Abstract, Background, Transparency
KOYAK ($KOYAK) is a BEP20 token that aims to become the preferred method to donate transparently through the Binance Smart Chain (BSC) and to access the ecosystem of services provided by the KOYAK platform. The adoption of cryptocurrencies will impact the way we donate in the future and KOYAK is poised to play a leading role in this new era of fundraising.
The non-profit sector today is worth an estimated $2 trillion worldwide, yet head- lines in recent times have seen the sector stumble between corruption scandals, gross inefficiencies, false expenses and misuse of funds.
There are several methodologies organizations use to provide transparency to their donors.
• Recipient reporting
• Third-party reporting
In most cases, donors do not have a single place to see how their money is being used and need to trust the information they are provided with. The information is fragmented and is often difficult to compare with information from other organizations.
Blockchain-powered smart contracts and the adoption of cryptocurrencies is providing transparency, enabling efficiency and cutting costs.
With traditional donations, money goes through various middlemen, such as government agencies and financial institutions, and fees (approximately 3%) are charged by credit or debit card as well as by clearing houses. Blockchain donations are executed directly, reaching the charity instantaneously and at a fraction of the cost.
Thanks to the distributed ledger technology, blockchain donors can track how their cryptocurrency is being used by charities. No record on the blockchain, in fact, can be erased, thereby providing traceable account- ability showing the exact flow of any coin in the ecosystem. Non-profits too can use the blockchain to manage resources, reduce overheads, streamline their supply chain, and waste fewer resources.
If certain KPIs or other predetermined conditions aren’t fulfilled, smart contracts allow donors to receive their donations back or to redirect them towards more deserving or pressing causes.In order to provide increased transparency and traceability of donations, charities could greatly benefit from blockchain technology. Although the benefits of transparency and the potential of cryptocurrency is clear, non-profits are poorly positioned to embark on new blockchain-led technology initiatives, since they are focused on their core business: helping the recipients of charity donations.
We leverage creativity and innovation, wealth and community to change the world.
Frequently Asked Questions
Koyak began as a synonym to familiarity, inspired by a viral event occurred in social media made famous by Malaysians.
KOYAK ($KOYAK) is a BEP20 token that aims to become the preferred method to donate transparently through the Binance Smart Chain (BSC). You could get $KOYAK on PancakeSwap (More exchange platforms is coming).
Contract address: 0xcb5853eef02ae21f4f47c0b6cfbff005e9f648d7
100% Decentralized. Koyak token is community-led and managed by volunteers. There is no presale and team allocation.
Firstly we will add the liquidity on PancakeSwap, and will work with more exchanges, communities, medias to increase exposure. All achievements come from and belong to the community.