KOYAK ($KOYAK) is a BEP20 token that aims to become the preferred method to donate transparently through the Binance Smart Chain (BSC) and to access the ecosystem of services provided by the KOYAK platform. The adoption of cryptocurrencies will impact the way we donate in the future and KOYAK is poised to play a leading role in this new era of fundraising.
The non-profit sector today is worth an estimated $2 trillion worldwide, yet head- lines in recent times have seen the sector stumble between corruption scandals, gross inefficiencies, false expenses and misuse of funds.
There are several methodologies organisations use to provide transparency to their donors.
- Recipient reporting
- Third-party reporting
In most cases, donors do not have a single place to see how their money is being used and need to trust the information they are provided with. The information is fragmented and is often difficult to compare with information from other organisations.
Blockchain-powered smart contracts and the adoption of cryptocurrencies is providing transparency, enabling efficiency and cutting costs.
· Lower costs: With traditional donations, money goes through various middlemen, such as government agencies and financial institutions, and fees (approximately 3%) are charged by credit or debit card as well as by clearing houses. Blockchain donations are executed directly, reaching the charity instantaneously and at a fraction of the cost.
· Efficiency: Thanks to the distributed ledger technology, blockchain donors can track how their cryptocurrency is being used by charities. No record on the blockchain, in fact, can be erased, thereby providing traceable account- ability showing the exact flow of any coin in the ecosystem. Non-profits too can use the blockchain to manage resources, reduce overheads, streamline their supply chain, and waste fewer resources.
· Transparency: If certain KPIs or other predetermined conditions aren’t fulfilled, smart contracts allow donors to receive their donations back or to redirect them towards more deserving or pressing causes.
In order to provide increased transparency and traceability of donations, charities could greatly benefit from blockchain technology. Although the benefits of transparency and the potential of cryptocurrency is clear, non-profits are poorly positioned to embark on new blockchain-led technology initiatives, since they are focused on their core business: helping the recipients of charity donations. However, when they are introduced to new technology which doesn’t require them to invest in IT development, charities see the tremendous benefits it provides.
The benefits of applying the distributed ledger technology to the non-profit sector are numerous as highlighted above. Donors will have more trust in the sector and, consequently, will be more willing to donate.
To stimulate transparency and traceability in the non-profit sector, we have devised KOYAK, a BEP20 token that aims to become the preferred method to donate transparently through the Binance Smart Chain and to access the KOYAK platform. The adoption of cryptocurrencies will impact the way we donate in the future and KOYAK is poised to play a leading role in this new era of fundraising.
WELCOME TO KOYAK TOKEN!!