Pronounced like the iconic cereal brand, Cherr.io is an all new system dedicated to getting donors more involved than ever in the process of providing charity, aid and relief. Self-described as a “global donation program powered by blockchain technology”, Cherr.io is designed as a sort of incentivized ecosystem that under the best of circumstances rewards its users for successfully funding aid campaigns for various charities worldwide. It is based off of the Ethereum blockchain and will operate via smart contracts.
Every new and hyped up ICO that arrives on the scene these days generally promises to fix some issues that have been lingering in its respective business for some time. What Cherr.io aims to do is not only make relief funds more accessible to various global charities but to also build trust among donors.
One of the biggest problems with charities these days is a gradually declining reputation for being either scams or incompetent at properly optimizing received funds. In other words, transparency has always been an issue. By integrating the donation framework with an already pre-established infrastructure that is all about transparency (decentralization and blockchains), they address this issue in a way that ought to attract some major investments.
Developing Funds and Trust
It is through their commitment to maximized transparency that Cherr.io aims to develop a strong reputation among their users. Their homepage video demonstration shows that users who donate with crypto assets will have access to transaction records that show clear-cut proof that their funds reach their intended destination.
This process should be seen as a big benefit of using Cherr.io over other donating platforms for those who truly care about who their donations get spent. With more and more suspicion arising over even the most common place donation organizations, charities and NGOs; doing something as simple as showing your users the money trail will likely be enough to convince many people to hop on board.
Not only is this good for transparency but it is just as good for cutting down on costs. With no middle man or intermediaries, less fees can be put into place so that a much higher percentage of your donation will reach the charity you are funding.
The Donation Process
Here’s how it works. Donors can contribute to any given cause of their choice, be it relief funds for tsunamis or earthquakes or to help fund nutrition or shelter campaigns in various third world regions. Since the Cherr.io platform uses Ethereum based software, ETH will be the only currency to use for now. Their website’s timeline suggests that funding will be used to integrate other numerous cryptocurrencies in the future.
If a cause reaches only 10% of its requested funds then that money will be sent to provide some relief. Anything less than 10% and the funds are sent back, much like how a Kickstarter campaign refunds all money if it doesn’t reach its goal of 100%. If a cause accumulates 60% of requested funds or more then donors will be made eligible to receive rewards.
In addition to donating, users on the Cherr.io platform can vote to help determine what they felt were the most useful and successful charity programs as well as help raise social awareness for their favorite campaigns via websites such as Twitter or Facebook.
The CHR token is priced at 1 ETH = 5333 CHR. The budget plan for Cherr.io is fairly standard, with 50% of all funds raised used for research and development, with the rest spent on marketing and various other company expenses. The hardcap is 15,000 ETH which comes out to 200 million CHR tokens in total.
The public presale began on May 15th and ended on May 24th. Their main crowd-sale commences on June 1st.