Embermine in Action: Philanthropy and Charity
The importance of philanthropy (“love of humanity”) and charity in the world cannot be overstated, yet these endeavors often run into problems inherent in their design and execution. Sure, there are non-profits in the world, but they are often built on the fundamental substrates of business, where the value and resources generated can be siphoned or compromised by intermediaries. The Embermine platform is capable of providing a transparent, secure, and effective means of charitable work.
*There are two ways a charitable Entity can develop within Embermine. Either an established philanthropic/charitable organization can create a verified and secure User account on Embermine or Users can collaborate to create a Project which functions as a charitable effort in itself. The interoperability of these two can create a vast network optimized for the betterment of humanity.
Transparency and Accountability
With a blockchain transaction layer, the flow of value and resources can be made transparent, allowing potential donors a clearer view of how their contributions will be put to use. This eliminates one of the key friction points in charity. Accountability is also enforced since all actions on the environment feed back to the verified identity of the User, making unjust business practice very difficult and extremely unwise.
Since the Embermine platform uses USD pegged internal tokens called Sparks rather than fiat currency as the unit of value, transaction cost is practically eliminated. The use of a digital currency combined with a decentralized exchange layer helps maintain a flow-based economy where value is not extracted by intermediaries.
Smart contracts form the connective tissue that holds the charitable Project together. These contracts enforce agreements between all Collaborators on a Project as well as automate the flow of funds.
Charities operating on Embermine (or have an Embermine presence) can easily share in the success of other Projects. A writer could publish a novella and offer a fixed percentage of the royalties to a charity of her choice. Fifty percent of all revenue generated by an app could go to a charity in the first week of release. And so on. As more and more Projects participate, the network effect of philanthropy will rise considerably, making the world a better place.