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Binance to Distribute Donations Through DLT, Teach Charities to Utilize Crypto

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Tue, 10/09/2018 - 19:57
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  • Binance puts their cards on the table revealing the BCF work details

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Contents

The Binance-organized Blockchain Charity Foundation (BCF) intends to get the UNIDO member Helen Hai as the president. As Chairman the president of Malta Marie-Louise Coleiro Preca is invited.

Just recently, Changpeng Zhao (CZ) has published a blog post with the details of the scheme that the BCF will utilize to distribute donations. He also stressed the moments that may arise while introducing the working scheme.

The BCF scheme at work

In his blog, CZ wrote that the process of donating will include a system that will track donations in 3 or 4 layers. These layers will consist of donors, beneficiaries and charity programs cooperating with BCF. An extra layer, not an obligatory one, will include charity partners.

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CZ mentioned that the BCF will choose among charity organizations to donate to. Also, donations can be made publicly or anonymously.

Tracking through Blockchain

The Binance CEO mentioned that the BCF can send donations directly to the receivers or cooperate with the charities that will spread the funds to those who need them.

Open ledger system will be used to track the donations made ensuring their transparency. Binance intends to launch a special website where everyone will be able to track those. This tracking platform will have KYC and built-in anti-money-laundering mechanisms. However, the exchange does not plan to create a new DLT platform for that.

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Also, CZ added that beneficiaries will have to be taught how to use crypto coins and be protected from frauds. These issues will be solved by the BCF.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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