The invention of cryptocurrencies has impacted the world in many ways, but most of the discussions that have taken place only focus on business and personal finance implications. Very few have thought of how cryptocurrency could become an invaluable source of funding for non-profit organizations.
Continual Revenue for Ongoing Needs
Anyone involved with a non-profit knows the challenge of maintaining the necessary level of donations to accomplish their goals year after year. But, up until now, there have been very few convenient options for donors to provide their favorite causes with a continual source of revenue.
While many people have become aware of specialized computer equipment built and sold for mining crypto, they may have never considered the tremendous amount of good that could result by donating a crypto mining rig to their favorite non-profit. However, while this could create an attractive source of revenue with minimal upkeep, some may struggle with the environmental impact caused by these computing rigs that consume a tremendous amount of electricity. Plus, it can be difficult to maintain profitability in today’s market conditions after factoring the cost of that electricity.
A New Form of “Mining” Crypto
Fortunately, cryptocurrency technology has advanced to offer other ways of rewarding users for supporting the network. For instance, the masternode technology integrated into Terracoin (Crypto: TRC) offers an entirely different form of residual payouts. What is a masternode? It’s an always-on VPS server that continually receives a percentage of the block rewards in exchange for providing advanced services to the network – such as the ability to facilitate instant transactions. So, just like crypto mining rigs, masternodes can provide a continual stream of income in the form of crypto, but they only use a fraction of our planet’s energy resources. It’s never been easier to setup a masternode and there are always community members willing to help if there are any challenges. Basic requirements include a certain amount of TRC collateral to prevent sybil attacks on the network, a VPS server that can be rented for $5/month or less and running a simple script that installs the necessary software and allows for easy configuration via a Q&A process.
Countless companies, including some of the largest in the world such as Wal-Mart (NYSE: WMT) and Microsoft (NASDAQ: MSFT), have continually allocated a portion of their profits to supporting charitable initiatives for decades. But even a longstanding company with many years of giving history and deep pockets can decide to stop sending checks to a charitable initiative for one reason or another. As a result, a dependable source of ongoing revenue that is 100% owned and controlled by the non-profit organization is far more valuable than recurring donations.
The Terracoin Community’s Vision
In February of 2016, The Terracoin Foundation was created to adopt the future development and support of the Terracoin blockchain. The motivation behind the organization’s efforts is fueled by the unique ways cryptocurrency can help the world and since then multiple ways have been created to accomplish this goal.
Although masternodes can be donated by individuals to the organization of their choice, individuals can also donate directly to The Terracoin Foundation. As of today, there are 18 masternodes generating payouts for the foundation’s treasury. Once a certain objective is met, members of the community will work together to decide where half of the net profits of the service rewards collected from donated masternodes should be given. The other half of the net profits will be used to create more foundation-owned masternodes to increase the amount that can be donated each month.
Individuals can also send a proposal to the network for direct funding to a cause they believe in. This is made possible because 10% of the block rewards are set aside to create a self-replenishing budget. So, instead of the mining rewards going solely to mining rig operators and masternode owners, a portion is reserved for the community to vote on. Anyone who wishes to submit a proposal can first create a “discovery” for community discussion to see if anything in the proposal should be changed before submitting the idea to the network for voting.
Joining the Cause
To learn how you can be part of Terracoin’s mission to help everyone around the world, reach out to the community via one of the engagement options listed on the website at www.terracoin.io or email firstname.lastname@example.org. You can also learn more about Terracoin as a whole by viewing the interactive flipbook at the following link: http://www.blockchainrelations.io/clients/terracoin/flipbook/.
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