Terracoin Looks to Give Charity a Boost With Crypto Mobile Payments

August 3, 2018 By: Steven Anderson

In recent days, we’ve seen blockchain work in healthcare, in dental care, in real estate, in providing insight on streaming video viewership, even increasingly as collateral for loans. Recent word sent our way from Blockchain Relations, however, details one more use that isn’t so frequently heard about: charity.

More specifically, Blockchain Relations took a closer look at Terracoin’s operations, and found how the second oldest blockchain around–going clear back to October 2012–has been working with charitable operations. One of the biggest point is that Terracoin mining is directly done with at least a note of charity in mind. The community has donated what are known as masternodes, which continually generate Terracoin while providing service to the larger overall network.

After a certain point, community members can then decide where service rewards are allocated, which can provide help to a wide range of charitable projects. Already, the community has decided to establish a charity kitchen, and it was also decided that 10 percent of mining rewards are specifically set aside as a “self-replenishing budget” for such operations.

Terracoin’s Josh Cook—otherwise known as ClockUniverse—noted “The ultimate goal is seeing whole masternodes donated to nonprofits so that they would get payouts forever instead of only having one-time needs met by one-time donations. Anyone running a non-profit knows the challenge of maintaining a loyal list of donors to accomplish their goals and we hope to make this aspect of fundraising much easier for them.”

While many are looking at cryptocurrencies in terms of the potential profit found therein, it’s good to see some operations devoting themselves to charity along with profitability. It’s an important facet of the crypto market, and one that more currencies would do well to remember. In a field where most believe that this is the province of criminals, drug dealers, and affiliated scum, cryptocurrencies actively spotted doing good is the kind of thing that could shake some perceptions and help the mainstreaming process.

Terracoin’s charitable bent will certainly help going forward, and not just by feeding the hungry. Terracoin might also ultimately go on to bring cryptocurrency into the mainstream, especially if more well-known cryptocurrencies are spotted doing good in the community. A little charity might go a long way, and Terracoin may serve as the best example.