One of the most exciting things about the blockchain is its ability to irrevocably change how we do business. However, there is also a sort of stigma surrounding the blockchain and cryptocurrencies. Many people see the rise of cryptocurrencies as a sort of cash grab, void of human empathy and emotion. The truth is that most business is viewed this way. However, Grace Token is challenging that stigma. The organization feels people can do well for themselves by doing social good.
Empowering the Nonprofit Sector
Grace Token is aiming to change the way we think about donations to charity with its platform built on the Ethereum blockchain. Donating to charity is something that many of us are familiar with, and there are many charities worldwide which receive massive amounts of donations to help the needy. Grace Token wants to provide incentives to individuals for promoting charities, benefiting both the charity and the individual. After all, there is no reason not to personally benefit from doing a job, even if it is for a charity.
The way that Grace Token plans to do this is by having a certain percentage of a donation go to an advocate for the charity itself. These advocates could be influential people with large followings, professional promoters, or just supporters of the project. The more networks the campaign touches, the more money the charity will receive, and the more money will go to advocates as well. There are some great advantages to decentralizing a campaign in this way. It keeps marketing and overhead costs lower, while also raising greater awareness and having donations be immutable on the blockchain.
How Does It Work?
There are quite a few differences between traditional donations and Grace Token’s method of fundraising. While conventional donations are often a one-and-done type situation, donations made using Grace Token can – with the donor’s consent – give a small portion of the donation to advocates who will further solicit future donations. The fact that Grace Token uses smart contracts to make sure that funds are going to the correct people for the right reasons means that donors do not have to worry about their funds ending up in the wrong hands or being wasted if the project fails. Even if donors do get worried, their donations’ immutable status on the blockchain means that they are able to audit the status of their donation.
Essentially, charities can incur zero to minimal upfront costs and risks with Grace Token’s Advocate Incentive Mechanism. This means they can save the resources they do have for areas in greater need than their marketing. Advocates are able to donate their time – if they are unable to donate money – to a cause and receive compensation for it, while supporting their charity. Since it resides on the blockchain, donors can rest peacefully knowing that their gift ended up in the right hands. It seems to be a great idea in which all parties benefit.
Grace Token’s Presale
Currently, individuals interested in the project and wishing to back it are able to purchase the GRCE token. Individuals who participate during the pre-sale will also receive an extra 20% in GRCE. The supply will be fixed at 120,000,000 GRCE.
Check out the Grace Token website here: https://www.gracetoken.org/
This is a sponsored post and does not necessarily reflect the views of any The Merkle employees, nor is it investing or trading advice. Always conduct your own independent research.