Toda.Network Corp. an organization created to foster the growing ecosystem of blockchain companies built on the TODA protocol, is announcing a joint venture with Exponential, Inc.(XPO²), a cause-related marketing platform that seeks to maximize the Net Social Impact of contributions by linking contributors with small- to mid-sized, vetted non-governmental organizations (NGOs) and charities from around the world.
The joint venture, Donations.OT, will aim to ensure that there is accountability in the funding of charitable organizations. The platform will provide a white label product that can be customized to each organization’s branding and also provide the ability to ensure that the funds collected from donors go where they are intended.
“Donations.OT will help to ensure that there is more transparency in the nonprofit sector, so that it will be clear where money is being spent. By bringing accountability to these organizations at a granular level, we believe that more people will be encouraged to participate in these projects,” said Saul Bowden, Co-Founder of Donations.OT. “Further, by offering a white label solution, we can enable more NGOs and charitable organizations to offer this kind of transparency to their donor bases seamlessly.”
The Guardian reported that in 2012, developing countries received a total of $1.3tn, including all aid, investment, and income from abroad, but in the same year, $3.3tn also flowed out of those countries. Net outflows since 1980 reach a total of $16.3tn. Interest payments alone make up more than $4.2tn of this total.
“Many Blockchains can enable irrefutable traceability; however, On TODA, the ongoing transaction cost will no longer extract wealth out of the emerging market. Instead, it is powered by the things that those areas have: smartphones, people and a network, nothing else. This will preserve wealth and accelerate their trajectory towards prosperity,” said Toufi Saliba, Co-Author of the TODA protocol and CEO of Toda.Network.
The TODA protocol is a network protocol, referred to in blockchain terminology as a “layer-zero” protocol that works as a foundational layer and serves as an evolution of TCP/IP. In network topology, TODA would be layer 3 and 4 combined, the same as TCP/IP.
“We chose to work with Toda.Network because the TODA protocol is the only fully-decentralized, distributed blockchain that is able to scale to billions of users, handle millions of transactions per second and costs just 0.1% per transaction, meaning that wealth remains in that economy and is not sent to power miners, the cloud, databases, insurance, servers or anyone outside of that intended market,” added Bowden. “This is in contrast to ERC20-powered smart contracts that attempt to provide transparency. The problem with the ERC20 token is the transaction time as well as scalability problems that became very apparent during the crypto gold-rush. With TODA, we can reduce friction by over 99% and eliminate leakage of value, so building on TODA just made sense.”
The Donations.OT team plans to begin implementation with NGOs in Kenya, where they have completed previous work in the region. The team then plans to expand into other geographic areas.
The entire round of financing for the joint venture formed between Toda.Network and XPO2 was raised in a single effort, during a demo on Toda.Day on May 21, where 11 companies showcased their products built On TODA.
Photo Credits: Toda Network