Joint blockchain venture to make charitable giving more transparent
Melanie May | 7 August 2018 | News
TODA.Network and Exponential Inc (XPO²) have joined forces in a venture aimed at making charitable giving more transparent and eliminating leakage of funds.
TODA.Network supports companies built on the TODA protocol (On TODA or OT), while XPO² is a cause-related marketing platform that links donors with small to mid-sized NGOs and charities around the world.
Together, the two have launched joint venture Donations.OT, through which they are aiming to enable greater transparency between charities and donors while also reducing the amount of money lost through leakage. Using the TODA protocol, Donations.OT will provide a white label product for donations platforms and NGOs that will be customisable to each organisation’s branding and give them the ability to ensure that the funds collected from donors reach their intended destination.
Saul Bowden, Co-Founder of Donations.OT, said:
“Donations.OT will help to ensure that there is more transparency in the nonprofit sector, so that it will be clear where money is being spent. By bringing accountability to these organisations at a granular level we believe that more people will be encouraged to participate in projects. Further, by offering a white label solution we can enable more NGOs and charitable organisations to offer this kind of transparency to their donor bases seamlessly.”
He added:
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“TODA protocol is the only fully-decentralized, distributed blockchain that is able to scale to billions of users, handle millions of transactions per second and costs just 0.1% per transaction, meaning that wealth remains in that economy and not sent to power miners, cloud, databases, insurance, servers or anyone outside of that intended market.”
The Donations.OT team plans to begin implementation with NGOs in Kenya based on the team’s previous work in the region, into other geographic areas.
About Melanie May
Melanie May is a journalist and copywriter specialising in writing both for and about the charity and marketing services sectors since 2001. She can be reached via thepurplepim.com.