This transparency ensures that funds are being put to better uses and that support is offered to those who really need it. A charity-oriented token allows for a more decentralised approach, alongside a vehicle that generates a much higher amount of funds when compared to the conventional methods.
So, if you are specifically searching for a crypto token that is also a charity-oriented crypto token, then RooCoin can make an ideal cryptocurrency investment. The RooCoin, charity-oriented token, has been created to support global community causes. Through its unique architecture and ecosystem, RooCoin plans to transform the way crypto philanthropy is happening today.
In this article, learn more about the RooCoin crypto token and what makes it the best cryptocurrency investment today.
What makes RooCoin the Best Charity-oriented Token?
As already mentioned above, the RooCoin crypto token is a charity-oriented token that helps to support community-based causes. The token has the potential to change the entire course of cryptocurrency philanthropy, thus making it more ethical and transparent. While there are many charity tokens available on the market, RooCoin is unique in two ways. Firstly, the crypto token focuses more on community-based donations as opposed to donating to charitable trustees or organisations. RooCoin’s charity process is decentralised and uses a voting system, which currently is not being practiced anywhere else in the crypto space.
RooCoin gives a great deal of importance to both honesty and transparency. The RooCoin ecosystem has been designed in a manner that after a donation has been made from its charity wallet, the system snapshots the transaction and adds it to its online directory. This allows holders of the RooCoin crypto token to monitor every transaction and check the destination of the funds. It also allows holders to view and understand what they have managed to achieve together as a community.
What are NFT Tokens; is RooCoin’s Wallet based on NFT?
If you are interested in cryptocurrency investment, then before you dig deeper into the RooCoin NFT-based wallet, it is important that you understand the very concept behind the NFT tokens. NFT tokens, also referred to as non-fungible tokens, is all about storing the digital files, as well as a method used for validating the proof of ownership. NFTs are used for representing items like videos, photos, and audio, as well as other items.
The fungible asset is one that can be easily exchanged with other units, such as currency. For instance, an Rs10 note can be exchanged with two Rs5 coins (both of which are similar in value).
However, NFT tokens are different. One cannot exchange an NFT token for something else. It belongs only to the holder, and when a person purchases the NFT, he/she is in full possession of it, even when it does not belong to him/her physically. For instance, a painting, a tweet, an online coupon, or a video. Thus, as the purchaser of the NFT tokens, you get to choose from different digital assets, such as logos, digital artwork, photos, music, animation, video clips, etc. Getting the NFT tokens essentially helps you to step into the cryptocurrency and blockchain ecosystem, since they rely on the decentralised blockchain system for verification of their authenticity.
Thus, purchasing NFT tokens basically implies buying the public proof of specific digital assets that cannot be virtually hacked under any circumstances. This is due to the fact that NFT tokens are well-protected by a robust structure, similar to one that powers cryptos. As a result, when you purchase NFT tokens, you are provided with your preferred digital asset, along with an authenticity certificate with legal rights rolled into it.
Cryptocurrency-investing enthusiasts must also know that while they may own digital assets, it does not mean that they cannot be pirated or replicated by anyone else. NFT tokens let you own a media file, unlike the pirated version, where one can make several copies and take advantage of a digital asset just the way they want to. Besides, an NFT token’s price may be set lower or higher, based on the demand for the token.
Additionally, at present, most of the NFT tokens are on the ETH blockchain because ETH is a crypto, similar to Bitcoin, as well as its blockchain system can store additional information required for supporting the NFTs. So, if you are keen on joining the growing world of NFTs that are also sold on different crypto exchanges, then the RooCoin charity-oriented token is a safe bet.
The platform also offers the RooCoin wallet, which currently allows cryptocurrency enthusiasts to store NFT tokens only. However, RooCoin also plans to expand the wallet system to include cryptocurrencies as well.
How does RooCoin’s NFT Marketplace Work?
The RooCoin NFT marketplace is quite distinct when compared to any other platform. RooCoin has been created in a manner that will enable artists to quickly upload their artwork for a fixed value or based on an auction mechanism. If they wish, then users will also get to donate some amount/percentage that they would want to any preferred charity, or they can put their funds into a main charity pool. Thus, when RooCoin’s wallet application goes live, those interested in it will be getting the opportunity of staking their NFT artwork in the RooCoin wallet and earn RooCoin in the form of residual income.
RooCoin has created a unique ecosystem that will not only provide the charity-oriented token to achieve longevity, but also continue their community upliftment work in the future. In essence, RooCoin’s products will range from wallet application, cross-chain decentralised exchange, NFT marketplace, social network platform, and application for voting for a community charity.
RooCoin will be introducing ROO, which is a new crypto (BEP-20 token), as well as a smart contract ecosystem. The platform aims to inspire people to realise their true potential and support, influence and develop one another to create community-driven, positive decision making. At the beginning, all transactions will attract a 1% transaction fee, which automatically goes into a charity wallet. Once the platform goes live, the 1% transactional fee will get switched forever. Thereafter, funds for the charity will continuously be generated through taxing of the transactional fee from RooCoin’s broad range of products.
Problems of the Current Charitable Structures
Many people are of the opinion that charity organisations can be ineffective, inefficient or corruptible. They are of the opinion that charity causes can lead to terrible outcomes, despite being set up for the good. While most of the charitable foundations do excellent work, there is bureaucracy and zero transparency that has shaken the confidence of people in charities.
The existing charity structures come with their own set of issues. To begin with, they are highly inefficient, which implies that only around 15-20% of the donation amount actually reaches the recipients. Also, recipients get their donations very late, as the procedure is quite slow. Apart from this, decisions cannot be accounted for and are centralised. Also, charities usually target the symptoms and not the causes.
How RooCoin Solves the Issues
This is where RooCoin comes into the picture. RooCoin intends to transform the present charity structure for the better. The platform does this by using the unique power and potential of cryptos and through decentralisation of the decision procedure. Unlike other charitable infrastructures, RooCoin won’t use the funds lying in the RooCoin charity wallet for its operational costs. Thus, all the funds generated are given to the recipients and causes that the community wishes to support.
Using RooCoin’s platform, holders will be able to choose the causes that need to receive funds and support. This helps to remove the slow and bureaucratic procedures that exists within the charities. RooCoin’s charity wallet will be available for public viewing on a blockchain. As a result, holders will not only get to know the amount of the funds have been raised, but also the manner in which these funds will be spent. Every time a donation is sent to a recipient, the transaction is captured, as well as included in the publicly available database on RooCoin’s website. This provides a great deal of accountability and transparency that is currently lacking in other charity structures.
Also, after the community chooses the causes that they wish to support, the funds are instantaneously sent with much smaller transaction fees needed for regular charitable structures. This means that more funds go into the nominated charity causes.
RooCoin’s NFT wallet offers cross-chain support, along with passive staking, which fetches holders more tokens for just holding their NFT assets on RooCoin’s platform. Thus, RooNFT serves as the peer-to-peer marketplace for the selling and trading of in-gaming assets, NFT music, and NFT art. The RooCoin NFT marketplace offers an in-built option for locking liquidity, which allows holders to eliminate the need for searching for where liquidity has been locked.
RooCoin will also offer a social network platform, i.e. a web 3.0 application that members can use seamlessly to interact with other communities and people. The app will simplify the process of searching, discovering, and voting, as well as donating to people/communities, while also making it seamless.