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In 2021, crypto philanthropy saw a massive surge, with cryptocurrency donations rising by 16 times and reaching $500 million in the United States alone, the Web3 tech company that specializes in crypto philanthropy, Givepact, told Technopedia.

Within a decade, the company is betting on a future that projects crypto donations will exceed $10 billion, its CEO and co-founder Alicia Maule said.

While platforms that specialize in crypto donations are yet to see another repeat of the 2021 bull run, the chief operating officer of Endaoment, Zach Bronstein, noted that crypto investors continue to drain their Donor Advisor Funds (DAFs) and give their remaining dollars to charities.

Folks are excited to get the contributed dollars to the charitable recipients, and are using this slower period of blockchain activity to focus on making impactful and meaningful gifts.

Crypto philanthropy is very similar to other forms of charitable giving, with the only major exception being the type of asset donated.

The recipient has to understand all of the mechanics of holding a wallet, knowing how to transfer the token to and from an off-ramp or exchange, as well as keeping it secure and safe, the co-founder of Bracket Labs, Pelli Wang, explained.

Givepacts Maule added that in many instances, one of the most exciting parts of crypto donations is that, on average, crypto donors tend to give 82 times more money than cash donors, which could amount to $10,500 per donation.

In addition, crypto philanthropy is driven by one of the biggest names in the industry Vitalik Buterin, the founder of ethereum (ETH), who, over the years, has donated vast amounts of crypto for a number of charitable causes.

We have noticed a trend that schools, universities, and other institutions of research and higher learning typically find themselves at the top of this list. I would argue that donors here are not just excited to give back to their college or university but rather are interested in supporting interesting and potentially greatly impactful research thats being carried out. This is very much in line with the ethos of the Web3 space, to find funding opportunities that can translate not just to doing some good, but to being able to do some good that was previously unattainable, Endaoments Bronstein said.

In 2022 alone, the company saw $22.8 million in crypto donations, with the average donation size being $43,000.

Crypto donations are processed at a much faster rate than traditional donations, the author of NFT: From Zero to Hero, Anndy Lian, told Technopedia, which could come in handy in times of emergencies.

In addition, the fact that crypto is borderless allows individuals to make crypto donations to charities worldwide, regardless of their location.

Lian said:

The transaction costs for receiving crypto donations are lower than those for credit cards, debit cards, and wire transfers. This means that more of the donation goes directly to the cause.

Bracket Labs Wang added that because cryptocurrency transactions are transparent, donors can openly see how much funds were collected for a certain cause.

On the other hand, cryptocurrencies remain a niche. Digital assets are highly volatile, which could also push many individuals against opting for crypto donations.

The greatest challenges with crypto donations are fluctuations and regulations. The price of cryptocurrencies is highly volatile, which affects the value of donations. So, nonprofits need to be strategic about converting their bitcoin payments. When it comes to regulations, different regulations depend on the jurisdiction, which makes it complicated because the organizations need to navigate the procedures and comply with the laws, a founder at Coin Data Flow, Alexandr Sharilov, told Technopedia.

One of the biggest advantages of crypto philanthropy is the tax breaks the donors get and the tax credit, Sharilov explained. This means that in many cases, donors are eligible to get a charitable contribution deduction when filing their tax returns at the full fair market value of the cryptocurrency that they donated at the time of the donation.

Wang noted that while tax deductions are one of the biggest reasons why many donors would opt for a crypto donation as opposed to cash, each county recognizes the value of cryptocurrencies differently.

In the US, for example, the Internal Revenue Service (IRS) treats digital assets as property for tax purposes meaning that donating digital assets is not a taxable event, and donors can claim a charitable deduction for the fair market value of their donation, Lian explained.

Companies specializing in crypto philanthropy are also keen to educate the public on how easy it is to contribute to charitable causes using digital assets.

What is key here is explaining to folks that donations of crypto are treated just like donations or stock or property if you have held the asset for over a year, you can deduct the current market value of the asset (if you have held less than one year, you can only deduct the cost basis of that asset). While of course, this is not tax advice, clearly donations of appreciated assets can create additional deductions for donors, and the non-profits reap the rewards of the appreciation by receiving additional funding!

Companies specializing in crypto philanthropy are bullish, betting that the field will continue to prosper in the years to come. Maule compared the current rate at which crypto adoption is growing to how the internet was in 1998.

The interest in crypto is expanding, and were just at the beginning of seeing this take off. If $500 million in crypto was donated in 2021 with limited pathways to give, we are betting on a future that projects crypto donations will exceed $10 billion within a decade.

Edaoments Bronstein added that even in the bear market currently faced by the cryptocurrency space, the company has seen over $52 million donated on its platform, with the metrics continuing to grow.

Put this together with the fact that new folks are onboarding into web3 daily, and large organizations like Coinbase are working to tackle the crypto UX problem we are sure to see many more folks join us in this space in the next few years, which will in turn lead to additional crypto donation activity, especially as folks learn how easy it can be, and the benefits that can be wrought.

From UNICEF to the Rainforest Foundation, a number of charities have started to accept crypto donations showing just how easy it is for charities to jump onto the trend.

Lian and Sharilov both explained that organizations can start accepting crypto donations in two easy ways. Either through a hands-off approach by leveraging a crypto payment processor in the likes of Givepact or Endaoment to accept the donations on their behalf or through a hands-on approach by holding the crypto donations in a wallet controlled by the organization itself.

Bracket Labs Wang noted that before charities get involved in the Web3 space, they must make sure a member of their team is familiar with the crypto world.

There are many benefits to tapping into the crypto/Web3 audience including higher average donations; younger, higher earning donors; potentially less fees to process. However, you need to make sure you have: a wallet provider or custodian; an off-ramp or exchange; tax/accountant; ID or KYC/AML provider and a security/compliance monitor.

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Crypto Philanthropy: How Digital Assets Are Driving Charitable Giving - Techopedia

August 8, 2023, was yet another record-breaking day for the BSV blockchain.

In a 24-hour period, 128.691 million on-chain transactions were processed on the original Bitcoin protocol, proving once again that theoretical scaling limits are illusory.

Powering the transactions was Rekord IoT, a company focused on building the bridges between devices, machines, and indeed anything with IoT connectivity and the BSV Blockchain, according to its founder James Marchant.

Despite the massive number of transactions, which would have crippled most other blockchains, the fee per transaction remained a tiny $0.000005, according to BSVdata.com. This demonstrates BSV blockchains capability to power applications that utilize micropayments at scale.

Why is BSV blockchains massive scalability important?

In a statement on the record-breaking number of transactions, Ayre Group and CoinGeek founder Calvin Ayre highlighted why on-chain scalability is important. Ayre pointed to how scaling records like this give enterprises and startups confidence to build on the BSV blockchain, which in turn will lead to more transactions, incentivizing miners to focus on BSV, thus securing the network a virtuous feedback loop that builds a stronger, better blockchain at every step.

Just like theres no need to be two internets, there will only be one platform. And that platform has to be, by definition, the one that scales, Calvin Ayre

Ayre should knowsince day one, he has been an outspoken proponent of big-block Bitcoin and a believer in its ability to scale on-chain, as its inventor Dr. Craig Wright has always said. Truthfully, this record-breaking day will be a blip on the radar as BSV blockchain scales to the sort of enterprise levels Dr. Wright, Ayre, and others envision.

But its just test data!

Of course, critics will say that the 128+ million transactions are not due to real demandits just BSV blockchain entrepreneurs putting things on-chain for the sake of it.

While its true that these are tests, the critics, as per usual, miss the forest for the trees. The point is to demonstrate that even at this relatively early stage, BSV is capable of scaling to levels other blockchains simply cant.

Already, before the release of Teranode, BSV blockchain is running laps around other blockchains, and its only getting started. This is the sort of scalability required if the Internet of Things is to run on blockchain technology.

Right now, BSV entrepreneurs are like Thomas Edison in his labtinkering, testing, iterating, and trying to find out where the limits are so as to make improvements and find out what needs to be done so that, in the future, BSV blockchain is capable of handling 100+ million transactions per second, let alone per day.

And if other blockchains do manage to figure out scalability on BSVs level, theyre going to run straight into a brick wall of patents belonging to nChainDr. Craig Wright and his team have been working diligently to make sure that his vision for Bitcoin is fulfilled and his invention reaches its potential.

Entrepreneurs, developers, and builders of all kinds would do well to pay attention to BSV blockchain. In the end, promises of scaling someday will not allow for business applications that work today, and by the time snake oil salesmen like Vitalik Buterin are found out, it will be too late.

The time to build is nowand theres only one blockchain capable of handling the heatthe original Bitcoin, BSV blockchain.

Watch Calvin Ayre on CoinGeek Backstage: Floodgates will be opened once we can prove unbounded scaling

New to blockchain? Check out CoinGeeks Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.

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BSV blockchain sets new world record with 128M transactions in 24 ... - CoinGeek

Manhar Garegrat, Country Head, India & Global Partnerships, Liminal, a wallet infrastructure and custody solutions platform

If we look at the rapid adoption of digital assets across the world, millennials have the highest ownership of digital assets across all generations (Bitget report). Millennials account for 46% of the total digital asset owners which clearly shows that youth is at the forefront when it comes to the acceptance and adoption of digital assets. The young population is naturally inclined towards emerging technologies and is always curious about exploring and expanding their horizons. Like youngsters of all generations, todays youngsters are also extremely passionate about concepts like self-sovereignty, transparency, collective growth, freedom, etc and working in Web3 gives them the ability to contribute to those values. Take Vitalik Buterin for instance, the founder of Ethereum. He was only 19 years old when he wrote the Ethereum Whitepaper.

There are several such examples of young and successful web3 founders across the globe. If we look at India-specific data, 39% of digital asset owners are in the 18-30 years age group (Kucoin report). We see a similar trend in other Asian countries where the young population is not only adopting digital assets but fuelling the innovation in Web3 space through innovative startups for solving real-world problems by leveraging the strength of Web3/Blockchain. At a macro level, we have seen several initiatives by global organizations like UNICEF and the World Bank aimed at empowering our youth by providing training and development in the field of Blockchain and Web3.

Overall, the future of Web3 looks young and we are witnessing vital signs of success as major industries/sectors of the world are already in the adoption phase of web3. The demographic dividend of countries with a median age of 30-35 will ensure a bright and promising future for blockchain and Web3.

Poorvi Sachar- Head of Operations, Tezos India- a blockchain adoption entity.

Today, young talents are leading the way in making blockchain and Web3 technologies popular. Theyre doing this with their creative spirit and a curiosity that knows no bounds. Their smart ideas are like seeds of change, helping create a world where things like services and products are spread out and not controlled by a single group.

We saw this happening at the latest Tezasia Hackathon 2023 organized by Tezos India. More than 9,888 young men and 4,337 young women actively participated in the hackathan. Whats interesting is that 55% of them were studying computer science and they wanted to get better at their tech skills by using tools from Tezos India. College students are getting involved too. Theyre joining workshops, hackathons, and real-world projects. Especially those in the third and fourth years of college are taking the lead in creating this kind of environment. But its not just them even folks with 1-2 years of professional experience are excited to be part of these hackathons. Together, theyre not just going with the flow of new ideas; theyre playing a big role in shaping these ideas. Theyre showing us how technology can become more decentralized and stronger.

Young and inquisitive minds quicken the development of decentralized ecosystems through active participation in hackathons, startups, and open-source cooperations. They are steadily fostering a future where diversity, trust, and security are seamlessly woven with technology as tomorrows leaders, in addition to promoting mainstream adoption.

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International Youth Day (August 12) - Youth empowerment - Passionate In Marketing

In order to empower users, build confidence, and support democratic decision-making, decentralization is a fundamental principle of the crypto sphere. What sets DogeMiyagi(MIYAGI) apart isnt just its catchy name; its the transition to a Decentralized Autonomous Organization (DAO) and the unique governance. Solana (SOL), the high-performance blockchain network, and Ethereum (ETH), the ground-breaking smart contract platform but 2500 ETH burns is a notable event, as it contributes to the overall reduction of Ethereums circulating supply, potentially impacting its scarcity and value over time.

However, as Ethereum experiences notable market activity with the recent 2500 ETH Burns, an alternative contender steps into the limelight DogeMiyagi. In this comparative article, we delve into the intricacies of these three entities, exploring the benefits of decentralized decision-making within the DogeMiyagi ecosystem, and offering a fresh perspective on project development in the world of fintech.

Ethereum, often referred to as the world computer, laid the foundation for decentralized applications and smart contracts. Launched in 2015 by Vitalik Buterin, Ethereum introduced a groundbreaking concept that extended beyond mere transactions. The Ethereum market has been experiencing significant movement lately, driven in part by the 2500 ETH burns. Smart contracts, self-executing agreements with terms directly written into code, brought a new dimension to blockchain technology. 2500 ETH burns involves sending it to an address where it becomes unspendable, effectively reducing the total supply of Ethereum in circulation.

Ethereums governance primarily relies on a community-driven approach. Decisions are proposed and discussed within the Ethereum Improvement Proposal (EIP) process, where participants debate changes, improvements, and upgrades to the network. Ethereums transition to Ethereum 2.0 further underscores its unwavering commitment to decentralization. This move involves shifting from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism, empowering token holders to take a more proactive role in the networks decision-making processes.

Solana, a relatively newer player in the blockchain ecosystem, differentiates itself with its remarkable transaction speeds and scalability. Solana was designed to address the scalability issues faced by many other blockchains, leveraging a unique consensus mechanism known as Proof of History (PoH) alongside PoS. This combination enables Solana to process thousands of transactions per second without compromising on security.

Solanas governance model, similar to Ethereums, encourages community involvement. Proposals for protocol upgrades and changes are submitted through the Solana Improvement Proposal (SIP) process. Community members and validators collaborate to assess and vote on these proposals, ensuring a collective voice guides the platforms evolution.

DogeMiyagi, often celebrated as a top new memecoin, has captured the attention of the crypto community with its playful yet purposeful approach. Beyond the humor, DogeMiyagi is making a profound shift by transitioning to a DAO. This transition empowers its community members to actively participate in decision-making processes, aligning with the broader theme of decentralization within the crypto space.

At the core of DogeMiyagis model is decentralized decision-making. Through its DAO structure, token holders are granted voting power on important matters, such as project development, partnerships, and even meme contests. This approach ensures that the communitys collective wisdom shapes the projects trajectory, reducing centralized control and fostering a sense of ownership among members.

In the realm of cryptocurrency and fintech, Ethereum and Solana have paved the way for blockchain innovation, each with its unique strengths. However, the emergence of DogeMiyagi and its transition to a DAO introduces a novel approach that emphasizes community empowerment and inclusivity.The 2500 ETH burns is a notable event, as it contributes to the overall reduction of Ethereums circulating supply, potentially impacting its scarcity and value over time. As the fintech landscape continues to evolve, the concept of DAOs and decentralized decision-making could become a cornerstone, enabling projects like DogeMiyagi to stand out as leaders in the crypto market.

Be a part of this groundbreaking movement, and consider joining the DogeMiyagi presalean opportunity to contribute to a network poised to lead the crypto market with its innovative approach.

Find out more about DogeMiyagi (MIYAGI):

Website: https://dogemiyagi.com

Twitter: https://twitter.com/_Dogemiyagi_

Telegram: https://t.me/dogemiyagi

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Decentralization at its Finest: Comparing DogeMiyagis DAO ... - Tekedia

The first-ever cryptocurrency wallet was released alongside bitcoin (BTC) in 2009. Over the past decade, technology has evolved to become more advanced and gain a variety of features.

In this article, we delve deeper into the evolution of cryptocurrency wallets and how they work.

Like with any other form of currency, cryptocurrencies need a place where they can be stored. This is where crypto wallets come in.

They allow users to manage all of their cryptocurrency balances in one place and support easy transfers through the blockchain. Some wallets allow users to sell or buy assets, as well as interact with decentralized applications (dApps).

Cryptocurrency wallets work by utilizing cryptographic keys, a long string of random and unpredictable characters, to secure and manage a users currency holdings. These keys are essential for conducting transactions on a blockchain network. There are two types of cryptographic keys every crypto wallet has: public and private.

The first ever cryptocurrency wallet was created by Satoshi Nakamoto alongside the first ever digital asset, bitcoin (BTC).

In order for the wallet to be usable, a user had to download the entire history of the BTC blockchain. This was doable at the start, however, as the coin gained more popularity and expanded, so did the period of synchronization.

According to a review published by Ethereum founder Vitalik Buterin in 2012, by then, the cryptocurrency wallet had to be running practically constantly so that it could always be updated with new BTC data.

Because it is a full node, the client must download the entire (currently 6 gigabyte) blockchain to operate, which can take up to a few days the first time you start the client and several minutes to an hour every time you start the client afterward if you do not keep it running constantly.

The first ever mobile bitcoin wallet application released for Android was created in 2011 by Electrum. The company claims to be one of the most popular bitcoin wallets to exist and made it easier for users to manage their BTC holdings on the go.

With the growing interest in cryptocurrencies, third-party wallet services began to emerge, offering users alternatives to the original bitcoin clients built-in wallet. Such services aimed to provide more user-friendly interfaces and additional features, contributing to the diversification of the cryptocurrency wallet ecosystem.

Around 2014, hardware or cold wallets entered the cryptocurrency scene.

Such wallets specialize in storing private keys offline, reducing the risk of online attacks, and became more popular among users who prioritized the safety of their cryptocurrency holdings.

One of the pioneers of these hardware wallets was Trezor.

Multisignature (also known as Multisig) cryptocurrency wallets require multiple signatures to authorize a transaction.

Unlike traditional wallets that rely on a single private key to initiate transactions, multisig wallets involve multiple parties or private keys collaborating to validate and authorize transactions. This added layer of security makes these wallets particularly useful for enhancing the protection of cryptocurrency holdings, especially in scenarios where multiple individuals or entities are involved.

Popular examples of multisig crypto wallets include Armory, Guarda Wallet, and Linen Wallet.

In 2016, ether (ETH), the second-largest cryptocurrency on the market, had introduces its wallet ecosystem.

Ethereum wallets allow users to access their coins and are able to store any digital assets built on the Ethereum ecosystem.

The blockchain explained:

Ethereum wallets are applications that let you interact with your Ethereum account. Think of it like an internet banking app without the bank. Your wallet lets you read your balance, send transactions and connect to applications.

According to the Ethereum website, there are over 50 Ethereum wallets for users to choose from, including Rabby Wallet and Portis.

As the crypto industry continued to evolve, so did the cryptocurrency wallets.

By 2017, the world of cryptocurrencies continued to expand beyond BTC and ETH with the introduction of various other coins and tokens in the likes of cardano (ADA). This called for the creation of crypto wallets that would support a variety of tokens issued on different blockchain platforms.

This was the year when Coinbase decided to launch its self-custody wallet as a mobile application, with Robinhood rolling out its Polygon-based wallet on iOS.

In 2023, there are three popular types of crypto wallets:

According to data published on SkyQuest, the platform projects that the cryptocurrency wallet industry will surpass $60 billion by 2030 as preference for digital assets continues to grow.

Today,wallets range from simple apps to more complex security solutions. If you are looking for the best crypto wallet, ensure you do your own research and make decisions based on your personal needs, preferences, and goals.

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The Evolution of Crypto Wallets: Exploring The History and Future of ... - Techopedia