According to the World Bank’s 2024 statistics, over 736 million people worldwide live below the poverty line, living on less than $1.90 a day. Furthermore, WHO data shows that 3.6 billion people—half the world—lack access to essential health services. These figures show that traditional charitable giving isn’t enough for people experiencing poverty nor sufficient to make a difference.
Questions remain about how technologies like blockchain could help address global challenges and bridge global inequalities.
Philcoin, a blockchain platform focused on leveraging blockchain technology for social impact, is on a mission to help people build a digital economy while empowering developing communities through philanthropic activities. They offer a unique approach to crypto use, quite different from traditional cryptocurrencies (like Bitcoin, Ethereum, and others) that are busy operating for profit-making agendas.
Philcoin’s Ecosystem and Tokenomics
Philcoin is a blockchain platform with a cause, they are committed to filling the philanthropic gap and empowering underserved communities with unique digital opportunities for communal, professional, and personal growth.
Developing communities worldwide encounter several problems, including issues related to access to the internet, education, banking, and global resources and products. Both a lack of financial resources and a lack of political will are responsible for these problems.
Philcoin is useful because it empowers the users. At the core of Philcoin is a decentralized super app—PHILApp—where users can learn, earn, donate, chat, connect, and more. It’s an all-in-one solution that caters to anyone, anywhere in the globe, and all that a person needs is a cellphone number and email address. The Philcoin token (PHL) facilitates user interaction on the app through smart contracts.
Their token, PHL, is an important part of the ecosystem as it encourages and incentivizes users to interact with their products and features. It’s through this utility of the token, along with the usage of PHILApp, that rewards are generated which, in turn, leads to more giving and philanthropic activity. PHL will only be awarded to a user based on that user’s actual usage, activity, and efforts made on the network. For users to unlock earned PHL, they must first give away half of those PHL, naturally encouraging philanthropy.
Philcoin uses proprietary technology to build a peer-to-peer mesh network for broadband infrastructure that democratizes access to Web3. The ecosystem is designed to deliver Philcoin users access to educational resources, social networks, communication tools, e-commerce marketplaces, games, entertainment, and donation platforms all at lower bandwidths. This design specifically benefits developing economies and rural areas.
They operate on the Binance Smart Chain (BSC), which empowers users to build decentralized applications and digital assets on the blockchain. BSC is chosen for its compatibility with Ethereum Virtual Machine (EVM), use of proof of stake (PoS) consensus authority, easy cross-chain transfers with BNB, and faster block times with lower transaction costs compared to Ethereum.
Philcoin integrates IoT (Internet of Things) activities into a global ecosystem, allowing users to earn while engaging in activities like chatting, education, gaming, shopping, communication, television, and social media services. They let users instantly send crypto to friends and family. Also, by buying and holding PHL, users can passively generate wealth.
Due to its social engagement and philanthropic activities, Philcoin has witnessed robust adoption.
Creating a digital economy of giving
Many people are passionate about philanthropy and want to impact the world positively. However, the traditional charity models are not doing enough. Charitable aid should focus on people experiencing poverty, but today, too much giving goes to other causes. There is no way to track whether funds have reached those in need. Besides that, traditional giving through bank transfers often can take several days to reach people.
Blockchain provides solutions to these challenges by offering greater traceability, speed, and transparency of transactions. It also allows philanthropy to occur peer-to-peer. So whenever a political crisis or disaster occurs, people can donate to their neighbors in need or to individuals. Blockchain transforms the way giving happens.
Philcoin’s ecosystem makes giving a habit because the platform uses a give-to-earn model that rewards users who put others before themselves. The more users donate, the more tokens they earn in Philcoin. The model generates wealth for all, regardless of where an individual lives and economic status.
Implications for the future of digital currencies
Philcoin’s introduction of the give-to-earn model marks an evolution within the cryptocurrency space. This approach differs from conventional cryptocurrency models, mainly concentrating on personal financial gains.
Philcoin’s model goes beyond the utility of cryptocurrencies to include a social aspect, setting the stage for a more ethically driven digital currency market. This shift could lead to greater societal changes as more companies and individuals are likely to embrace digital currencies that support philanthropic commitments.
Upcoming projects and technological advancements
Philcoin is constantly advancing and innovating, exploring cutting-edge tech solutions to optimize its platform and improve user experience.
With potential future product launches and new technological developments underway, Philcoin is primed for continued growth, backed by a global community of audience members who believe in its mission.
Conclusion
Philcoin appears committed to using technology to develop empowerment and unity throughout the world. Using blockchain technology, they offer an efficient, secure, and transparent way for individuals and organizations to give back and make a difference.
Photo by Alexander Grey on Unsplash
