By SHIVAM VAHIA
The crypto world is in chaos right now as the value of all currencies has dropped massively due to a global sell-off. Bitcoin has crashed more than 40% since its mid-April peak, followed by ethereum at more than 45%. The frenzy has made crypto critics more vocal, the enthusiasts are cursing Tesla CEO Elon Musk, and regulators are scrambling to find a solution.
Amid the crisis, many cryptos are finding a reason to justify their existence. One of the most heard arguments from the nay-sayers is that cryptocurrencies are trying to solve a problem that doesn’t exist. Fiat money has been in use for well over a century, and it’s not volatile. Despite the conventional confidence, many economies have witnessed hyperinflation or rapid devaluation, making it difficult for an average Joe to be a part of the modern banking experience.
Bitcoin, Ethereum, and memes currencies like Dogecoin are too volatile and serve no additional purpose. The volatility makes them riskier as a currency as well as investment. Internet Computer promises to offer a new web hosting cloud platform that can dethrone the big tech, Monero promises anonymity, and Chiacoin claims to be eco-friendly. Similarly, CHANGE is a new cryptocurrency that’s entirely based on the idea of philanthropy.
Co-founder of CHANGE, Matt Corman, writes on Medium that, “Our loftiest goal is to have our community donate so much and so quickly that the Binance Charity Foundation runs out of social causes to support.”
A new cryptocurrency that promises to give back to the society
CHANGE is a reasonably new cryptocurrency that’ll donate 10% of the transaction for a good cause. Launched last week, it has a unique model that’ll always spread positivity when a transaction is completed. Out of the 10%, a percent is redistributed to all token holders in the blockchain, a mechanism that’ll help encourage adoption. The remaining 9% is divided 50:50 daily, and one sum is used for donation, and the other is kept for “staking treasury for future developments.”
The team behind the new token has been very active on social media and provides a detailed account of their regular developments. All the donations are routed through the Binance Charity Foundation, and within 24 hours of the debut, they were able to raise $136,744 for Australian bushfire relief.
The CHANGE blockchain has been coded to ensure that every transaction is split and a portion for donations is acquired. The inherent nature of the system gives it a unique edge over the others by adding tangible value. Charity is at the heart of the cryptocurrency, and it’s currently up for purchase on PancakeSwap.
A new wave of cryptos are trying hard to justify their existence, and many have found their calling. Only time will tell whether they’re able to bring a revolution in the world’s financial system. The good news is, ideas are flourishing and brainstorming is at its peak.