Love Earth Coin, the world’s first non-governmental organization cryptocurrency, was inspired by decentralized finance principles and it will change how charities work as a whole, said Stephen Choo, community initiator of Love Earth Coin Asia, on July 29 at Cointelegraph China’s Hub interview.
According to Robert Lee, president of Hong Kong Blockchain Application and Investment Research Institute and Choo, Love Earth Coin as the world’s first NGO cryptocurrency is a social engagement with global participation that implements a principle of sustainable and low-carbon footprint, aiming to build a new charity model in the age of Web 3.0.
Choo added that blockchain technology can make the process of the charity industry much more transparent and the operation efficiency of donations will be greatly improved. He pointed out that for many years, there were many initiatives of attempts to integrate blockchain technology into donations, however, there was no actual project that could be sustainable until Love Earth Coin. He explained:
“Love Earth Coin leverages smart contracts and integrates with decentralized finance to manage the charity fund. It will undoubtedly be the first to make charity much more effective and transparent. Only through transparency can we be willing to benefit the public. Only through transparency can we feel that our donation is valuable.”
According to Lee, in the early years, the project mainly served large humanitarian relief projects recognized by the United Nations. A decentralized autonomous organization, a community self-governing organization, proposes and decides which public charity organization to donate to through voting. It will vote on the 28th day of each month and complete the donation at the beginning of the following month.
Lee added that there have already been two initiative votes. A $5,000 donation was sent to the German Red Cross for Germany’s flood victims and another $5,000 to charities in China to help those cities in China that are most affected by floods.
Lee said that all contract codes for the project will be posted on GitHub and will also be audited by world-renowned code auditors.
The creator team will issue 1 billion LoveEarth tokens based on the ERC-20 standard and no more than that, said Choo. He explained that:
“50% is deposited in the address of the public charity fund, which is locked by smart contracts and can only be used for donations to large public charity undertakings (large humanitarian disaster relief is the main relief direction, taking up 90% while general public welfare undertakings are no more than 10%), while 10% would be locked in the treasury (smart contracts). 5% for airdrops will be awarded to the top 100 addresses whose holding is no less than 100,000 coins. The airdrop will be made once a month on the 11th day and a total of 30 airdrops will be completed.”
Another 5% of the tokens will be airdropped to 100 celebrities, charity-caring personages and technical aid donors who have made important contributions to the community, said Choo.
Choo emphasized that the remaining 40% will be issued to Uniswap for liquidity and to put the liquidity provider token into a black hole address. The development team would not own a single LoveEarth token and is fully decentralized.