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Humancoin Review – Merging E-Commerce and Charity to Reward Users for Donating to a Cause

August 02

Review

Humancoin review

View Humancoin Overview Page

Humancoin is set to revolutionize and disrupt the charity market by joining with e-commerce and putting everything on the blockchain. Why? Because blockchain proves when something happened.

The project aims to join the philanthropy industry, retail e-commerce, and cryptocurrency markets to create Humancoin which will eventually become the leading crypto charity program.

In some cases, it’s rather difficult to understand how the project works. On the surface, they talk about crypto, charity, and e-commerce but don’t go into detail on how it’s supposed to work. After digging further, I found out that it should work as follows: you donate cryptocurrency to a cause (hurricane, drought, fires, etc.), the charity receives money, you get Humancoin in return which you can change for loyalty programs, discounts, miles, and etc.

 


Idea of Humancoin

The idea behind Humancoin is rather simple. They will use blockchain technology to track the funds given to charities. This will ensure that money is spent for the cause and nothing else. Also, Humancoin is joining e-commerce with charity so it becomes a win-win situation allowing people to donate to a cause, receive Humancoin tokens and exchange them for various loyalty benefits. The list of e-commerce companies that will accept Humancoin is not available anywhere on the site – there’s a mockup of e-commerce giants like Amazon, booking.com, Airbnb, and others next to the Humancoin logo. Frankly, this can confuse some investors into thinking that the project has really partnered up with these companies.

Humancoin is solving an actual problem when it comes to charity. It’s lack of trust. People refrain from donations because they are not sure whether their money will reach the recipient or if their money will be spent wisely. The project will employ the blockchain technology to make things easier. Customers will have the ability to track their donations from A to Z. Also, the charity organizations usually charge up to 30%, but Humancoin claims to charge a fixed rate of 5% which will fund further development of the project.

In general, the idea sounds like a good one – reduce the fees for donations, receive Humancoin tokens and spend them on discounts, miles, and other loyalty benefits. This would incentivize people to donate to a cause if they want to get some extra benefit out of it. Sounds like a win-win situation here. Also, we should not forget the fact that emotions play a big role here. People who are emotionally affected and crypto educated are most likely to use this platform. Moreover, there should be a possibility for e-commerce to donate to a cause using the platform, but the information is rather vague.

 


Humancoin Token Overview

Presale: July 1 – August 15 

Token sale: September 15 – November 1

There are 3,055,000,000 Humancoin tokens available. Any unsold tokens will be burned. Token price is $0.01

Humancoin expects to raise $1 million, though their softcap is set at $6 million, and hardcap at $26 million.

The tokensale is split into 3 stages. During the presale they offer a 50% bonus, which, honestly, is rather big. Stage 1 sale offers a 35% bonus, and stage 2 sale offers a 20% bonus. The 50% bonus is rather risky, but given the number of tokens for the presale, we can say that it shouldn’t have a huge impact once it hits exchanges. Some people may try to liquidate their bonuses as soon as possible leading to a drop in price.

 

Roadmap

The roadmap of Humancoin is easy to follow and the points are clearly laid out. Starting with the Q3 of 2018, Humancoin will start negotiating with possible partners for the project. They will prepare an MVP and conclude some agreements with charitable foundations.

In Q4 2018 they aim to launch a beta version of the charity platform and further complete negotiations with e-commerce partners.

The platform will be fully functional around Q3-4 of 2019 so the investors will have to wait a year from the tokensale before using the fully functional platform.

Simple, clear, and hopefully, they will stick to the timeline.



Moreover, they have a strategic budget plan released for 2018-2019. They give clear arguments why they need $26 million as a hardcap. For example, if they reach the hard cap, they will be obliged to develop IT blockchain platform, integrated wallet, currency conversion, ranking, voting, humanpool tools, add more languages, messenger, add tax receipts, optimize the dashboard, integrate with e-commerce partners, and improve tracking and reporting. Since Humancoin revolves around the integration with e-commerce partners, they certainly need to reach their hardcap or they will be set off course on their timeline, meaning that a fully functional product could come in even later than 2019.


 

Team

The team of Humancoin is made up of 17 members. 11 of them are advisors.

The CEO of Humancoin is Giles Gailer. Gailer comes from a business development and management background. According to his LinkedIn profile, he’s agile, determined, imaginative, and disruptive leader. He has around 18 years of experience in business development and management so the Humancoin project should be in good hands.

Also, they have developers with over 17 years of experience in their fields and platform development advisors who will probably help Humancoin develop their platform.

Since Humancoin is charity oriented, they have a Charity IT Advisor David Rippon who has extensive experience in IT and management of large end-user IT/IS organizations and IT service business.

In general, the Humancoin team is comprised of professionals in their respective fields. The CEO of Humancoin is an experienced business developer and manager so the project is in good hands. The team of advisors also is experienced and will likely help the business stride forward.

 

Whitepaper

The Humancoin whitepaper is clear and concise. All structural elements are in place. The whitepaper summarizes the idea of Humancoin pretty well. The paper is not too long either – 45 pages long and it’s not crammed with too much information. The paper talks about market analysis where Humancoin is trying to position itself. In addition to this, problem and solutions are given too.

The great thing about the whitepaper is that it talks about the market analysis, strategic plan, and budget analysis. Looks like they are being pretty clear with what they are going to do with raised funds.

Also, the whitepaper properly explains how their Proof of Charity works. Let’s break it down for you.

No additional tokens will be created to the public after the token sale ends. They want to provide further rewards to benefactors so they will only issue additional ones in strict correlation to the amount raised on the platform.

No new tokens for other purposes won’t be issued or created.

How does the Proof of Charity work?

Donators will receive 50% of their donation value as Humancoin tokens. The value will be tied to an exchange price of the token. Donators will get tokens at the rate of 2x to the price on exchanges.

For example, you donate $1,000 to a charity project on Humancoin. If the average price of Humancoin on exchanges is $2, you will receive 250 Humancoin Tokens ($1,000 / 2*2). Again, your donation amount ($1,000) will be divided by two times the price of Humancoin on exchanges (2*$2) and you will receive the results (250 tokens).

 

Product

Humancoin currently has an MVP which is still in development. The CEO assured that the product is being worked on and they want to fix everything before releasing it to the public. At the moment, the only MVP is a mockup on the website.


 

Popularity

The Humancoin website was just recently registered (In April). So it’s been around for 3 months now.

The website isn’t super popular but they are doing quite good on marketing the project.


Most of Humancoin traffic comes from direct links and referrals. Traffic from social media is comparably low, meaning that they aren’t discussed a lot.


Now, let’s take a look at the referrals on Humancoin. Looks like airdrop and bounty-related websites drive the most traffic to the website which also explains the growth on Telegram and Twitter.

Moreover, Twitter is their largest traffic source out of social media. Again, this can correlate to the bounty and airdrop programmes letting people to share Humancoin on Twitter for Humancoin tokens.

Tokenlion has collected data about Humancoin social media activity – Twitter and Telegram. According to the July charts, they have 16k followers on Twitter and 11k on Telegram. They had a sudden jump of 2k followers in one day on Twitter, but, most likely, they were fake accounts because the next day they were gone.

Taking a look at YouTube results, we can see that Humancoin has some reviews in Turkish and Russian. They get a couple of thousand views.

 

Summary

All in all, Humancoin is a project that will join e-commerce and charity. They will employ the blockchain technology to let donators track whether their donation to charity reached its recipient and how it’s being spent. We think it’s an interesting project that will have real-life use cases. If they manage to partner up with e-commerce companies and integrate their platform – they will see success because people will be incentivized to donate to a cause and receive rewards. Humancoin platform will reward benefactors for donating with Humancoin tokens which then will be used for loyalty programmes (discounts, miles and etc.). They have an experienced business developer and manager behind the wheel and a team of professional developers and experts, including an expert in IT Charity field. The whitepaper is concise and clearly structured, though it can be hard to follow some parts, especially the Proof of Charity concept. Looking deeper, the concept is rather simple – benefactors get rewarded Humancoin tokens in a correlation to the value of the donation. The Humancoin MVP isn’t released to the public yet, but they are working on it to fix any issues that might occur before releasing it. Humancoin is the only project looking to merge charity and e-commerce. With the great team behind and wise investors, they are likely to reach their goals.

Disclaimer: This is not a sponsored review. We do not endorse the project or own any tokens. This is a review based on our opinion and findings. This is not a financial advice. Do your own research before investing in a project.

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