April 20, 2018
DescriptionWe are the first non-profit organisation in the crypto world, and the first digital charity to have its own blockchain. Put simply Carebit is revolutionising the charity world by leveraging blockchain technology to provide transparent end to end tracking of charitable donations. Carebit will consist of two funds. One emergency fund to respond to disaster situations and one fund which partners with existing charities. In addition, Carebit offers an ability to earn a passive income by staking Carebit coins (PoS) or running a Masternode. We have created our own cryptocurrency with the vision of being able to trace donated funds via the blockchain, from the initial donation through to delivery to the end recipient. Capturing the funds on the blockchain provides full end to end audit trail and allows almost instant transfer of funds via Carebit coins to anywhere in the world. Our ultimate goal is trade in Carebit rather than fiat. For example, vendors may list Carebit as an option to buy their goods. Donations are raised in Carebit and sent to the recipient charitable organisation who will use the Carebit coins to purchase the required goods directly from the vendor. This end to end movement of Carebit is captured on the blockchain via the Fund Tracking tool, which is currently under development. The vendor is then able to convert Carebit into fiat. Before Carebit is widely accepted we will develop an interim step where we plan to load Master cards with Carebit coins, enabling goods to be easily purchased. All transactions will be fully transparent and declared. This will be defined in the upcoming updated white paper.