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Website https://vantage.network/?utm_source=durgeshg&utm_medium=article&utm_campaign=bounty
Challenge
Research indicates that only 16% of the population believes that nonprofits are very efficient at spending the donated funds they receive, and only 16% of donors are very confident that nonprofits use their donated funds as intended (YouGov Omnibus, 2017) .
Solution
The Vantage Network leverages blockchain technology to provide transparency and traceability that helps eliminate donor skepticism, resulting in increased trust and revenue for nonprofits. This allows nonprofits to focus on creating the impact they want to achieve by helping the people they were built to serve.
ICO Project - Video
A contributor makes a donation via credit card to a nonprofit organization using the Vantage Network.
The contributor receives a tracking ID associated with their donation that they can use to track how their donation is spent by the nonprofit organization, similar to tracking a package.
The nonprofit organization receives the donation in its Vantage Account and spends the donation via the Vantage Mobile Pay app.
Every purchase they make using the donation is tracked on the Vantage Network using the NEM Blockchain.
The contributor enters their tracking ID on the Vantage Network Portal to see all transactions tied to their donation and gets a report of overall campaign fund usage.
Token Use Cases
The Vantage Token is used for:
• Recording charitable donations
• Tracking the amounts donated to each nonprofit
• Tracking disbursements from a nonprofit for goods and services
The Vantage Token will be used by XVT holders to:
• Donate directly to charities with XVT (Q4-2019)
• Review and promote their favorite non-profits inside the Vantage Portal
• Set up a Vantage Donation Point and raise funds using the
Vantage Network once it is open to other fundraising entities
than Non-Profits (Q1-2020)
• Vote directly on Vantage Verified ICOs in a ranking system designed to
support a community driven feedback model once ICO regulation phase
is implemented (Q2-2020)
• Donate directly to Vantage Verified ICOs with XVT (Q2-2020)
Example
Hurricane Relief International wants to run a fundraising campaign called the Irma Relief Fund:
Step 1
Hurricane Relief International signs up for the Vantage Network via the Vantage Network Web Portal.
Step 2
Hurricane Relief International creates a new fundraising campaign via the Vantage Network Dashboard called “Irma Relief Fund” to take donations, which generates a new Campaign ID and code to create a donation Point on its social media or website campaign pages.
Step 3
John Donor contributes to this fundraising campaign through a payment API at the Vantage Donation Point.
Step 4
Of the donation amount, X% (in this example, 1%) is converted to Vantage Tokens (XVT) from the Vantage Network reserve as a fee and recorded on the Vantage Network Public Ledger. A $100 donation would result in the purchase of $1 worth of XVT tokens, leaving $99 in funds for Hurricane Relief International to spend. The $1 of XVT tokens will be locked in a wallet designated for the charity’s campaign while the campaign spends John Donor’s contribution
STep 5
These XVT tokens generate a Contribution ID that is recorded on the Vantage Network Private Ledger
Step 6
Campaign funds collected are stored in a bank account linked to the fundraising campaign. The Vantage Network API links the remaining $99 in the bank account to the Contribution ID created by the XVT tokens on the Vantage Network Private Ledger, which is used to track John Donor’s contribution.
Step 7
Hurricane Relief International assigns permissions to an authorized employee via the Vantage Network Dashboard
Step 8
The Vantage Mobile Payment Application is used by an authorized employee to access the remaining $99 to purchase goods or services for the Irma Relief Fund, such as food, medical supplies, etc. The application records these transactions along with receipts to the Vantage Network Private Ledger and Digital Asset Management Platform using the Vantage Network API. This is accomplished using decentralized ID: when Nonprofit employees purchase items using the Vantage Mobile Payment application, the receipts collected are hashed and stored in the Private Ledger, and a physical receipt is stored on IPFS
Step 9
As funds are spent, a reconciliation process ties each purchase to each contribution using the Microservices in the Digital Asset Management Platform. The Vantage Network API also provides the ability to access transaction information via the Vantage Web Portal; any auditor or third party can download a node and join the internal ledger when permissioned by the Vantage Network.
Step 10
When the funds contributed by John Donor to the Irma Relief Fund are spent, the XVT tokens allocated from the Vantage Network reserve used to track his donation are returned to the Vantage Network Reserve.
Details of the token sale
Token
Currencies accepted: BTC & ETH
Min contribution: .05 ETH
Tokens available for private sale: 40,000,000 XVT
Tokens available for public sale: 70,000,000 XVT
Hard cap for public sale: 35,000 ETH
Public Sale Price: 1 ETH = 2000 ETH
Public Sale Bonus Schedule (Dates set by UTC Time Zone):
20% Week 1 (Aug 1 - Aug 7)
10% Week 2 (Aug 8 - Aug 14)
5% Week 3 (Aug 15 - Aug 21)