The growth in number and use of cryptocurrencies over the past few years has been tremendous. Transactions that were traditionally executed using fiat currency are now increasingly being completed with cryptocurrency.
Despite the trend in the growth and the acceptance of digital assets, some people are still apprehensive about cryptocurrencies. One of the many cited reasons behind this is that digital assets lack a visceral feeling. Unlike their hard currency counterparts, cryptocurrencies are intangible. They can’t be seen, or touched, and just don’t feel real. Until now.
As part of their solution, Platin has developed a technology that combines a lightweight, secure protocol with location data. The result of this is that cryptocurrencies (and other digital assets) can now be geo-located on the map. This can incentivize people to interact more with digital assets as well as each other.
Proof of Location Protocol (PoL) and Humanitarian Aid
One of the significant merits of PoL is that it allows you to send digital assets, including cryptocurrencies, to any location on the map. This has opened doors to a lot of possibilities in different industries one of which is humanitarian relief efforts.
The challenge with humanitarian relief is that aid often does not reach the intended beneficiaries thus making programs less effective. Platin aims to bypass these barriers to ensure precision and security in aid delivery through its blockchain technology known as the Plexus™. The Plexus™ is a scalable and robust blockchain platform that provides consistently evolving modular security for various applications and geospatial use cases.
The new aid distribution infrastructure enjoys enhanced accessibility through geographical airdrops. This means communities affected by catastrophic events like famine, earthquakes, war, and economic collapse can receive the much-needed assistance directly thus alleviating suffering.
The waste of aid resources, endless red tape, and uneven distribution of aid could potentially come to an end with this new system in place. The immediate effects would likely be an increase in aid resources and more funds going directly to those impacted by humanitarian disasters. For instance, during a storm, the target population may be spread out to minimize loss of lives but later come together around aid centers to pick up airdrops targeted at their communities.
Another feature of the protocol is that it can notify donors when the donations have been claimed. This confirmation is important as it assures the donor that their contribution is now helping someone.
Donation processes are always marred by the concerns and uncertainties expressed by contributors who worry how their funds are being used. This lack of trust in the donation process is due to the absence of efficient systems for tracking how funds are being utilized and distributed. Accountability deficiencies could lead to misuse, waste, and corruption, prompting fear and hesitation on the part of the donor.
The Platin platform ends the problem of distrust and puts more power in the donor’s hands. With Platin’s notification system; you are able to know exactly where your aid went, how much of it was used and in some cases even the specific needs it solved. This simplifies and makes donating more accessible and gives everyone involved the peace of mind that their sacrifice is going towards a worthy cause.
Platin was designed to protect donors and encourage more direct donations to those impacted. To ensure the use of donor funds, a time-limit can be applied for collection. If a donation is not claimed within that time period, it will automatically revert back to the donor’s wallet.
In addition, any person who tries to hoard aid in an area will be limited by Platin’s system which uses measures such as rate-limiting, per-wallet limitations, and claim throttling. Once a person claims their limit, they cannot claim anymore, allowing for aid to be more evenly and fairly distributed to areas of the community that are the most in need.
Under the Platin platform, incremental donations over geographical locations are also possible. The system allows donors to scatter a sizeable initial donation over different areas of interest in order to help more people. For example, a donation of $500 can be broken into smaller bits such as $20 and distributed over diverse locations allowing more individuals to claim the airdrop and expanding the range of impact.
In the event that local infrastructure and internet facilities are affected, especially during disaster situations, it may be difficult to make donations because the means to collect funds is unavailable. However, cellular providers are incredibly proactive in restoring service during such outages. This means that making contributions to disaster-affected areas wouldn’t be much of a problem through Platin’s Geo Airdrops.
Platin is currently working on their TGE (Token Generation Event) which launches October 28th, selling 30% of the total supply of PTNX tokens. They’ve already secured $1.5M in private funding and are after the soft cap of $3M or even the $18M hard cap. They have formed legal entities in Gibraltar, Israel, and the United States, and have full-time staff in Israel, Kiev and Japan, and plan on operating at a global level.
