HyperDAO: Using DAO for Charity Purposes
Blockchain technology is gradually changing the world, and more industries around the world are digitizing their operations. Decentralization is one of the main characteristic of blockchain that has tremendous benefits. The recent Russian-Ukrainian conflict has been raging on for nearly three months, and many Ukrainians have suffered painful losses. Many people have been donating cryptocurrencies in an attempt to help the Ukrainians, though we do not know how these funds are being used, and if they are truly being used to aid those in need. It may be devastating to the donors’ trust if these funds were used to buy weapons that would accelerate the severity of the conflict. So, what then is the best way to manage a charity? A DAO (Decentralized Autonomous Organization) may be the best way of changing the status quo.
Before the recent war took place, most of us may have taken our comfortable lives for granted. Now that we have realized the death and destruction that has happened, some of us want to do something for the innocent Ukrainian civilians. However, it turns out that most charities are too inefficient and untrustworthy to be able to assist. In a civilized society, we can donate through multiple ways by relying on NGOs, but it is still difficult to know if the funds are being put to good use. Some charities may even embezzle these funds, or use them for malicious purposes.
HyperDAO’s Charity Protocol
HyperDAO is a decentralized charity platform across the Ethereum, Polygon and BSC networks, with a mission to make the charity process more efficient, simple and free from political interference and geographical restrictions.
In HyperDAO, all donation details are posted online; funds are fully traceable, and any decisions will be voted on by the community. After a donation is made, HyperDAO will publish the use of its funds and the corresponding breakdown of the expenses etc.
HyperDAO is a non-profit organization, and all participants are required to initiate a donation proposal, which will be reviewed and approved by a professional organization, following which the proposal will be made public online for the entire community to review. All members will decide whether the proposal will be approved through a vote. The more votes a proposal receives in a short period of time, the more priority it will be given.