Ukraine Is Getting Aid From This DeFi Project
July 13 2022 - 6:34AM
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Blockchain networks are decentralized, meaning that they can be
used to make payments without centralized authorities deciding
which transactions are allowed. While some argue that such systems
can enable fraudulent transactions, blockchain networks use
advanced mathematical technologies called consensus mechanisms to
prevent this. Thus, blockchains can be used by peers to transact
without fear of fraud or censorship. In turn, cryptocurrency
enables individuals to easily support the causes that they believe
in, even when reaching affected groups through traditional means
may be difficult. While discussing this aspect of cryptocurrency,
the idea that cryptocurrency is often used for nefarious purposes
is often argued. However, over 99% of cryptocurrency transactions
are legitimate. In fact, it is often true that cryptocurrency
transactions are used for humanitarian purposes. The Giving Block,
a large cryptocurrency philanthropy platform, supports over one
thousand nonprofit organizations around the world and is projected
to facilitate over USD 1 Billion in donations by the end of 2022.
When compared to the USD 100 Million in donations that The Giving
Block facilitated last year, this figure suggests that overall
cryptocurrency donations are growing alongside adoption. Because
cryptocurrencies are universal, that is they are not tied to
individual countries, they make accepting donations from anyone in
the world possible during times when global political circumstances
make doing so through traditional money transfer methods incredibly
difficult. As an example drawn from current events, cryptocurrency
is enabling Russian citizens who condemn Vladimir Putin’s invasion
of Ukraine to send aid to Ukraine’s government and its people.
Since the first day of combat, the broader cryptocurrency community
has stringently supported Ukraine’s independence. Within a month of
Russia’s invasion, over USD 63 Billion in various cryptocurrencies
had been donated to Ukraine’s official wallet addresses. Since
then, donations have only increased; according to
tradingplatforms.com, last month’s donations alone topped USD $100
Million. The overwhelming donations being sent by the
cryptocurrency community are being used by Ukraine to bolster its
defenses and rebuild. Following their users, countless
cryptocurrency projects have jumped on-board in support of Ukraine.
Projects of all genres and sizes are participating. For example,
projects within the Konstellation ecosystem dedicated efforts to
raising charitable donations to Ukraine, one of which is Squid
Squad OG, the world’s first Rock, Paper, Scissors blockchain-based
play-to-earn game. Once the fundraiser concluded, Konstellation
Network, a blockchain protocol, matched the donation. Through
fundraisers held by its various products, the Konstellation Network
donated a total of over $14,000 USD to Ukraine. Though the
fundraising round has ended, SSOG NFTs can still be bought. In
addition to representing the good that cryptocurrency can do, they
act as whitelist passes for the second mint of Squid Squad OG’s
popular play-to-earn game, SSOG – a unique title inspired by the
hit Netflix special Squid Games. In SSOG, contestants compete for a
massive prize pool through high stakes, high rewards games of Rock
Paper Scissors. Losers are eliminated, and winners get closer and
closer to hitting the jackpot. The final victor wins it all, but
only if contestants don’t vote to stop the games early and split
the prize pool between themselves. About Konstellation
Konstellation is a decentralized cross-chain capital markets
protocol built on the Cosmos network. The project is aimed to
efficiently connect funds and the various components of the asset
management industries with investors. Konstellation’s mission is to
become the financial services industry hub for Cosmos and other
blockchain ecosystems using strategic inter-operable blockchain
communications. The Konstellation network is powered by DARC
tokens, which are required for the Konstellation network’s
governance and transactions. Powered by features such as
cross-chain infrastructure, a simplified interface, high
composability, and effortless cross-chain DeFi usability,
Konstellation is making headway in achieving its vision.
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