The World is a beautiful place.
But it also can be a very terrifying one, too.
Let's forget about price volatility for a moment and zoom out a bit. Everyone in crypto space already knows how much this technology can help. Especially, in terms of financial freedom and privacy. Whether it is bitcoin, cardano, or any other workable solution. The first step is helping the vast majority of unbanked people in the world who have limited or no access to virtually any financial services. Unlike you and us may have enjoyed so far.
The road ahead is, however, very long. This is not a sprint. Nevertheless, we would love to be part of the impact already now. Since the inception, we knew that part of our strategy is to start helping even before we all reach the holy grail of crypto promises. That's why we have created a community arm of our activities with real impact - CryptoFay (CF) Foundation.
In order to make it work, our fee structure is somewhat different from what you may have encountered elsewhere. Cardano blockchain sees our 5% pool operating margin only. Until pool saturation is achieved, all proceeds from the rewards will be used directly to re-invest in our infrastructure.
When pool reaches saturation, the original 5% pool fee then consists of two distinct parts. 4% goes for the re-investment into the very same pool so that we can keep on delivering on our promise and help reach saturation sooner. The other 1% of margin rewards granted to Cryptofay goes directly to our CryptoFay Foundation.
You may think, what 1% can solve. But remember, this is one fifth of all projected rewards that we additionally pledge to our CryptoFay Foundation project when reaching saturation. Each cause/project will also have a publicly declared and verifiable crypto wallet address where individuals or groups can post their charitable contributions.
We are very excited about the prospect.
How do we choose a cause?
Input is collected from all our community channels. Community members can nominate a cause, an individual story, Cardano project or even a charity whenever throughout the year. Then, every regular period, our members get an opportunity to vote on the cause that we then can support collectively. Once the cause is established, the next period, all the partial rewards are accumulated towards that specific project.
At the end of the period cycle, these rewards are then presented to the recipient of the cause officially. And the new cycle begins. The inaugural cycle will be announced shortly after our first pool reaches saturation. We wish for the rewards pot to be meaningful and not spread it thin among too many projects without a real impact. This will determine the periods for which what cause will be active.
Want to get involved?
Would you like to get involved? Have a nomination in mind? Know how to make this even better? Drop us an e-mail via hello(at)cryptofay(dot)io or reach out to us (admins) on any of our community channels. Looking forward to your input.
Join us. Together, we can make the difference today.