Less than a week after the Dogecoin community made headlines for donating $30,000 worth of dogecoins to the Jamaican bobsled team, the Worldcoin Foundation has decided to throw their hat into the crypto-charity ring. The foundation is creating the Worldcoin Initiative, which is said to be a series of relief efforts in various parts of the world. The first project in this new initiative is the Worldcoin Well, which was able to collect over 30,000 worldcoins in a single day.
Sponsoring a Water Project
Worldcoin community members who donated to the Worldcoin Well were part of an effort to fund a full project through The Water Project. It costs $10,000 to sponsor this kind of project, so it's rather impressive that holders of worldcoins were able to put together those kinds of funds. The Water Project has years of experience when it comes to creating clear water systems in Africa, and funds collected through the program are used to repair old systems or create new well systems from scratch.
Adding Value Through Charity
There seems to be a growing trend among altcoins when it comes to charitable donations. This was also something that Bitcoin used to its advantage in its earlier days, so it's not a surprise to see the likes of Dogecoin and Worldcoin take a similar course of action. There's nothing wrong with putting together a group funding effort to draw attention to a new cryptocurrency, and the fact of the matter is that real people are being helped by these kinds of projects.
One of the great aspects of all cryptocurrencies is that they can be used to create a direct financial connection between two people on completely different parts of the globe. This kind of decentralized effort of pulling together $10,000 in a short period of time would be much more difficult if some form of fiat currency were to be used. $1 donations can turn into less than $0.70 donations when you use PayPal or credit cards, so cryptocurrencies offer a huge advantage when it comes to crowdfunding a project like the Worldcoin Well. Cutting out all of the middlemen involved with the charitable organizations of today means that people in need will get more of the money that's sent their way.