“When I was in college, I wanted to be involved in things that would change the world.” — Elon Musk

Everything began with a simple idea:

What could we achieve if we all donate just 1% of our crypto-profits to make our world a better place?

The crypto-industry changed the lives of many of us - sometimes even drastically. A huge amount of wealth has been created this year, let alone within the past several years. In this unprecedented bull-market, almost everyone was a winner. Imagine what’s possible if everyone, the small and big winners, would give back just 1% of their profits as a sign of appreciation… Let’s call it The Satoshi Foundation.

So what could we actually achieve?

Since the inception of Bitcoin in 2009, an incredible amount of wealth has been created. The market cap of all cryptoassets is currently $518B. So if every investor would contribute on average just 1% of their holdings, The Satoshi Foundation would immediately be larger than the biggest US charity (United Way Worldwide with a private support of $3.71B).

Also, this would mean The Satoshi Foundation will be in the top 25 of the biggest charitable foundations worldwide.

But our goal isn’t being the biggest or wealthiest Foundation, but rather the fairest, most efficient and most impactful charitable organization on the planet. This means, we can’t just raise funds using a token sale and do whatever the other organizations do, but rather we’re going to reinvent the entire concept of a charitable foundation.

A next generation foundation

“Never doubt that a small group of thoughtful committed citizens can change the world. Indeed, it is the only thing that ever has.” — Margaret Mead, Anthropologist

We will build The Satoshi Foundation upon the Giveth platform (https://giveth.io/), which provides community participation, transparency and accountability to charitable donations. We will leverage the unique features of this software platform to create a new concept of charitable foundations which is decentralized, much more efficient and transparent.

Decentralized

Todays charities and foundations build upon trust. Donors trust that the organization will actually work towards the goal they were advertising. The contributors trust that there is no corruption involved or that people high up in the organization can’t somehow use funds for their own benefits. It turns out, this isn’t always the case. (i.e. The Clinton Foundation)

We want to give back control of the funds to the actual donors. Through a voting mechanism, all contributors can vote on every action of the foundation:

Yearly voting on the overall foundation strategy and focus topics and administrative budgets

Quarterly votings on admission of individual projects, milestone achievements and fund-releases to projects

Efficient

By far the biggest problem of current charitable organizations is their lack of efficiency. This can be further broken down in two categories of efficiency.

Fundraising efficiency: Charities spend millions of dollars for advertising and other marketing activities to get in front of contributors. In fact, the average charity spends almost 10% of their funds on fundraising. This means for every dollar donated to a charity, 10 cents are already lost as they were spend on receiving that dollar in the first place. Token sales make it much more efficient to raise funds worldwide from the crowd with minimal costs involved. So we estimate a fundraising efficiency for The Satoshi Foundation at about 98–99%.

Operational efficiency: The money that actually made it to the charitable organization is also not transferred completely to the charity cause. On average, 12.4% of these funds are used for administrative costs and overhead. Through the decentralized nature of The Satoshi Foundation and the use of technology in the operations, we can cut a lot of costs and overhead. Obviously some costs (audits, salaries, transaction fees, platform development) remain. Therefore we aim to achieve roughly a 95% operational efficiency.

Transparent

This new foundation must also be transparent in every way possible. This includes amongst others:

A quarterly “Milestones report” evaluating the milestone achievements of different projects. After approval by the token holders, funds allocated to this milestone are released using a smart-contract to the respective project.

A semi-annual “Satoshi Foundation Impact Report” which will show our community what was made possible thanks to their contributions.

Yearly financial report (including all project contributions, salaries, overhead cost). With a community voting to release the administrative/development budget for the subsequent year.

All contributions will be securely stored in a Vault Contract (learn more) and will only be released step-by-step and with a majority vote of the community.

What’s next?

The Satoshi Foundation is a community-driven initiative. We want to take you along every phase on the way to reach our vision and want everyone of you to know what’s going on. (And there’s a lot more we would like to tell you soon! Think team, website, roadmap, etc.) So if you would like to receive updates, make sure to follow us our Telgram channel or on Twitter:

Change will not come if we wait for some other person, or if we wait for some other time. We are the ones we’ve been waiting for. We are the change that we seek. — Barack Obama

Would you like to contribute?

If you like our vision and want to support this project, we have three possibilities for you:

1. Spread the word: Share this post, like/upvote if you found it on social media and most importantly, take part in the discussion in the comments or on different social media channels. There is nothing set in stone yet about this project, so the most valuable thing you can contribute is your opinion as well as sparking the imagination of others.

Share this post, like/upvote if you found it on social media and most importantly, take part in the discussion in the comments or on different social media channels. There is nothing set in stone yet about this project, so the most valuable thing you can contribute is your opinion as well as sparking the imagination of others. 2. Help us: Going forward we are definitely going to need helping hands from designers, social media experts, developers, accountants, lawyers etc. If you think you can add any value to the project, reach out to us at thesatoshifoundation@gmail.com

Going forward we are definitely going to need helping hands from designers, social media experts, developers, accountants, lawyers etc. If you think you can add any value to the project, reach out to us at thesatoshifoundation@gmail.com 3. Donate (Only if 1./2. are not possible or not enough for you!): Of course we also appreciate financial contributions at this stage, which allow us to bring this project throughout the next phases.

BTC: 1AuMFj7CkJ4DZTH326LPn8otBSEArnsdXH

ETH: 0x4017Ed22f98Dc52daAb71eeE137dd741dC97DCaB

Bitcoin Cash: 1LAz3zCuRReRtozV6kYm1hfYkyMwisSEZy

Remember, you have no reason to trust us and there is currently no legal entity behind The Satoshi Foundation, so wait with bigger donations until the actual token sale.