Charitable Applications of Blockchain-Based Crypto Technology

Josh Cook, who is well-known by his username ClockUniverse in crypto-focused community channels, recently participated in a video interview to share how Terracoin aims to help people around the globe by funding charitable endeavors while also providing an alternative digital currency with certain key advantages.

The full interview can be viewed on YouTube via the following link: https://www.youtube.com/watch?v=gNKDG0T-sXU

How Terracoin’s Design Enables Sustainable Funding

An ongoing source of funding for philanthropic initiatives is made possible because the Terracoin code sets aside 10% of the mining rewards to create a self-replenishing budget that is voted on by the community. As an example of the code at work, a charity kitchen proposal was recently passed to provide food for the poor in Finland. It’s also important to mention that the budget is being used to improve usability and awareness of its technology for greater influence in the global marketplace.

Another way the Terracoin community is accomplishing its mission to help the world is by establishing a non-profit foundation that will hold the masternodes already donated by various individuals. These masternodes continually receive a percentage of the block rewards, with payouts occurring almost daily, in exchange for providing service to the network. Once a certain objective is met, members of the community will work together to decide where half of the net profits of those service rewards should be donated. The other half will be used to create more Terracoin Foundation owned masternodes to increase the amount that can be donated each month. For a more in-depth understanding of the Terracoin Foundation, please see the White Paper.

When explaining how any donor could provide residual Terracoin payouts for their favorite non-profit, Josh stated the following in a recent press release announcing the interview: “The ultimate goal is seeing whole masternodes donated to nonprofits so that they would get payouts forever instead of only having one-time needs met by one-time donations. Anyone running a non-profit knows the challenge of maintaining a loyal list of donors to accomplish their goals and we hope to make this aspect of fundraising much easier for them.”

During the course of the interview, Josh also described how anyone can influence the votes cast in the decentralized governance model and why individuals would want to use Terracoin if they aren’t already using Bitcoin. Additionally, he explains how the proposal discussion process works and the long-term vision for Terracoin.

Other Players Using Blockchain Technology for Charity 

Other notable charitable initiatives related to blockchain include China’s e-commerce giant Alibaba (NYSE: BABA), which created a blockchain charity tool called “Ant Love” in 2016. This tool was introduced to connect customers with more than 1,000 charities and track transaction histories to help donors understand where and how their money is being used. Tencent Holdings Ltd. (OTC: TCEHY), one of the most valuable social media companies in the world, is another well-known company that has adopted the blockchain technology in the area of charity.

Interacting with the Terracoin Community

The Terracoin community is enthusiastic about welcoming newcomers. The more people that take an interest in Terracoin, the more effective the coin will be. Anyone with ideas, suggestions, or proposals is encouraged to reach out on Mattermost, Telegram or Discord.

To learn more about Terracoin, visit: https://terracoin.io/. Apart from English, the website is also available in Dutch, Finnish, French, Portuguese, and Spanish.

To view an interactive flipbook and learn how to engage with the community, visit https://www.blockchainrelations.io/clients/terracoin/flipbook/

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