How we calculate the amount of Bitcoin (BTC) to send…
We have chosen to use a reputable third party website to calculate the amount of BTC to send to the Trusted Community Champ on the ground in Ghana. The BTC prices are updated nightly and make the conversion for the 36 household shares easy, as each household share still gets 700 Cedi / month for a total of 12 months. 700×36 =25200 Cedi as shown below for the June (5th) payment.
How the transactions are shown on the blockchain…
We still use the same Paywall Escrow address (GDHEWO2WAM6MFHPUHRZWCN3AWLW2BWXQU3VE67CLT5WVYGI6DSME24FT) on the Stellar Blockchain for all donations and distributions… The transactions will just look a little different, as they will be going to the Trusted Community Champ’s BTC address and not 36 individual wallet addresses for each household member, you can see the June payment on chain here or in the image below:
Why the change?
- We realized we were loosing 3% of our donations to fees in converting XLM to BTC, before the final exchange into Cedi
- By using the NFC wallets and our custom POS App we gained no more transparency for our donors, as the TC-Champ was still handing out cash to our households.
- Our POS App developer had to leave the project for personal reasons 8 months ago, no one on the team has those skills, developers are expensive and we felt it was important to migrate off the components we couldn’t easily support if they didn’t bring added value.
- The Stellar chain works well for us, as a single account that can accept many types of donated coins, swaps are secure and easy, and multi-signature authorization (2:4) are easy for accountable payment distributions.
- We live by the KISS (Keep It Simple Stupid) rule. Our focus is on the humanitarian effort and not the technology. We are here solely to help end extreme poverty.
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