PENG Coin Review – Blockchain Charity The PENG Way
Philanthropy in non-technical language is being human, which leads to caring and giving to people in need. This is one of the behaviors, which differentiates us from other living organisms on this planet. The urge of giving grows as we evolve and moves up the Maslow’s hierarchy. While time passes by, more and more people are getting involved globally in this noble cause of giving, thus leading to the creation of an organized sector called – CHARITY.
Globally, approx 1.4 billion of the population is contributing to charities, leading to an approx fund of $2 trillion being raised annually. As per the latest statistics Indonesia, Australia, NewZealand, USA, and Ireland are the top five countries contributing to the philanthropy domain. The major segments in which charity is been raised currently are Education, Childcare, Women protection, Healthcare, Environment.
As with any industry, the Charity domain now also needs to evolve to cater to future requirements and to set up systems that help humankind in general. Challenges that this domain is currently facing are trust, transparency, reach and awareness, speed of execution, processing and fundraising cost to name a few.
The Blockchain Solution
Blockchain technology can help legit charities overcome these problems, thus contributing in enhancing the global happiness index.
Trust, Transparency and Accountability: The biggest problem in the charity domain is trust, as the individuals/corporations who are donating sometimes are not sure if their contribution is reaching the end users. Blockchain using its distributed ledger process ensures 100% transparency as the accounts are in public view and anyone can crosscheck the flow of funds to the last mile.
Reach and awareness: Blockchain, because of its borderless feature connects the global population and allows anyone sitting even at home to connect seamlessly to the global audience, thus allowing a global platform to reach out to anyone they intend to help.
Speed of Execution: This is another strong value proposition Blockchain provides to Charities. In the traditional mode of fund raising, the banking channels consume a lot of time and fees as well; sometimes this even extends to days for international transfers. Blockchain reduces this period from days to seconds and all that at a lower fee, making it a win-win situation for both the donor as well as the charity.
Cost of fundraising: As pre-latest statistics, only approx. 67% of the funds raised reach the intended use, the rest is lost in terms of fees, administration cost, fund raising cost etc. Blockchain can bring this down 33% – substantially – thus ensuring better utility of the funds raised.
The PENG advantage
PENG Coin protocol is an emerging Blockchain solution that aims to create a decentralized charity solution. Charities choosing to use the PENG platform would end up gaining the following benefits, along with the already mentioned benefits of Blockchain as mentioned in the previous segment.
Ease of use: Creating a wallet on the PENG platform is relatively easy and takes only a couple of minutes. Moreover, with their mobile wallet solutions in place, it is convenient to use for both charities and users. Should you wish to use such wallet and maybe start helping out, visit their website.
Technology: PENG is based on Proof of Stake (PoS) protocol. In layman’s terms, the mining / transaction verification is done basis the resource (PENG Coins) held. While the PoS Vs PoW debate continues, PoS protocol has many benefits; it reduces the risks of double spend or Distributed Denial of service attacks- the cost to conduct such attacks are comparatively much higher. With Masternodes spread across the globe, the transactions for PENG Coin are lightning fast while the security is strengthened even further. The PoS protocol used by PENG Coinalso ensures reduced transaction fee due to optimum utilization of the resources deployed across the network.
MasterNode AND POS: PENG coins can be minted by setting up a collateral masternode, staking it using one of the official wallets or by using one of the third parties services that offer PENG coin. The reward structure is based on the blocks generated by the participants on the network, which you can check via their Block Explorer.
The reward is generated in form of PENG coins at a ratio masternode:POS of 4:1; the current ROI for masternode stands at approx 40% while for POS on wallet is approx 19%. Early adopters and investors surely end up gaining more due to low current set up cost. Currently there are 185 masternodes active and the average time to generate a block is about 60 seconds. Masternode set-up requires a co-lateral of 5 million PENG, which is approximately $130 at the current rate. Moreover, should you wish to simply stake PENG Coin you can use the official wallets available for Windows, Linux, iOS mobile, web, android (both mobile and web).
Furthermore, PENG has a unique concept of Autonomous Charitable Transfers (ACTs). ACTs collect 5% slice of all masternode payouts to a charitable public wallet, thus creating a consistent fund flow to the charity causes.
ZEROCOIN Protocol: This is where PENG achieves high level of privacy and delivers its commitment towards true anonymity. ZeroCoin protocol uses cryptographic principles at protocol level to ensure anonymity within the existing block itself, and users are able to transact with privacy. The Zero knowledge proof mechanism through accumulators allows the transaction to be completed without any errors.
Scalability: PENG platform uses PIVX base code in combination with DigiByte code, which gives enough space to accommodate future increase in volume and still maintain the current performance level.
Supply: A legit project will always have a clear defined roadmap for coin release and distribution. PENG scores well here as well. The total supply of PENG coin stands at 17.1 billion, the current supply in the market is 9.83 billion. The distribution ratio is as per the pre-defined mining grid.
The team has already started getting involved in to charity as part of their goals and vision while also advocating for blockchain based charity. Currently, they are supporting PSFA, MAGDA’S SOUP KITCHEN, SEABIRD & PENGUIN REHAB CENTRE & AFRICAN PENGUIN & SEABIRD SANCUARY charity organizations and planning to expand their initiatives. Even more encouragingly, for each charity event in which the team is involved, they have also has set up special PENG wallets that crypto enthusiasts can use for donations.
Considering the above parameters, the future looks very promising for Blockchain in Charity domain. The current penetration of Blockchain in the complete Charity eco-system is less than 1%, thus there is a huge upsurge in the adoption growth expected. The Millennial and Gen-Xers are gradually increasing their contribution in charity and they happen to be the flag bearers of enhancing Blockchain usage.
What needs to be done now is to work hard in creating awareness, build systems that are legit, scalable, and solves real life problems. Honesty and Transparency are going to be the key ingredient for long-term success.
As the saying goes ‘The world calls for, and expects from us, simplicity of life, the spirit of prayer, charity towards all, especially towards the lowly and the poor, obedience and humility, detachment, and self-sacrifice. Without this mark of holiness, our word will have difficulty in touching the heart of modern man. ~ Pope Paul IV’ all we need is a good heart to make a difference.
Good luck with your project, team!