefit of the vulnerable and the underprivileged, including needy and orphaned children.
By playing Goodwill Racing game which is actually free on your smart phone, you will be in essence donating to a noble cause without handing out hard ‘solid cash’.
The score you get out of the game is automatically transferred to Smart Contract that calculates and donates the number of smART OF GIVING (AOG) tokens on your behalf to the charity of your choice.
“In other words, every time you play Goodwill Racing, you are sending AOG tokens to the charity of your choice,” reads part of the organisation’s statement.
This idea that has since been turned into reality while premising on unique and fun model to generate funds for charities without asking for monetary donation which sometimes can be cumbersome, seems capable of providing the much needed prescription of the growing number of the underprivileged in the society.
The more the uptake of this model deepens, the better for the underprivileged whose number in the country and beyond the borders is steadily increasing. And with the COVID-19 pandemic continuing to take immeasurable toll on incomes and livelihoods, more people, including children who are most vulnerable could easily slip into the “destitute bracket”.
Pace setters
While many were thinking how to make a kill out of the crypto-currency and Bitcoin technology, AOG was thinking of diagnosis to the social but crucial societal challenge- prescription to the needs of the underprivileged. This has resulted, for the first time ever, into a model where Crypto-currency technology is being used to generate value for the Under Privileged without shelling a penny out of pocket!
In partnership is the Great Child Foundation (GCF), one of the leading NGO keeping abreast of the technological changes while aligning with the global evolution of crypto-currencies.
For starters, Crypto-currency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.
Importantly perhaps, GCF, according to Kagoda Rogers, a Strategist and a Business Designer, has ticked all the required compliance checks which is a requirement to partner with AOG whose range of noble causes range from supporting needy orphan children in the community to ensuring maintenance and accountability of funds and resources allocated for various activities or projects that have either been executed to be undertaken in the near future.
Already according to Mr Kagoda, AOG has since contributed to a new school where GCF is helping to build.
“This is just beginning. We will keep supporting GCF in accomplishing its noble cause in Uganda. We want to be known for making real and tangible difference in the lives of the vulnerable especially the children!”
Speaking about role of the platform during the recent visit of the Great Child Foundation, a non-profit organisation that supports vulnerable children and mothers in Central Uganda,
Mr Rikin Devang Shah, the AOG Chief Financial Officer (CFO), noted that this platform was developed with a view of making donation less stressful using crypto-currency technology.
Already under the CEO Chinmay Sanjay Vays's leadership, within a span of three years, this platform operation reached three continents while trading successfully over three globally traded coin exchanges.
As for the NGOs that wants to partake this opportunity they must be ready to embrace technological revolution of Blockchain and Crypto-currency.
This is because with this innovation they get more donations to support their activities at a very low administrative costs in addition to mileages in relation to visibility mainly in terms of attracting more people/ organisations to donate for the noble cause.
