STEMchain Solution Overview
STEMchain is crypto platform company who has conceived and operates the Crypto STEM Initiative TM (CSI). The CSI has a singular focus on facilitating the large scale funding of effective and productive STEM (Science, Technology, Engineering, and Math) organizations (e.g., research organizations, charities, educational initiatives, etc.), across the globe, through a dedicated cryptocurrency — STEM coin. The STEM coin has been created on the Stellar Network for immediate distribution, exchange, and transaction.
Operatively, STEMchain brokers fund the STEM organizations using the STEM coin and vet, train, and on board STEM organizations to accept STEM coin for their funding needs according to the CSI 100% guarantee.
The CSI 100% guarantee requires that all funds received as STEM coins will be used for the STEM organization’s intended cause.
There are millions of cryptocurrency users worldwide. Our aim is to capture the attention of the existing crypto-currency holders as well as to create a new home to draw in a whole new community of STEM supporters wishing to fund STEM organizations through the STEM coin.
There are other crypto-coins that are listed on their own private network and/or listed across various exchanges having a stated mission of supporting various charities and philanthropic causes. However, these other crypto-coins are laden with the same inefficiencies that are currently plaguing the funding of STEM organizations — too broad as they may not focus on a particular charitable/philanthropic cause and the organizations themselves do not comport to the 100% guarantee required by STEMchain leading to thin transparency of how much of the donated coins are used on the receiving organization’s intended cause.
The funding of STEM organizations is currently decentralized and inefficient. Often funders are left to identify which STEM organizations are noteworthy, productive, and effective.
These organizations do not dedicate 100% of the funds received to their mission. When private funds (e.g., donations) are provided to STEM organizations, there is little to no insight regarding how such funds are being spent by these organizations. In some instances, for example, St. Jude’s Children’s Research Hospital, 72.1% of the funds donated are used for the intended cause where the other 27.9% may be used for operational costs, marketing, and administrative funding.(1)
STEMchain was created to address the shortcomings of existing STEM organization funding practices by offering a centralized directory of successful and effective STEM organizations that have agreed to the CSI 100% guarantee. The STEM organizations are incentivized to adopt and adhere to the CSI 100% guarantee through STEMchain’s CSI seed and donation match program. In this context, STEMchain, beyond on boarding the STEM organization to accept and transact STEM coins, seeds each of the STEM organizations with a defined amount of STEM coin as well as matches, coin for coin, up to a set limit, each coin that has been donated to the STEM organization. The expected outcome is the efficient and large scale funding of STEM organizations using the STEM coin.
How STEMchain Works
Step by step guide to how STEMchain donations are made
(1) “Charity Navigator — Rating for St. Jude Children’s Hospital, USA” Charity Navigator, March 01, 2017. https://www.charitynavigator.org/index.cfm?bay=search.summary&orgid=12847 Accessed 30 January 2018.