Romanian Startup Targets $400 Bln Charity Fundraising Market With New Platform
A Romanian startup has set out to build a specialized Blockchain-based fundraising platform for philanthropic organizations such as Unicef, Red Cross or Save The Children to improve speed and transparency of payments.
Year-end launch planned
GoHelpFund is harnessing Blockchain and smart contracts, both of which significantly enhance speed and security of payments when compared with older payment systems. It also plans to integrate artificial intelligence (AI) and machine learning capabilities to add innovative features. Its platform, along with the new HELP cryptocurrency, expects to open for business at the end of 2018.
In 2016, Americans alone donated $390 bln to charitable causes, according to the Giving USA Foundation. Worldwide estimates are not available, but the number likely runs into at least tens of billions of dollars more.
Conceived last year by Daniel Tirzuman and his co-founders, GoHelpFund works off Amazon Web Services, and uses the Ethereum cryptocurrency ahead of HELP’s launch. The startup is building a decentralized platform based on Blockchain and additionally tapping AI and machine learning to add features valued by charities.
Machine learning will add new features
Machine learning, for example, will enable real-time detection (RTD) to recognize fraud and other events before they happen automatically. Similarly, AI is to be used for real-time event processing (RTEP), which will prioritize fundraising campaigns. For example, natural disasters will automatically get more attention than some other campaigns in times of need.
The company believes its machine learning and artificial intelligence features will have a big impact on user experience, making it more easy and reliable for people to use the platform and be active within the community.
HELP tokens to bring flexibility and transparency
GoHelpFund’s HELP token is an ERC20 standard Ethereum token and based on what the company calls Advanced Distributed Edge Network (A.D.E.N.), the company’s proprietary Blockchain solution.
According to GoHelpFund, when the company eventually migrates from Ethereum to HELP, with its own Blockchain, it will bring in flexibility to create master nodes and other features. For example, the platform will allow donors to see how their funds are being used through the campaign, bringing a greater degree of transparency.
Donors on the platform will be able to use fiat money and a variety of cryptocurrencies, all of which will get automatically converted to HELP tokens via the exchanges.
GoHelpFund has raised $125,000 from a pre-sale of its tokens. Token sales are scheduled to continue through March. An ongoing bounty program is scheduled to close March 28.