Cryptocurrency offers people a new way to fundraise, focusing attention on global issues such as mental health.
Numerous industries have been impacted by blockchain technology, with some being more heavily pushed than others. Although they are all equally valuable, one of these lesser-known industries that has seen a significant shift is fundraising. Donations under the traditional approach were generally inefficient, requiring large processing fees and allocating less of the contributed monies to the nonprofit’s objective. The other significant worry is that, in addition to the inefficient donation model, organisations often struggle to engage with the broader community and inspire lasting change.
Through the use of bitcoin, crowdfunding becomes more transparent, faster, and more cost-effective than traditional currencies, guaranteeing that those in need receive the aid they require. Additionally, with the underlying blockchain technology, improved tools enable cryptocurrency fans who wish to contribute to find projects with purposes that coincide with their own while keeping a certain amount of openness and security.
EarthFund is only one example of this new approach to fundraising, having emerged as a cryptocurrency-based crowdfunder focused on initiatives and ideas that might help improve the planet. To empower users with the ability to effect change, the team has partnered with best-selling author Deepak Chopra and the Chopra Foundation to develop the NeverAlone cause token and the Mental Health and Wellbeing autonomous community.
The Chopra Basis has already established a strong foundation for success, based on their prior experience using blockchain for good, by collaborating with Hollywood actress Emilia Clarke to launch the SameYou nonfungible token (NFT) collection. When launched, this collection raised funds to assist those recovering from brain injuries, moving them forward to launch their next programme, Never Alone, in time for Mental Health Awareness Month in May. Never Alone will provide people with an opportunity to participate in a novel method to crowdfunding, thereby supporting projects that make a meaningful difference.
Participating in online communities
Never Alone aspires to reclaim people’s power by ensuring their voices are heard as they contribute to the collective rewriting of the storey of mental health.
“That is why we chose to partner with EarthFund, a platform that enables anybody to engage and have a voice in creating a more sustainable, peaceful, healthier, and joyous world,” says Deepak Chopra, co-founder of EarthFund.
As a result, the NeverAlone cause token will serve as the first demonstration of how Web 3.0 might expedite the broader crowdfunding use case. The objectives of this project are represented further in the missions of both teams. As Poonacha Machaiah, co-founder of Never Alone and CEO of Chopra Foundation, explains, “our collaboration with EarthFund ensures complete transparency, ease of communication, decentralised decision-making, independence, and engagement of the community in the sponsorship of mental health projects, all while leveraging the DAO and the power of Web 3.0.”
In practise, users will be able to examine projects submitted for financing, vote on which projects receive necessary cash, and rate the impact of sponsored projects by exchanging the 1Earth token, EarthFund’s native token, for the NeverAlone cause token. Additionally, they will be able to join online communities and suggest modifications to the project’s purpose, vision, and community positioning, just like they would with any other decentralised autonomous organisation (DAO).
To join, users must purchase EarthFund’s native token –– 1Earth –– which is available on the team’s official website and on popular cryptocurrency exchanges such as Kucoin, Uniswap, and Gate.io. Holders of the token will be eligible for incentives for their participation in cause-focused communities that are self-governing via voting on which initiatives to support and sponsor.
A major step forward in the direction of broad adoption
Taken together, this use case moves blockchain closer to widespread use. Together, the Chopra Foundation and the EarthFund platform enable founders, activists, and philanthropists to focus on improving the world through self-governed communities, while the EarthFund platform manages the complexities of the blockchain and makes it simple for anyone to start their own autonomous community dedicated to improving the world.
As a result of blockchain’s challenge to traditional fundraising techniques, more people will be able to contribute to making a significant difference.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.