Yes more details to roll out very soon, would be sure to tag you when they are done
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Thank you for your important question! Fraud prevention is a top priority for us at Tronaidx. We are implementing measures such as verifying the identity of participants to ensure donations come from legitimate sources, and conducting thorough audits of our smart contracts to ensure funds are securely managed and disbursed according to predefined conditions. Additionally, every donation and transaction will be recorded on the TRON blockchain, providing a transparent ledger for public verification, which helps reduce the risk of fraud.
As for wallets, we plan to integrate with existing trusted TRON wallets rather than developing our own. This approach allows users to utilize familiar, secure wallets, ensuring seamless and secure transactions on our platform.
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Yes We believe that informed participation is key to a successful decentralized ecosystem. As part of this, we will offer guides on how to participate in voting, submit proposals, and engage in discussions. These resources will help users navigate the governance process and make meaningful contributions to the platformâs development and decision-making.
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Thanks for clarity,I truly appreciate what you guys are doing cox is amazing
As informed participation is crucial for a thriving decentralized ecosystem so itâs excellent that you plan to provide educational resources to guide users through the governance process.
Will your educational resources be freely accessible to all users, or will there be certain materials that are exclusive to active governance token holders?
No problem sir, I will be here waiting.
Hello TronAidX! We are working on a similar project and I would be interested in meeting to see if there is room for collaboration! In my opinion, one of the most exciting capabilities of blockchain/web3 technology is its utility in making a positive impact.
I really like how you highlight the utility of blockchain in making donations and impact transparent. What do you think might be some good entities to collaborate with when certifying/verifying impact?
What metrics do you think you might use?
What countries are you most interested in operating in, and have you started onboarding nonprofits/foundations yet?
Feel free to check out our project (search: âCenter for Collaborative Economicsâ C4CollabEcon on twitter- I canât include links in my posts here yet) or reach out by replying to this post if you are interested in finding a way to work together! and best of luck with the hackathon.
Personally I think a concentric or staged approach to community relationships makes sense.
For example, when we onboard a nonprofit to our donation platform, we will go through an onboarding session and provide specific guides for how to accept donations, upload impact certificates and so forth.
But we also make information available to all users of our platform. As they say- âMeet people where theyâre at.â
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I think you are on the right track! But, allowing users to make wallets to receive donations- while acting on behalf of other organizations- requires a level of trust, because this might be open to fraud.
Personally I think it is better for the platform custodians to onboard registered nonprofits/project stewards directly. Otherwise the risk is too high. Sadly our world is full of people willing to lie for money!
This sounds pretty effective, particularly for onboarding nonprofits to your donation platform. How long do you anticipate the onboarding process will take for each nonprofit?
You made a valid point which I am aware of but there is no difference in sending those funds to the initiatorâs wallet and sending it to a nonprofits/projects wallet because anyone who want to lie for money will still do so. Take for instance a user who only want the money can still create the GoFundMe campaign and the fund transferred to the nonprofit wallet. When the final disbursement is made to the wallet of the user that will execute the project, the user may still not do it and run away with the money. So imo the two approaches we recommended for the donations are the same, what need to be done is setting a proper verification method to ensure that if a user lie for money and didnât execute the project that donations were made for, such user will never be allow to create a GoFundMe campaign again
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Right now, we are taking a quite personalized approach, where each nonprofit has a one-to-one meeting where we learn about their operations, history and legal status (very important for compliance reasons).
Then we help them set up accounts if they need it, and also show them how to use our platform (which I will post a Hackatron Season 7 topic about shortly) and to set up customized initiatives.
I would say it takes between 30 minutes and 1 hour altogether, depending on how familiar with crypto/web3 they are, and then another 30 minutes to 1 hour on our end to do due diligence and read through their materials.
This time commitment per nonprofit is currently quite high and wonât be sustainable later when we hope to be onboarding hundreds or thousands of nonprofits from around the world, but currently since we are just starting out and only have about a dozen nonprofit partners, it is a commitment we are comfortable making. Itâs very important to get off on the right foot!
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Youâre right- protecting against fraud is an important concern, in philanthropy as well as everything else.
I suppose what I meant was, if there is a registered nonprofit, making sure the person who is acting as their agent is also legally connected to the organization (for example, as an employee, volunteer or registered agent) is one more layer of protection for everyone involved, especially the nonprofit.
That way, if someone runs off with the money (or claims to be acting on behalf of the organization but is really just stealing) then they are concretely tied to the organization.
This stuff is complicated! But it sounds like you have thought about your approach these questions and I trust you will do everything possible to keep your users and nonprofit partners safe.
Prioritizing personalized onboarding during the early stages, ensuring compliance and building trust with non-profits is testament of the amount of work you put in, do you track any metrics during the onboarding process, such as time spent or satisfaction levels?
Yes! The first thing we look at is the official paperwork the nonprofit has filed during its time, such as tax filings and annual shareholder reports.
However, we recognize that many initiatives are not official nonprofits, or are in the beginning stages. So we encourage our partner projects to make tracking accounts on sites like GuideStar or KarmaGap (for web3-based projects).
There are also intangible elements- meeting with the people involved in the project, looking at their connections to other nonprofits or governmental/non-governmental organizations who are more established and trustworthy, learning about their track record and financial history, and so forth.
Generally our rule of thumb is that we only work with established, registered nonprofits who have been active for a year or longer and have a track record of creating impact that can be demonstrated or explained pretty quickly. In the future, our criteria might loosen or expand, but weâre still just starting out!
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This approach balances credibility with inclusivity, itâs really great to hear that youâre maintaining high standards for vetting nonprofits while also being open to engaging with projects in their early stages.
Are you exploring any technology solutions that can assist with the vetting process?
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Yes: GuideStar, CharityNavigator, and KarmaGap are the three main resources we are working with, and for international donations, TechSoupâs equivalency certification database.
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Itâs fantastic that youâre leveraging well-known platforms. For international donations, how will you help donors track their global impact in a way thatâs easy to understand?
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This is a very interesting question. It relates to the fact that blockchain technology is international, but tax-deductible donations are based on jurisdiction.
Basically, on our platform it is very easy for anyone to donate to any nonprofit, in any country, internationally. However (and this is very important!) only donations within the donorâs home country, to registered nonprofits, are tax-deductible.
There is a plan for a way to create truly international, cross-border tax-deductible donations through the use of something called Equivalency Determination
There is an organization named TechSoup who are leaders in this space (tech providers for Google, Microsoft and other large tech corporations) who we have worked with in the past and have tentative plans to collaborate with. They have the worldâs biggest database of equivalency determinations (basically, nonprofits in other countries who have been declared to be equivalent to nonprofits in the US, UK or EU). Weâd love to integrate with their database.
As far as tracking impact, to address this question we are working with industry experts with decades of experience, and our three main learnings are as follows:
a) You have to balance local circumstances with global standards- different projects, different countries, different communities all have different measurements which are appropriate and useful. However we want to make local efforts legible and interoperable with global actors in finance, business and government, so we are using impact metrics like UN 2030 SDGs and the EBF (Environmental Benefit Framework)
b) Impact has a specific meaning: itâs not just âpositive actionâ but rather measurable progress towards a goal, and so at the end of each initiative all the data must be gathered and assessed in light of both local circumstances and global standards
c) communicating impact and making it easy to understand is important, so that itâs accessible to anyone who wants to understand and participate, but you also must maintain rich and granular detail. So, weâre looking to make simple, standardized âImpact Reportsâ at the end of every initiative, based on both input from humans and overviews/high level analysis done by Large Language Models (like ChatGPT) which are trained on data related to the field of impact.
Sorry for the long answer- this is something we are thinking about very intensely because it is absolutely key to the long-term success of our project!
What features will tronAidx implement to ensure transparency and trust in its decentralized crowdfunding platform for charitable causes? How do you plan to facilitate global participation through smart contracts?