Charity Hub is an XLM-based donation ICO platform that focuses on visibility and verifiability, commonly believed to be the main inhibitors of making a donation. The platform helps good-minded individuals (advocates and mentors) and organizations (charities, NGOs, social enterprises) raise fund and, through smart contract, ensure transparency on the progress and result of their efforts. Donations will be held in an escrow pool and only released when proof of work has been submitted to and verified by a Validator. We believe this will eliminate the stigma that many donors traditionally have on actual impact of their contribution - resulting in a larger donation pool for charities.
Currently, we have already secured a partnership with Teach For All subsidiary in Thailand. Through our platform http://charity-hub.org/ (website still in development), Teach For Thailand will accept XLM donations across the globe to empower Thai children and improve the quality of their lives. We hope to promote Stellar to be better known amongst the Thai community, especially as a good-willed and efficient blockchain network of choice.
How It Works:
Charity creates a Campaign (for example “Community Tourism with Local Youth Guide”). Campaign contains basic details (similar to kickstarter) with two deadlines: fundraising and fund utilization. If charity fails to raise 100% of fund required by the fundraising deadline, money are fully refunded to donors. If charity fails to complete all Sub-Campaigns attached to the Campaign by fund utilization deadline, donors have the option to receive refund on remaining unused money.
Charity creates Sub-Campaigns (at least 2) under the Campaign above (for example “1.Local Food Trip” and “2.Ecosystem Educational Trip”). Sub-Campaign must be sequential and each must specify a Validator, a third-party that will validation the work done and can sign off each Sub-Campaign.
Charity create Metrics (at least 1) for each Sub-Campaign. Metrics has 2 important fields:
a) Target - Quantitative goal that the Sub-Campaign tries to achieve. For example, “Train 10 students to become youth guides emphasize on food in Bangkajao.”
b) Reward - Donation amount that the Charity request for achieving the Target. For example, “215 XLM”
Donor browse Campaigns on our platform and donate to a Campaign. Their money will be held in an escrow pool and only released when progress of the Campaign has been made and verified. (hence our tagline “Payment by Result”)
Once Campaign successfully raised 100% of its funding, platform will release advance payment that only covers the first Sub-Campaign so Charity can start its work.
Charity submits regular update on progress of current Sub-Campaign it is working on.
Finally, when a Sub-Campaign’s Target is met, Charity send proof of work to Validator for validation (for example, certificate issued by Ministry of Education for every teacher trained). If Validator sign off the Sub-Campaign, Charity receives advance payment for the next Sub-Campaign.
Repeat step 7 until all Sub-Campaigns are signed off within fund utilization deadline. Else, donor has option to receive refund on unused money left in escrow pool.
Our Stellar Technology:
We utilise many of the key stellar concepts such as multisignature accounts, batching operations, time bounds and token creation to facilitate the features described above.
Here are some of the highlights:
1. We create a multi-signature escrow account to store the donation fund. This account requires signatures from both the campaign owner and validator to perform any transaction.
2. We issue a campaign specific donation token and sell it to the donor in exchange for lumens; A time bounded transaction is created to buy these tokens back if the campaign fails to reach the funding goal within fundraising deadline.
3. A third party auditor is assigned to validate the completion of each sub-campaign. The validator needs to sign the transaction in order for the reward funds to be released to the campaign owner.
4. We create another time bounded transaction to buy the remaining donation tokens back if the campaign owner fails to complete all the sub- campaigns within the campaign execution deadline.
That’s it folks. If you made it this far in reading our post, we deeply thank you for your interest and greatly appreciate any feedback you may have as we are finalizing our MVP. Please stay tune for update.
Charity Hub Team