AidCoin token for charitable giving, built on Ethereum Blockchain and powered by CharityStars.
AidCoin is an ERC20 token that aims to become the preferred method to donate transparently through blockchain technology and to access the net-work of our services. The online donation market is $15bn in the US alone. The rapid adoption of cryptocurrencies will definitely impact the way to do-nate in the future and AidCoin is set to play a leading role in this new era of fundraising.
• AIDPay is an exchange payment gateway that allows charities to easily inte-grate and accept donation in crypto. AIDPay converts fiat and the most im-portant cryptocurrencies into AidCoin, providing a tax deduction receipt to donors. People can support a great cause and easily save money from their taxes. AIDPay’s fees are paid in token.
• AIDChain is our own blockchain explorer that tracks AidCoin donation flows. It will be accessible to anyone - even to those with limited tech skills. AID-Chain will be able also to track fiat money flows thanks to the integration with the banks’ API, providing a full transparent picture on how charities are using the funds. AIDChain’s fees are paid in token.
• CharityStars is a company. Since its inception, our team of 25 professionals has worked with 500+ char-ities including Unicef, Save the Children and WWF. Our core competency is the ability to forge high-level partnerships between charities, celebrities and high-profile corporations. Unlike other projects looking to tokenize the non-profit sector, CharityStars has developed an ecosystem of charities, donors, celebrity donors and gala events to jumpstart the immediate use of the to-kens – indeed, such ecosystem is already up and running. CharityStars, therefore, has the capabilities and resources to fulfil the blockchain promise to the nonprofit world.
• CharityStars shall utilize the token internally to incentivize adoption and re-tention rates by the 40,000 bidders within the CharityStars community, who will be required to purchase and keep AidCoin tokens in order to participate in the most exclusive auctions. ICO supporters can immediately use the Aid-Coin token on the CharityStars platform to participated in the five hundred monthly high-profile auctions featuring celebrities, artists and luxury brands. CharityStars’ fees will be paid in token.
• As outlined below, in token economy section, AidCoin has laid down the basis for a real token economy where all participants, both donors and char-ities, are incentivized to buy and keep a portion of the tokens. To additionally sustain a healthy long-term value to the coin, we are introducing a burning fee mechanism to reduce the total supply of tokens. Since commissions are paid with tokens, a variable portion of the them will be burnt over time. As the volume of the AidCoin ecosystem increases, the total supply of tokens decreases pursuant to the burning fee effect.
• The entire process of our token sale has been audited by accredited advi-sory firms to be fully compliant with current industry best practices and mar-ket regulations. The ICO placement and the KYC and AML process will be assisted by BitcoinSuisse, a Swiss-based financial provider specialized in crypto-asset who already successfully held more than 20 ICOs, raising more than $500 million.
CharityStars will develop AIDChain, a personalized blockchain explorer platform with a simple and clear user interface, accessible both through website and mobile applications. The aim is to provide a tool accessible to anyone, especially to peo-ple that are not familiar with the blockchain or lack tech skills: our aim is to make the explorer accessible to all donors.
In order to transparently track AidCoin donations and benefit from specific eco-nomic incentives, charities must register and be verified on the AIDChain platform. Meanwhile the registration of the platform is free, organizations will need to spend tokens in order to give full access to their donors and provide them a cutting-edge technology. The platform will provide the following benefits:
• Transparent on chain transactions: thanks to the Ethereum blockchain, the combination of AidCoin and AIDChain will provide transparency in the non-profit sector, allowing individuals to track their donations along the chain. AidChain will show all the data related to a donation and linked to the block-chain by providing a receipt of each donation, which can then be held as conclusive proof. Each receipt contains: donation amount, timestamp, do-nor address and name (if public), recipient address and name.
• Transparent off chain transactions: AIDChain tracks donations even after a token is converted to fiat. The Payment Services Directive (PSD, 2007/64/EC) is an EU Directive, administered by the European Commis-
ghout the European Union. Pursuant to PSD2 law, European banks will be required to adopt publicly avaible APIs starting from January 2018 until the end of the year. AidCoin is collaborting with TrueLayer, a UK licensed com-pany that build financial apps that connect to bank data, verify ac-counts, and access transactions in real-time. Thanks to this collaboration AidChain will able to seamlessly communicate with the charity bank APIs and provide a clear picture on how the charity is spending the funds received.• Account and identity management: charities, once registered and verified, will be able to create an organization account providing several information to donors (general info, official address, donations received). This kind of KYC identity process will be crucial for the Tax Deduction Recipt service that we aim to provide for those who are donating with AidCoin. AIDChain will be able to ensure that the address corresponds to an official registered char-ity.
If a charity does not have this kind of service from its bank (not EU charity) we will provide a software to easily give access to our blockchain and man-ually input off chain data. For example, if the organization states in the ledger that the money is going to be used for medical supplies, the organi-zation will be prompted to upload the receipts for the supplies and shipping within the timeframe stipulated, and everything will be recorded on AID-Chain. Through techniques like timestamping on blockchain or the upload-ing of almost any type of document on the Ethereum-based blockchain eco-system, it is now possible to certify the identity of the document owner, as well as its date and time. Moreover, with the technology offered by plat-forms such as Bloki (https://www.bloki-chain.com/), you can also verify the integrity and compliance of a file uploaded on Ethereum's blockchain at any time. Even through the use of APIs, such as those offered by Bloki, it is pos-sible to receive irrefutable proof to confirm the successful receipt of a do-nation initiated through our platform.
• Communications management: through Aichain platform, nonprofits will be able to send personalized report and automatic communications emails to donors without the cost of creating and maintaining their own platform.
• Donations payment: a built-in wallet (AIDWallet) will enable every registered user to directly manage their AidCoin and donate them without leaving the platform.
• Developing our own AIDWallet will require some time; in the meanwhile, we are partnering with Eidoo, a leading crypto wallet that simplifies the inter-action between the blockchain and their users, in order to offer to our char-ities an iOS and Android app to store, receive, convert and spend AidCoin tokens in an easy way since day one.
AIDPay wants to become the payment gateway processor for all the donations made with crypto. Our technology allows to convert BTC, ETH and the most im-portant altcoins into AidCoin at the current exchange rate.
Incorporating the AIDPay button into their websites, charities can start accepting crypto currencies for their fundraising campaigns avoiding the hassle for the char-ities to utilize different wallets.
One of the main drivers for donors to donate through AIDPay is the ability to get immediate tax deduction receipts on the behalf of the charity. Charities are still not knowledgeable about the topic so it will take several time for them to be able to provide assistance to donors on this delicate legal matter. AIDPay instead is able to provide a compliant tax deductible receipt acting as a trusted middleman at-testing the ownership of the wallet (through the AIDChain ledger)
The aim of smart contracts is to provide more security than traditional ones and reduce the transaction costs. Various types of clauses can be created as partially or fully self-executing, self-enforcing, or both.
Implementing smart contracts in the nonprofit sector adds a layer of security for donors, allowing the transfer of funds only if specific conditions are met.
For example, a fundraising campaign may be deemed successful only if at least 50% of the funds needed are raised: if the condition is not met, the smart contract will return the donations to the donor. Similarly, a smart contract can keep the donation in an escrow account until independent validators confirm that the charity has delivered the promised project.
We believe that smart contracts are playing a central role in increasing the adop-tion of crypto donations. Nonprofit organizations and other fundraising platforms (eg. crowdfunding) will be more incentivized to accept AidCoin as the preferred method to donate if, in addition to the public transparency provided by AIDChain, the donors will be sure that their donations are used only upon fulfilment of set conditions and contingencies.
AidCoin is enthusiast to collaborate with open source smart contract apps like Giveth.io and Alice.si.
Unlike other projects looking to tokenize the nonprofit sector, CharityStars has de-veloped an ecosystem of charities, donors, celebrity donors and events that will
be leveraged to immediately use the token. CharityStars will be the first fundraiser website to accept AidCoin on its own platform. Some benefit to incentivize the community to buy and hold AidCoin tokens are:
• Discount price: auctions paid in AidCoin will benefit from a 5% discount on the hammer final price. As the platform’s average ticket is $500, this results in a big incentive to donors to use the tokens as a medium of exchange.
• Membership club auctions: to participate to these special auctions, users will need to have AidCoin deposited in their wallet. The amount of tokens required will change based on the auction’s nature and price. This will ena-ble certain users to bid on some of the most amazing once-in-a-lifetime ex-periences we have ever hosted on our platform.
The token generation event will create and distribute a maximum of 100 million AidCoin.
To reward our early adopters and community supporters we will held a token pre-sale with a 20% bonus, starting on November 20, 2017. The maximum amount raised on pre-sale will be 8,333 ETH for 10,000,000 AID. Unsold tokens will be allocated to crowdsale.
Crowdsale allocation will start on December 15, 2017 and will be managed by our partner Bitcoin Suisse AG, a Swiss-based financial provider specialized in crypto-asset who already successfully held more than 20 ICOs, raising more than $500 million. The amount raised on crowdsale will be 30,000 ETH for 30,000,000 AID plus ETH raised for tokens possibly unsold during pre-sale.
The initial generation of AidCoin is programmed by a smart contract running on Ethereum and will be distributed as follow:
• Up to 10% of tokens (10,000,000 AID) will be allocated to pre-sale contrib-utors and will be transferable when crowdsale ends;
• A minimum of 30% of tokens (30,000,000 AID) will be allocated to crowdsale contributors and will be transferable when crowdsale ends;
• 10% of tokens (10,000,000 AID) will be allocated to the team and will be vested for 12 months;
• 10% of tokens (10,000,000 AID) will be allocated to early backers and ad-visors that have contributed to the project’s success. 20% of tokens will be transferable from January 15, 2018, while the remaining 80% will be vested for 6 months;
• 10% of tokens (10,000,000 AID) will be allocated to the AidPool to incen-tivize AidCoin adoption and bootstrap the ecosystem;
• 27% of tokens (27,000,000 AID) will be allocated to AidCoin parent com-pany and will be held as a provision for future expenses, partnerships, busi-ness development, marketing and strategic acquisitions. Tokens will be vested for 12 months;
• 3% of tokens (3,000,000 AID) will be used to eventually create a bounty program. Unused token will be reallocated to the AidPool.
No further issue of AidCoin tokens will be made.
End of Sale:
The buyer accepts and acknowledges that these tokens do not entitle their own-ers:
• to participate in any decision or vote within the Company;
• to benefit from the Company’s results;
• to derive any economic or other gain from the Company. The Client there-fore acknowledges that they are fully aware both that the tokens are in no way associated with ownership rights, voting rights or dividend rights, and that they do not constitute shares in CharityStars or in any other comparable asset.
Use of the funds
Use of the funds from the crowdsale will be reparted for the following activities:
• To develop AIDChain, AIDPay and AIDWallet platforms, expanding our actual core blockchain developers team up to 8 members
• To secure partnership with other ERC20 players in the ecosystem to add value to the token usability
• To educate and drive blockchain adoption among charities, primary in the UK, Italy and US market where CharityStars is already established. Thus a new division of sales people will be hired and formed to increase the net-work of adopters
• To cooperate with social responsible companies in order to transform Aid-Coin the preferred method of giving transparently.
• To invest in PR and marketing campaigns to dramatically increase the to-ken’s awareness and diffusion.
• To eventually acquire or sign partnership with other smaller fundraising platforms in strategic countries to speed up the token global diffusion
Within the platform, we will provide identity for KYC that can help individuals track all of their donations across different platforms. Today, you may give to your favor-ite charity in a variety of ways. You might round up your Amazon purchases with AmazonSmile, give a percentage of your eBay sales, contribute to a friend’s charity run and also bid at a charity auction. You’ve given to this same favorite charity in 4 ways, but today you have no way of tracking that. If you were using AidCoin tokens, you would be able to see on your dashboard exactly what you’d given, how you’d given it and where it went. You get the satisfaction of seeing your numbers grow as you give to this charity, and you’re able to read reports from recipients of your charity.
At this point, the ecosystem will grow naturally, with fundraisers, donors, charities, and corporate giving organizations naturally choosing to use AidCoin. Philanthro-pists might choose to purchase AidCoin tokens for their foundations to ensure that the funds can be used only for their intended purpose. Charities might choose to pay portion of their employees salaries in tokens or they might use to reward their volunteers. Social responsible companies such lawyers firms, event organizers, pr firm, real estate agency etc might start to accept tokens for a portion of the pay-ments. Over time, this form of giving will be preferred worldwide for the ad-vantages of transparency, smart contracts, reduced transaction fees, and user-friendly updates and connectivity between donors and recipients.
Launching the token pre-sale
Launching the token corwdsale (ICO) and getting listed on a primary exchange
Delivering AIDPay, starting to convert from fiat and the most popular crypto currencies. Creating embed widgets for charities to integrate the donation button into their donation pages. First beta of AIDWallet released.
Completing the first beta of our AIDChain explorer and the integra-tion with bank APIs.
Releasing the AIDWallet second beta, allowing the cashout feature crypto to fiat.
Majority of transactions on CharityStars are conducted through Aid-Coin. Partnership with other players will be achieved.
Completing the final AIDChain product with several new features such as donor KYC, email traking system etc.
Developing a new set of APIs for additional services of the AID net-work.