Vantage Networks is Reforming the way we do Fundraising and Charity
Ever donated a lot of money to a charity that resonated with you only to find out that the charity used up more than 50% of that money to advertise instead of actually helping the money reach out to the ones in need?
Well, you aren’t alone. A lot of people get scammed by charities every year because of the lack of transparency in those charities. There are plenty of charities which take money from you in the name of any cause, say, helping poor children, and use the money for themselves.
Vantage Token, based in Grand Cayman, Cayman Islands, has taken an initiative to put an end to such scams. They’ve created a Contribution Tracking Platform called the Vantage Network which enables donors to see exactly how the money they contribute to a fundraising campaign is spent, down to the transaction level.
Such transparency is not only appreciated but needed. The level of visibility that they offer to donors musters confidence and trust in nonprofit organizations, thus helping those nonprofit organizations raise more money to help people in need.
How it works is, whenever a contributor makes a donation to a nonprofit organization using a credit card with the help of the Vantage Network, (s)he receives a tracking ID. This tracking ID can be used to track how the donation is being spent by the organization—much like you track a package.
The donation received by the organization goes to its Vantage account. All expenditures made by the organization is done using the Vantage Mobile Pay app which tracks those expenditures.
Built on the NEM Blockchain, the Vantage Network tracks every purchase made by the organization, thus giving you the knowledge about where your money is going.
So all you really need to do after donating your money to the organization is to enter your tracking ID on the Vantage Network Portal and see the transactions tied to your donation.
You might wonder where the role of Vantage Tokens (XVT) comes in. A small percentage of every donation made via the Vantage Network is converted into XVT, which is utilized inside the platform to track how fundraising organizations spend the donations they receive.
While the Vantage Network focuses on applying the blockchain technology to provide the benefits of accountability and transparency, the key feature of the network is that it can easily be integrated into all current fundraising platforms and the ones which would come out in the future.
The beauty of the system is that donors don’t even need to own the cryptocurrency in order to donate money to the nonprofit organizations.
For the nonprofit organizations, the whole experience is smooth wherein they can seamlessly track their own spendings without having to manage a digital wallet or convert funds they spend on goods and services from cryptocurrency to fiat.
Any organization that wants to take online contributions will benefit from Vantage Network’s platform without passing complexity to its donors. Educational organizations, government entities, and other crowdfunding or fundraising platforms can easily implement the Vantage Network and gain the advantage of promoting their transparency and traceability to attract more donations.
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