BloodBanker.org tests interesting model for charity

BloodBanker.org is paying people Givecoin in a bounty program they started. Givecoin Bounty Program. What is great is that they are vowing not to convert any of the donations they are getting, here: http://explorer.givecoin.info/address/76DAU2No5gDZgULCAACZKmWWSpWgiZvHzh into any other digital currencies, like bitcoin or digitialcoin.

This is interesting because it creates a whole ecosystem where donors can see where exactly their money is going. As a donor I know exactly how much the charity has by checking the block explorer. Then, on the other side, the bounty program creates a direct way for people to provide value for the charity. By paying out in bounties you are providing jobs for people that want to help a charity but might not necessarily have financial wealth.

Granted, a charity isn’t going to get 100% of its funding through a cryptocoin, but what if a charity uses a bounty program as a way to tap into a new younger crowd of advocates and donors. It’s a self sustaining system you’ve created as long as there are enough onramps and offramps so people can freely trade Givecoin with other currency as they please.

What if this can be productized into something that all charities can do?  Almost a distributed autonomous corporation (or really more of an entity) where a charity accepts donations and then automatically dishes out the funds based on criteria. This is the heart of the programmable money story and how these sorts of agreements can “live” in a cryptocurrency.  This really gets interesting when you start to consider multisignature agreements to act as the arbiter when someone completes a bounty but doesn’t get paid.  A company like bitrated.com could supply the human factor when a dispute needs to be resolved…or are some situations where the 3rd party in the multi-signature would be a rules-based bot? Thinking about algorithmically based arbitration is where it is at. For example, maybe something like a worker filing out a survey form is paid upon completion by a automatic 3rd party. In multi-sig you need 2 of the 3 signatures to release the money.

1

 

Leave a Reply

Your email address will not be published. Required fields are marked *