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Introduction
Cryptocurrency donations began in 2017 when an anonymous donor donated 5,104 in Bitcoin to the Pineapple Fund. The fund distributed over $55 million in Bitcoin to 60 charities supporting various causes. Although crypto donations are nowhere near the volume of stock and bond donations, the sudden rise of crypto donations is remarkable. In 2021, cryptocurrency users donated in large numbers to cause-related funds.
Cryptocurrencies are bringing new waves of charitable giving with their rapid growth. Giving To Services is proud to be a part of this exciting, philanthropic practice that has the potential to help them accomplish their mission and make a strong impact. GTS has developed a blockchain-based charitable platform that supports public sector workers and offers great earning potential.
Which Blockchain Technology Does Giving To Services Use?
Giving To Services currently runs on the Ethereum blockchain; however, they are switching to the XRP blockchain shortly. At the beginning of this month, they announced they were launching a token on the XRP ledger, and testing has since begun. The team will make the new platform live and migrate existing token holders to the XRPL SVS as soon as testing is complete. They will also offer users a live 2-way XRP/SVS swap function on the platform, so they can easily swap their tokens.
Giving To Services is always attentive to user concerns and understands the importance of bringing you an updated platform. The GTS team is focused on building the company for longevity and strives for excellence in everything they do. Consequently, they are conducting all the necessary research and testing to ensure the smooth operation of Giving To Services.
Giving To Services XRPL Adoption: What’s the point?
As you know, GTS is switching to XRPL, but some users may wonder why this big change is being made. This switch to XRPL has many reasons behind it; read on to find out what they are!
What is XRPL?
The XRP Ledger (XRPL) is a permissionless, open-source, decentralised blockchain on which anyone can contribute, develop, and transact. As the first blockchain to tokenise assets, the XRP Ledger set an industry standard. The DEX and tokenisation functionality built into the XRP Ledger makes it easy for developers to manage decentralised tokens in their applications, whether fungible or not.
XRPL operates under a federated consensus mechanism where participants are known and trusted. This mechanism differs from Proof of Work (PoW) or Proof of Stake (PoS). PoW relies on miners solving complex mathematical puzzles to verify transactions. In contrast, PoS selects validators based on the number of staked tokens and the number of days since they were staked. Both cases require approval from the remaining network participants for the verified transactions to become network connections.
The XRP Ledger, like all decentralised ledgers, is a program that runs on a distributed network of servers. Every server follows the network using a local copy of the ledger and submits transactions to the network. Through the consensus process, validators decide which candidate transactions will be considered for the next ledger. The Unique Node List (UNL) comprises trusted validators evaluating transaction proposals. As of now, over 150 validators are maintaining the XRPL.
Benefits of GTS adopting XRPL
For Sustainability
Sustainable practices are becoming more prevalent among businesses, and businesses are reducing energy consumption to reduce their carbon footprints. In some jurisdictions, compliance with sustainability guidelines is becoming a legal requirement. XRPL is a carbon-neutral blockchain. Because XRP mining requires no computing resources, nodes can verify and approve transactions more efficiently. Therefore, when GTS switches completely to XRPL, it will become an environmentally friendly, charitable platform.
High Speed & Low Transaction Cost
Slow transaction times are a major disadvantage of many blockchains, and long transaction wait times can negatively impact the user experience. XRP transactions are fast; the ledger completes them within 3-5 seconds. This is much faster than other blockchains, where transaction confirmations take a long time. Upon completion of the switch to XRPL SVS, GTS users will have a brand new platform offering super-fast transactions. Furthermore, GTS users can enjoy low transaction costs with XRPL since it accounts for transactions via drops, making them very cost-effective.
Scalable & High Uptime
XRPL processes 1,500 transactions per second, comparable to VISA, which processes 1,700. With XRPL SVS, GTS does not experience scalability issues when they have many users on the platform. Moreover, as a distributed ledger platform, XRP has access to a global network of 150 validators. This will allow GTS to reap the network’s high uptime benefits.
Prevent Spam
Inflammatory protocols built into XRP Ledger make it different from other blockchains, which helps to prevent spam and denial-of-service attacks. With this technology, Giving To Services will have a blockchain platform that is both faster and more secure than other blockchain platforms.
An overview of Giving To Services’ new Lock and Earn feature
Giving To Services is no longer using the term “staking”, as this is inappropriate for how the platform works on XRPL. As a result, the new terminology will be “lock” and “earn”, as your tokens will be locked to earn rewards. Users will have the ability to lock their tokens for varying periods based on their APRs. The longer the time, the higher the return. GTS users can lock their tokens for periods ranging from three months to twelve months. They will pay you 2.25% if you lock in for 3 months, 8% for 6 months, and 20% for 12 months. Upon locking, the user will receive a calculation of the total rewards available upon unlocking. The 4% services reward is also calculated as part of the lock-in process. Users can only lock tokens from the 1st to the 5th of every month. It should be noted that early unlock will not be available at launch, but they will add it in the future. However, some kind of penalty would be imposed for early unlocking.
How Giving To Services is progressing
The Giving To Services team is working hard to ensure the platform’s success. After launching on the XRPL, they will work on instant aid, a referral scheme, tax PDFs, governance, and an app. They will enable the fiat on-ramp shortly after the formalities and integration have been completed. As part of GTS’s strong social presence, the company is also tied up with journalists for quality PR, which has attracted great interest. The company is building a marketing team to draft a well-structured and well-thought-out marketing strategy.
Conclusion
Crypto philanthropy allows rapidly growing crypto user bases to contribute to philanthropic causes easily and securely. Giving To Services provides cutting-edge, tailor-made, decentralised financing to worldwide public service workers facing ever-increasing financial uncertainty. Despite significant social, environmental, and economic changes, they strive to provide innovative solutions that protect public service workers’ interests. They aim to make crypto donations more accessible and easier, while investors can earn money simultaneously.
Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day! Live from the Platinum Crypto Trading Floor.
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