LAMP Token is a form of currency based on the ERC20 Token Standard which will be used in the given crowd sale, on top of Ethereum’s Smart Contract to eliminate counter-party risk and allow fast secure payments to participants.
The language preservation for indigenous people is estimated at $20 billion worldwide, yet head- lines in recent times have seen the sector stumble between corruption scandals, gross inefficiencies, false expenses and misuse of funds.
The continuous decline in trust on the part of potential donors is justifiable: according to Essential Research 35% of US citizens have little or no trust in charitable institutions. Similarly, in the UK, figures are not promising, with trust in charities falling from 6.7 out of 10 in 2014 to 5.7 in 2015, with 33% of those polled explaining that the primary reason for their reduction in donations stemmed from the impact of recent scandals on charities’ reputations. Naturally, the consequences of donations decreasing is alarming; in the US, 52% of charities are not adequately funded and cannot match the distressing increase in demand for their services.
The benefits of applying the distributed ledger technology to the non-profit sector are numerous as highlighted above. Donors will have more trust in the sector and, consequently, will be more willing to donate.
To stimulate transparency and traceability in the non-profit sector, we have de-vised Lamp Coin, an ERC20 token that aims to become the preferred method to donate transparently through the Ethereum blockchain and to access the LampEducation platform. The adoption of cryptocurrencies will impact the way we donate in the future and Lamp is poised to play a leading role in this new era of fundraising for language preservation projects for indigenous people around the world..
Distributed Ledger Technology (DLT), or blockchain technology provides a shared ledger which is immutable and allows for full transparency. Records on the block-chain cannot be erased, so when used for cryptocurrency, blockchain technology provides traceable accountability showing the exact flow of any coin in the eco-system. This tamper resistant system has clear use in the non-profit area: when someone donates a token, they can see exactly how it was used throughout its lifecycle.