New means of producing money have often resulted in new ways of giving it generously. With cryptocurrencies being worth more than all US dollars in circulation, holders must decide what kind of contributors they want to be.
The advent of cryptocurrency has compelled the banking sector and the rest of the world to rethink assumptions about transparency, efficiency, and power distribution. As a result, crypto contributors have an interesting chance to consider not just “how much” but also “how.” In other words, how can they contribute to the pool of available resources while also ensuring that it is well allocated?
New pools of income, for better or worse, can alter the way a charity operates. America’s first millionaire, John D. Rockefeller, constructed the country’s first modern charitable business model. Rockefeller had more money than he could personally and directly give away, so he established an organisation to distribute it in accordance with a wide mission long after his death.
Charities can learn a lot from the openness, efficiency, and decentralised power that lie at the core of cryptocurrency’s promise. The current model of donating requires donor funds to pass through a complex web of multinational and local organisations before arriving at their final destination. Dollars and knowledge are often degraded along the road, and the end-user is frequently seen as a passive receiver of products or services rather than as an active agent of resource allocation.
Cutting out the middlemen has resonated within the crypto community. People like Jack Dorsey, Elon Musk, and Vitalik Buterin have joined Pine and thousands of others in contributing over $25 million in cryptocurrency to those in need through GiveDirectly. As new cryptocurrencies emerge, there is a deep understanding of this.
The HUH Token is a brand-new token that was released a few days later, on Monday, the 6th of July. It now has over 11,000 wallet holders and has increased in value by over 6000 percent in less than a week. It thrives even when the market is in the red due to its smart contract referral mechanism.
Its philanthropic character may be the reason for its success. It works by delivering a code to individuals who purchase HUH Tokens. When the code, which can be obtained on their website, is used for the first time by another new holder, the person who supplied the code earns 10% of the purchase. This ten percent is currently available in Binance. However, it is possible that it could be distributed in a number of different cryptocurrencies in the near future. There isn’t a limit to the number of individuals you can recommend, and everybody who purchases using your code will get a cost discount.
The HUH Token seeks to create a close-knit community based on monetised social influence. Their whitepaper details their plans for metHUH, a social media network based primarily on sentiment analysis. It also promises that it will donate 20% of the total supply to Elon Musk for charity purposes.
This is presently valued at $34,720,800. All he is required to do is accept it, spend it on charity, and recognise the cryptocurrency.
Cryptocurrencies or blockchain programming might potentially aid in the improvement of donating implementation. Smart contracts might usher in new methods to results-based funding, public ledgers could bring in new transparency standards, and digital currencies could provide new means to distribute help in the face of capital restrictions or insufficient fiat currency. Of course, fulfilling this potential will need to be designed for the world’s financially insecure people in mind and encouraging more in those who are currently doing so.
While cryptocurrency contributors must make significant choices about how and where to donate, the process starts much further upstream inside the sector itself. No amount of philanthropy in spending such fortunes can be substituted for the moral misbehaviour in gaining them. For cryptocurrencies, this may include addressing carbon footprints, weeding out frauds that prey on its most vulnerable community members, effectively engaging with regulators and tax authorities, or ensuring that tomorrow’s financial system incorporates more varied viewpoints than today’s.
Despite the fact that giving frequently seems like earning, there’s a lot to be optimistic views about in the emergence of crypto-philanthropy. Let’s see if decentralised finance it lives up to its promise.
Learn More About HUH Token Here:
HUH Official Swap- https://swap.huh.social/