Seedom & Giveth Join Forces to bring Decentralization to Charitable Giving
Have you been to a local raffle that supports a cause near to your heart? At this kind of fundraising event, you have a room full of eager supporters, representatives from the cause, administrators with rolls of paper tickets with distinct numbers on them, and a set of prizes off in the corner.
As the administrators walk around with buckets, they distribute sets of tickets in exchange for the local currency, while retaining a duplicate ticket for each number. Everyone in the room can see these transactions as they occur, giving the audience trust over the process. Administrators, after making their rounds, now combine the buckets of ticket duplicates into one bucket in front of the crowd, drawing a ticket at random for each prize. It is a fascinatingly simple and effective fundraising process.
Now imagine all this taking place on a global scale leveraging blockchain and cryptocurrency technology, allowing anyone to be part of a positive change in any community in the world.
That’s what Seedom will do for a new cause, twice a month, launching on the Ethereum Mainnet on May 1st — 10th, 2018. The Seedom fundraising platform takes the efficiency, security, and transparency of the traditional single-room raffle and re-invents it with trustlessness and crowdsourced participant selection into an entirely new type of global fundraiser.
This is a first of its kind decentralized application (DAPP) built on Ethereum for raising awareness and ether for altruistic causes while rewarding a single participant for their contribution and support. The first cause to benefit from Seedom as part of the beta will be…
Drum roll please….
Why Giveth?
Giveth has been selected as the beta partner for Seedom because its platform is a rΞvolution in the world of charitable donation, building and empowering communities and enabling new ways to make a difference. They do this by building a foundation of smart contracts to allow the creation, administration and funding of Decentralized Altruistic Communities. More on the Giveth DApp and their other initiatives right here.
Giveth meets all the necessary prerequisites Seedom requires:
- Decentralizing — believes in the decentralization of power in all forms
- Legitimate — has a capable team with a clear and effective plan of action
- Active — is actively working on solving a problem
- Exacting — is solving an urgent and ongoing problem
- Cooperative — is willing to work with the Seedom team and accept crypto
Additionally, Giveth is the perfect partner to start with because of the audience (causes looking to fundraise Ether) and values our organizations share:
- Donating can be simple, fun and effective.
- Transparency and accountability can be the default.
- People that want to do good work for their cause can be rewarded for their actions.
How does the fundraiser work?
Bimonthly or roughly every two weeks, a new altruistic cause is chosen, with the help of the community, to receive the majority of funds raised through our smart contract. Most of the remaining portion will go to one of the supporters through a selection process crowd-sourced by the participants, the cause, and Seedom. A small percentage will be taken by the Seedom team as an administration fee to continuously improve the platform over time and extensively promote each cause.
So come May 1st (and every consecutive 15th and 1st day of each month), the fundraiser will go as follows:
Day 1: START
The fundraiser deploys when both Seedom and the cause each enter their unique secret messages. After deployment, a user requires no trust in our team or the cause as we are only responsible for administering the begin and end the fundraiser. Neither participants, Seedom, nor the cause can operate outside of the strict rules of the smart contracts and no ether stored in these contracts can be extracted before the end of a fundraiser, unless canceled.
Day 2 - 10: CONTRIBUTE
Anyone can visit seedom.io to obtain an entry at the ether equivalent of USD $2 per entry. Participants will be required to provide a public message to the world that will be displayed if that person is chosen to receive the award. Participation is the one-time per user contribution of a 32-byte message to the world along with enough ether for at least one entry. Some of these public messages are used during the recap phase of the fundraiser to provide additional entropy in a random participant selection process.
Day 10: END
On the last day of the fundraiser, the cause and Seedom will reveal their secret messages. Once those message are revealed, the smart contract will randomly select eight public participant messages to decide who receives the award. The cause receives 60% of the contributed ether while Seedom retains 10% to sustain the platform.
Whoever is chosen to receive the rewards will be sent 30% of the contributed ether. The wallet address and public message of the lucky donor will be displayed.
Once you have participated, you will be eligible to vote for your favorite cause to be the beneficiary of the next Seedom fundraiser.
Ready to join the fun?
Supporters — The beta will run from May 1st to May 10th of this year. Anyone can visit www.seedom.io and contribute ether to be entered to win 30% of the total amount raised for Giveth. Visit our website to sign up for email reminders.
Causes — Want to learn how to fundraise cryptocurrency donations and get a demo of Seedom? Watch our webinar recording. If you are working on a cause that could benefit from the Seedom fundraiser and want to get involved, contact us and we will be in touch.
