Humancoin - P2P Platform and Ecosystem

Humancoin is a P2P platform and ecosystem that brings together donors, recipients and e-commerce players. The platform's interface lets participants quickly send donations to any country in the popular currency, to monitor transactions and view reports on their charitable activities, as well as to use international customer loyalty programs.

The Humancoin platform is designed with the goal of facilitating the process of interaction between philanthropists and beneficiaries to the greatest possible extent:

· breakdown of projects by category and subcategory, such as health, natural disasters, religion and environment

· various mechanisms for ranking projects and creating online polls

· data on the legal and financial verification of each project (forensic audit)

· integrated wallet with currency conversion

· translations into various languages

· mobile application

· built-in messenger

· expenditure tracker and online reports

· convenient dashboard with individual settings for users.

Problem

Despite the rise of new mechanisms for donating, the charity industry still cannot overcome its main obstacle — a lack of trust. Donors, most of whom are private individuals, simply lack the means to verify whether their funds have reached the addressee in full and in the required timeframe, even if they transfer the money with the help of specialized organizations. According to various sources, about 20% (or more) of all donated funds end up being kept as administrative expenses by charity foundations.

Many are faced with the complexity of cross-border payments (when one wants to help a foreign recipient) and later, potential difficulties with regulatory bodies. In addition, donors are forced to spend a part of their well-intentioned contribution on covering the operational costs of the transaction.

Solution

The distributed ledger technology, which is designed to put an end to the middleman, gets rid of the long charity chain composed of banks, NGOs, state bodies and law firms. Blockchain provides a digital mechanism for recording and viewing any transaction. It is important that the record cannot be hacked or modified. Blockchain solves the trust issue by providing transparency, traceability and security.

Importantly, the new technology facilitates the development of direct financing platforms on a much larger scale. Philanthropists themselves can ultimately benefit from automated smart contracts as the recipients of grants will only be able to use their funds after meeting mandatory conditions.

All the many advantages that blockchain delivers will spur the growth of the charity industry. This new technology is already being studied by major market players such as UNICEF, the World Bank and Bill & Melinda Gates Foundation. Over the past few years, a number of respected charitable organizations such as the Red Cross, Save the Children and United Way, among others, have already begun accepting donations in cryptocurrencies.

Website : https://www.humancoin.net/

Marketing analysis

In 2017, according to MarketInsightsReports, the size of the charity market was estimated at an impressive $747 billion and it is clear that an enormous volume of “peer-to-peer transactions” are not being measured: many of us spare our change to people on the streets or make impulsive donations to charity from time to time.

It is surprising that over the centuries the charity industry has changed very little in terms of the technology employed, except that the role that monasteries played two hundred years ago has now been taken over by philanthropic foundations. While the funds now have phones, printers and computers in their offices, the problems haunting the industry have remained the same. It is difficult for philanthropists to find worthwhile projects, quickly and seamlessly transfer money to them, and most importantly, be sure that the aid that they provide reaches the addressee and is used purposefully for a just cause without any significant transaction costs.

Blockchain technology and the associated P2P Internet platform help solve the problems of the industry and provide a powerful impetus for its further development.

· Donors can monitor transactions to see that their funds are being spent exactly as intended.

· Charities can demonstrate their integrity by providing information on how the funds are being used.

· Quick payments (including cross-border transactions) are simplified and the problem of currency and cryptocurrency conversion is solved.

· Automation of all processes can significantly reduce transaction costs.

The Humancoin platform offers a revolutionary solution for the charity industry. The consolidation of blockchain technology, the cryptocurrency market and e-commerce loyalty programs into a project will forever change the charity industry. Let’s look at each of the three industries.