New York City, May 01, 2021 (GLOBE NEWSWIRE) -- People around the globe are suffering. COVID-19 has become everyday news. Not to mention the underlying issues that our society faces. Over a billion people still live in extreme poverty. 14% of the world’s population is still uneducated. The news is just so consumed by human suffering, that there is nothing else to report.
It is so easy to become a spectator in all of this. The same kind of news and information has made us complacent and comfortable with the fact that we are not able to actively help in any of these situations.
Some young graduates believe they have found the solution, and they have already raised over $32,000 dollars in just 3 hours for the India COVID Relief Fund, founded by Sandeep Nailwal and backed by some big names in the crypto space like Vitalik Buterin, co-founder of Ethereum.
Let’s think about this. What if we could become heroes and saviors in the stories that we see every day? What if all of us had the ability to do our little part to help humans in distress?
It may just require a little bit of creativity, empathy, and technology to make it happen! Let's break it down.
The first question is how do we currently help those in need? We provide donations. These donations normally go to a UNICEF fund, Red Cross, or some other bureaucratic and inefficient non-profit.
We provide our hard-earned dollars in hopes of creating an impact, but up to 80% of that donation is consumed in overhead costs by the non-profit. In 2015, Red Cross raised half a billion dollars to build just 6 houses in Haiti. Can you believe that?
Moreover, donations go to a select few initiatives that have good PR and spend a lot on marketing. This means that the donations are not being directed to the places and people that need it the most.
Basically, the traditional non-profit system is broken.
The solution to that would be to flip the equation. How can 80-100% of our donations reach the people who need them? The answer lies in blockchain to create a decentralized charity.
In the traditional system, we provide our money to a non-profit in the hopes that they will do what is necessary. With Blockchain, a smart (virtual) contract can be written to send your donation to the communities that need it instantly, without any third-party intervention.
Crypto tokens such as ECHO are being created by young, tech-savvy social entrepreneurs who are turning the old broken system upside down. You can now buy ECHO tokens on the Uniswap exchange with ETH in your MetaMask wallet.
“As a new generation of leaders who decentralized finance with the power of blockchain, we are now taking on the non-profit complex and making philanthropy accessible for everyone. Our aim is to connect donors with those who need donations quickly, efficiently, and with utmost transparency,” says Louis Regis, one of the co-founders of ECHO token.
When you think about it, this initiative could not have come at a better time. We need innovators like these to push our world forward even in the darkest of times. Made up of predominantly recent university graduates, the team of five is immensely diverse from both nationality and domain standpoints. Each member calls a different country their home and their skillset ranges from Software Engineering to Sales and Marketing.
How can we then decentralize the charity ecosystem? In three distinct phases.
In the charity space itself, there are organizations that strive to provide a maximum impact for funds received. In the first phase, ECHO Token and its supporters will help these charities create more impact by donating 3% of the transaction fees to charity.
In the second phase, the smart contract developed by the team will enable you to donate to any community present on their database. The operations on the ground will be handled by community facilitators hired temporarily for that charity purpose.
In the third phase, a mobile application will enable us to discover communities as easily as we would find Facebook Groups or subreddits and allow us to stake our votes to influence the donations. This is how ECHO will create the world’s first decentralized charity ecosystem.
It might sound very Utopian, and it is. Technology has now brought us here and we are on the brink of positive and lasting change.
Become an active member of this journey now.
For more info: https://echo-token.com
For the original news story, please visit https://www.prdistribution.com/news/echo-creating-the-world-s-first-decentralized-charity.html