According to an official EveriToken blog post, the company is now in an official partnership with Chinese non-profit organization, Zhiyuan Hui.
Currently the largest volunteer service platform in the world, Zhiyuan Hui has found a new way to award payments using the token economy infrastructure framework of EveriToken.
As at the end of 2018, Zhiyuan Hui was known to assist more than 430,000 different non-profits and has about 71 million users on the platform. It is also reported that users have logged in at least 100 million service hours through the platform.
Zhiyuan Hui has been valued at $500 million by the China Volunteer Service Economic Value Measurement Report issued by the United Nations.
Managing The Numbers
Because of the large number of non-profits the company serves, the millions of users and the staggering number of service hours, Zhiyuan Hui has created a transparent tracking platform using the public EveriToken blockchain.
How It Works
The system will allow non-profits, enterprises and even governments, to pay about one million volunteers with “Yi Coin” points, every day.
This, as explained, would be in remuneration for their service hours and volunteer work. According to EveriToken’s blog post,
“[T]he everiToken-based system provides audit trails for various stakeholders with access rights, including governments and funders, eliminating the possibility of fraud for the various poverty alleviation projects and government foundation subsidy programs managed by Zhiyuan Hui.”
EveriToken describes the system as an “open public welfare ledger”.
Already, volunteers can use their coins to purchase a few things at about 100 specific, unmanned locations. Yi Coins can be used to buy food, electronics and hygiene products among others.
Use Of Blockchain Ledgers
There is already a growing interest by different sectors to make use of transparent ledgers. The Irish Red Cross, last month, commenced using blockchain in a new app for transparency of charitable donations.
Crypto exchange platform Binance, has also launched its own donation platform powered by blockchain.