Charities are a means for people to contribute towards society without having to actually go down to the issue. Millions contribute towards these causes and sections of the world’s rich have begun contributing more and more. Governments cost cuts have reduced the grants that these charities could avail. These funds are used not only for associated causes but also to maintain operations. To keep costs low, these organizations focus on volunteers who may not have great marketing skills. Therefore in order to spread the word, they outsource marketing to intermediary firms focussing on traditional methods. So far it has been useful for charities but high commissions take a toll on the available funds. Two major concerns, as a result, are the lack of capital available for smaller charities and the longer time needed for the charity to have an impact.
The social media generation prefer an easy and quick donation method that can provide instant gratification and is transparent. The issue that remains, however, is that the existing system to donate vis tablet or smartphone is complex and time-consuming. Additionally, people view street funding and constant unsolicited phone calls as negative and untrustworthy.
Some recipients register with multiple charities and avail of funds from them which prevents charities from actually distributing funds to others who are in greater need. This could have been countered if charities had a data sharing scheme that validated if the recipients are receiving funds from others.
- Expensive Intermediary costs – Fundraisers, International money transfer, and staffing can use up a lot of the charity’s funds.
- Outdated Fundraising Methods – Most charity’s still use door-door calling, street funding and other traditional methods as opposed to using technology.
- Lack of Transparency – Users cannot see how funds are being used in terms of charity accountability, administrative costs and impact.
- Poor Donor Experience – New donors favor positive emotional experience based fundraising as opposed to current negative based one.
- Exploitation – Charities do not have the means to verify the authenticity of recipients and how the allotted funds are being utilized.
- Emotional Disconnect – Existing platforms do not allow donors to view the end result and impact of their donations.
Little Phil is the solution to all these problems. Built using blockchain technology and a user experience (UX) designed using a positive experience, it gives users the control, oversight and emotional connect of a philanthropist. Now anyone can give just using a smartphone or tablet. Trust and accountability are enforced on Little Phil using two smart contract empowered solutions.
- Proof of Impact – Payments for goods and services are held in escrow until verification is provided using a combination of Unique Digital Identities (UDID), biometrics, image recognition or charity affiliate verification. This is made possible through the use of smart contracts, an immutable ledger to trace funds, UDID based assurance that funds are not wasted, validation of receipt ie transfer when the outcome is achieved, receiver feedback mechanism and costless impact boost.
- Proof of Need – sing Biometric based UDID charities can verify that receivers and their needs are genuine. This allows cross collaboration without having to share databases. This assists with the prevention of fraud, tracking donations, better allocation of resources and identifying undocumented people. Whenever a charity sets up a profile the identity chain is searched for a match and if found any donations will be associated with that UDID and noted on the public ledger. Otherwise, a new one is set up.
Little Phil Coin or LPC is an ERC-20 standard token that can be transferred to any compatible wallet. Users can give using any fiat or cryptocurrency which Little Phil locks into a smart contract. After validation, smart contracts are unlocked and the platform purchases the equivalent of LPC from exchanges which are transferred to the recipients’ wallet where they can convert it to any currency of their choice. LPC can be used for rapid low-cost transfer, traceability, conversions, UDID creation, rewards and emergency funds.
Each time a user gives on Little Phil, a portion is returned to his account as a reward. Emergency funds are for quick mobilization in times of emergency like natural disasters and war where fundraising campaigns are not possible. Community members also having voting rights to determine fund release on key initiatives like emergency release etc. Platforms are at 6% for transactions with the rate declining with increasing volumes of donations. Little Phil is developed in such a way that it can work even in remote areas with limited internet connection.
User behavior metrics can be used to tailor receivers and causes to users as well as guide campaigns ensuring their relevance using AI. These algorithms learn and develop as the user base increases. Machine learning is used to analyze images, descriptions and content updates versus the number of likes, visits and donations received. This can be used by administrators to further the growth of the platform. Ranking systems are developed to ensure that optimized profiles that meet recommendations gain higher exposure leading to a more satisfying user experience.
The team at Little Phil is headed by Josh Murchie – CEO, Nathan Archer – MD, John Robertson – CTO, Matthew Sayed – Blockchain Development in charge and Craig Giliam – Creative director.
The team is advised by a group of experienced advisors like Daniel Santos formerly of Citibank and Barclays, C.J Fong former VP at Morgan Stanley, and Ashish Gaurav – Investment Banker at Standard Chartered.
For More Details of Little Phil ICO:
Official Website: https://littlephil.org
Post By Anton De Mel
Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=1770640
Bounty0x Username: cryptoze