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To change the way of charity, Philcoin has established a staking mechanism that will enable users to donate part of their earnings to a charity of their choice within PHILApp.
The philanthropic blockchain movement intends to create wealth for all through the staking feature by contributing to society.
Per the announcement:
“Staking has never been more rewarding – until now. Philcoin’s mission to change the way giving happens starts with you. You have the power to take back your financial sovereignty while empowering others to do the same.”
The staking mechanism is expected to help Philcoin create a global philanthropic movement by changing how giving happens.
Since staking enables users to earn a fixed interest upon storing some tokens for a certain period, the new feature on PHILApp will offer an annual percentage rate (APR) of 15%.
The report noted:
“Here’s where it gets interesting – and what makes Philcoin’s staking the first of its kind in the world! You keep 50% of this APR and get to donate the remaining 50% to a charity of your choice within PHILApp. It’s a staking mechanism that rewards Philcoin’s entire global community.”
The APR is founded on the number of tokens and not the USD value of the tokens. Therefore, Philcoin plans to take staking a notch higher by incorporating the giving aspect.
Meanwhile, the connection between crypto and charity continues to grow strong as cryptocurrencies are deemed ideal donation tools.
For instance, Al Jalila Foundation became the first healthcare charity in the United Arab Emirates (UAE) to accept crypto donations to bridge the gap between physical and digital currency pertaining to giving.
Therefore, staking seeks to be the new avenue of bringing wealth to greater communities, not just individuals, through giving.
Image source: Shutterstock
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