The Bitcoin blockchain appeared first and then others. Some are faster, others are more expensive to use; There are those who are in the testing phase – in beta – but there are also those who already have a large community that shows their strength and supports them. The peculiarity of many of these blockchains/blockchains is that some of the cryptocurrencies are invested in a fund whose purpose is to fund and support projects that are submitted to and approved by the community. This is the example of this initiative that has changed the lives of the inhabitants of the city of Jamasi Dawu, where Ghana’s drinking water is brought to.
The work required to drill, construct and develop this fifth drinking water well did not require any investment by the authorities or residents. You can imagine how much they gain in quality of life with a basic good and free access. Before these constructions, people had to go to water vendors, rely on streams or drill wells. The system that feeds the cities is not sufficient to cover all areas.
What does Hive or any other blockchain gain from supporting such initiatives?
Above all, build a strong, loyal and committed community. This is one of the pillars for a decentralized blockchain to work. In addition to the number of potential users this blockchain could gain in the region. After carrying out such actions, it is the authorities themselves who provide every convenience and advise the public to read and inform themselves about the many possibilities available to them. In fact, education is an issue considered by the community at the time of voting and the impact that projects can have on the blockchain itself.
But who really pays for these drinking water wells or other projects?
Hive community funds are reserved for these works. The day the last cryptocurrency was minted in Hive, how much of all the Hive minted was used to fund community projects, which ones, who presented them, how many votes they got, etc. will be known. All information is recorded on the Hive blockchain with no possibility of modification or deletion. In the case of water wells in Ghana, the promoters of the project and those on site have been users of the Hive peakd.com/@collinz and peakd.com/@mcsamm, whose profile I got the accompanying image. and you can see for yourself how it all works.
And isn’t this a money laundering thing?
Since the project was presented, it is impossible not to know the path that money, cryptocurrencies follow, until cryptocurrencies are converted into FIAT money, paper money and used to pay bills. It is a ledger where all transactions executed on the blockchain are recorded.
I said it at the beginning of this post and I remember it again: This project financing system is not exclusive to the Hive blockchain. There are many other examples that clearly show that the crypto world is not that dark and dangerous after all.