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Charities and philanthropic endeavors have made significant contributions to raising awareness to injustices around the world, and providing a platform for improving the lives of people. For all the good work, however, social impact schemes often face criticism for being inefficient and lacking transparency.
Operational costs make up a significant amount of a charity’s expenses and liabilities. People, who need to be paid for their contributions, bring in money and run the organization. These costs, as well as the outlay on goods and services, rise with the scope of the project. As a result it is impossible for the entirety of donated money to go straight into the hands of those who need it. The exact amount varies between organizations, and this information is rarely made public.
With the invention and rapid adoption of blockchain technology, these problems of efficiency and transparency can now be addressed. Blockchains and cryptocurrency platform can help usher in a new era of transparency and accountability.
The WAHED Ecosystem is a collection of initiatives that aims to leverage blockchain technology to make charitable endeavors more accessible, efficient and accountable. All actions within this ecosystem are designed to generate value for philanthropic initiatives, and to reduce the barriers to entry for promising projects that can bring about real-world change.
Blockchains for Transparency
By design, blockchains are publicly viewable since this helps solve one of digital money’s biggest challenges – ensuring that people only spend the funds that they own. By operating a charity using these digital means, it can reduce occurrences of misuse of funds, since the whole world can see how the contents of a wallet changes.
Blockchains to Automate The Flow Of Money
Built on the Binance Smart Chain, a highly-scalable, interoperable network with low fees, WAHED is able to reduce waste within the system. With ‘cutting out the middleman’ being an essential advantage that blockchain company can provide, those making donations will have unprecedented access to the causes they choose to support. Alongside advantages of reduced handling fees, being compatible with Ethereum’s Virtual Machine enables the seamless setup of recurring payments from all over the world.
The WAHED Ecosystem
With a mission of making philanthropic investment more accessible and efficient, WAHED aims to bring about change by creating an ecosystem of services that work together. The cryptocurrency and driver of value within this system is the WAHED Token, used as the primary means of funding projects and paying for transaction fees.
The WAHED Ecosystem consists of the following components
- Cryptocurrency exchange
- NFT Marketplace
- Project Management Dashboard
- WAHED Foundation
Traders and investors alike can utilize WAHED’s exchange, with fees paid for in the platform’s native WAHED token. All the features expected of a modern exchange such as spot trading, market orders, stop losses and conditional orders will be available. The integration of TradingView, Trading API and Copy Trading will enable users to get the most value for their investment.
On traditional exchanges, fees are an essential part of ensuring that traders aren’t spamming the network. In the case of WAHED, this mechanism brings the same safety precaution while also funding the WAHED Foundation. More on this later.
The skyrocketing price of NFTs brought millions to talented artists around the world while bringing legitimacy to digital artwork collections in a way befitting the largest art auction houses. Offering a range of utility use cases, NFTs are the newest example of how digital value can be created. Making up a significant share of how we spend our time online, this mechanism brought artists and fans closer than ever before.
WAHED’s NFT marketplace runs exclusively on the $WAHED token, and uses the same fee recycling mechanism as the exchange. Serving the same purpose of preventing spam on the network while recycling funds into the Foundation, the sale of artwork will directly be linked to bringing about global change.
The WAHED Foundation
With all life on earth standing to be affected by the ongoing effects of climate change, it is imperative that solutions and technology that help people overcome these challenges are implemented. The WAHED Foundation’s purpose is to review proposals and allocate funds for the best initiatives focused on climate change and animal welfare.
Fees from the exchange and NFT marketplace will be cycled back into the system and made available for the WAHED Foundation. In addition to these fees, 20% of all 10 billion WAHED tokens will be given to the WAHED Foundation. As the value created by WAHED grows, a greater amount of spending power will be made available to the Foundation, thanks to the token’s price appreciation.
Though it is currently operated by the team behind WAHED, the goal is to eventually implement a decentralized autonomous organization, or DAO, governance model. The challenges faced by initiatives within the Foundation will vary based on scope and geographical factors, and local communities and investors will understand the nuances better than a centralized authority hierarchy. Eventually, the DAO will have the power to grant and allocate funding. By giving the community power to decide which projects get funded, it becomes easier to prioritize where funding is needed most urgently.
WAHED Projects Management Dashboard
Finally, to address the prevalent criticism of transparency within the field of philanthropic efforts, the WAHED Projects Management Dashboard aims to make all projects more accountable to the public. All users can access the portal to monitor progress towards milestones, and to check how projects are utilizing their funds. If more than the allocated funding is required, requests can be made for publishing through this mechanism, with more WAHED tokens being made available through the community.
This management dashboard also streamlines the onboarding of new projects and the respective allocation of funds. In all, this open system will vastly improve the speed of implementing ideas while promoting further transparency and accountability.
Being a driver of change and the face of initiatives to improve lives around the world, philanthropic endeavors have both the means and the platform to show that tried and trusted methods could be improved.
WAHED aims to be at the forefront of companies integrating blockchains into the very core of their value proposition. If improving efficiency and transparency form the very foundation of charitable giving, we can start building on more secure platforms in our quest for a better world. Launch your very own borderless philanthropic initiative with WAHED today, and let us work together to bring about global change.