Akshit Nayyar realized that the "middlemen" took around 10-20% of the cut when it comes to traditional fundraising platforms. So, after intense study of the finance sector, he along with his two friends created Donaterra – a new-age fundraising platform based on Cryptocurrency. Donaterra uses cryptocurrencies as a solution that takes 0% profits from users and does not even need any tips from donors to sustain the platform. Donaterra is all about making a change to the current malpractices in the crowdfunding scenario. They aim to change the prescience of people on the frauds that web2 fundraisers have.
Donaterra - Platform to Save lives using Cryptocurrency
During COVID-19, Akshit found that people were desperately looking for help online to get medical funding for clearing their fast-piling bills. While trying to arrange financial help for people, he along with his friends realized that a huge amount was being collected via "premiums" by traditional fundraising platforms. Besides this, modern fundraising platforms were taking huge amounts in so-called "tips" from donors that could otherwise save lives.
To address this problem, they got in touch with a team of blockchain enthusiasts with the primary goal to create something that would replace the current manner in which fundraising worked. They decided to use Cryptocurrency to keep complete transparency and honesty throughout the process of raising funds and their delivery to the person in need. Thus, was born Donaterra - a simple, secure, and easy-to-use fundraising service that allows donors to see the impact they make.
How To Use Donaterra?
Currently, Donaterra is in the beta stage and the team is working towards its completion. The platform is built around the Tegra blockchain, which allows users to donate via the UST stable coin and is one of the more advanced, stable, and reliable cryptos out there. The platform operation has been kept very simple and straightforward to avoid any complications for either the donor or the beneficiary. People who need medical funds or assistance share their terra addresses with the Donaterra team.
The team reaches out to prospective Donors and receives money on behalf of the Beneficiaries until the time of their operation / medical treatment. During this period, the money is staked safely using terra's validators. Once the medical treatment of the beneficiary is completed and it’s time to make the payment, the Donaterra team withdraws the UST and sends it to them via smart contracts for execution of the transaction. In case any type of manipulation is noticed during the fundraiser, the money is auto returned to the donors via smart contracts.
How Does Donaterra Work?
Donaterra works on the Terra blockchain, allowing users to donate via the UST stable coin. If anyone ever needs help in paying medical bills, Donaterra and its users will help. Using the most secure and reliable measures, this app built on web3 allows users to create fundraisers and donate to them. Akshit and his team knew they wanted to help society, and with their past experiences, it made sense to correct an ongoing mistake.
The entire project was built in-house with the team dividing different tasks among themselves, to suit each one's skillset. They used react.js to build this app, established smart contracts using Rust. The UI is built using Figma.
Akshit Nayyar is a finalist for Most Creative Online Initiative Because…amid the pandemic, he created Doneterra - Crypto Fundraising platform which has the potential to simplify a complex task like fundraising. With no fees, 100% transparency, and Zero Fraud Tolerance, Donaterra offers an alternative that overcomes the shortcomings of current fundraising platforms.