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Entrepreneurs and Nonprofit Organizations share the same problem – raising funds to support a business idea, product or a charitable cause. Investors, philanthropists, people all over the world contribute, but there is always the issue of trust. Administrators or financial institutions have mismanaged funds leading to broken dreams and humanitarian causes unable to fully assist those in need.
Infinity Economics (IE) blockchain provides the security and level of trust these entities seek. It offers a new full service and limitless decentralized financial ecosystem and digital economy where a distribution of power through voting and messaging are implemented (Hybrid Governance) in managing community and startup projects with technical safeguards intact.
Blockchain is a continuously growing distributed database consisting of a ledger of token transactions built and stored in a series of blocks. The ledger provides a permanent record of transactions that have taken place in a chronological order. A copy of the blockchain is kept on every node (device that is contributing transaction or block data to the network) in the IE platform. Every account that is unlocked on a node by that account’s private key has the ability to generate blocks with the stipulation that at least one incoming transaction to the account has been confirmed 1440 times.
Terms are saved in the blockchain and all related events and actions recorded on the ledger. Direct transactions between parties cut out the middleman and no one can modify or edit existing records retroactively. If a transaction is not part of a block before its expiration deadline, the transaction is removed from the network. Removal of a block can indicate that it is invalid, malformed or filled with deals that have offered to pay higher fees.
IEP implements a brain wallet as part of its design: all accounts are stored on the network with private keys for each possible account address directly derived from each account’s passphrase using a combination of SHA256 and Curve25519 operations (cryptography/algorithms).
Traditionally, startup businesses could only choose between obtaining loans or partnering with investors for capital, but crowdfunding opened up avenues to get funded. Kickstarter, a popular site for this, demanded about 10 percent in fees. IE blockchain has a built-in currency feature within this platform and offers it as a fully automatic decentralized solution for simple, fast and affordable crowdfunding. Smart contracts enforce investments and agreements creating a fair environment. Entrepreneurs can enjoy the convenience of getting funding from a wider audience and be encouraged to succeed. The combination of smart contracts and currency tokens available on one platform makes it possible for a fast, safe, and transparent way to secure funding.
Account security, whether dollars or cryptocurrency has been a concern for NPOs and startups. IE enhances its safeguards with Account Control ensuring that only specific people have access to funds under specific conditions. Multisignature (Multisig) is a form of technology used for additional security requiring more than one key to authorize a transaction. Users create accounts that can execute business with the approval of holders of specified Assets or Currencies, or to make transactions subject to vote on spending.
IE’s blockchain with greater transparency creates a greater confidence in startups and could also advance the profile and effectiveness of NPOs engaged in developing countries with corrupt or manipulative governments. The ability to trust and know where the money goes as well as who benefits would certainly lead to increased contributions for new ventures and support for the underprivileged living in parts of the world desperately needing aid.
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May 19, 2018 at 11:29AM
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