WHAT CURRENCIES CAN I DONATE WITH?
For the next few weeks, just US dollars or your local currency. We have partnered with Monetha to facilitate payment in other cryptocurrencies. After the ICO, you’ll also be able to donate in ROOTS tokens, if you’d like.
ARE YOU A 501(C) ORGANIZATION AND IS MY DONATION TAX DEDUCTIBLE?
Yes. We are a 501(c)3. We have applied for charity status and have been assured by our lawyers that we will receive it, but that process process takes about 6-12 months for final approval. So, in the interim, funds to the campaigns you see up currently go directly to our partner nonprofits, and are therefore tax deductible in the United States.
RootProject’s token is administered by a separate foundation from its nonprofit.
SO, I GIVE $100 TO A PARTICULAR PROJECT, WHERE DOES THAT MONEY GO?
Similar to Kickstarter and Indiegogo, 91% of it goes to the project, after the credit card fees of about 3%. 2% goes to fund administrative overhead, and 7% goes to purchasing ROOTS tokens, our cryptocurrency, on the open market. This supports the value of the token, which is critical to scaling RootProject as an organization. 91% matches the project spend rate of organizations like the Red Cross.
DO I NEED TO UNDERSTAND CRYPTOCURRENCIES LIKE BITCOIN TO DONATE TO A PROJECT OR HELP OUT?
Nope! We’ll provide you opportunities to learn about cryptocurrencies as you click through the platform, but you can ignore them if you want and interact with RootProject just like Kickstarter, Indiegogo or any other crowdfunding platform!
CAN I PROPOSE A PROJECT TODAY?
Yep! We are a new startup, so we have to be extra cautious about what projects we take on right away. But if we find the right nonprofit to partner with for your project, or if we build out our early on-the-ground resources ourselves where you’re located, we’d be really excited to start on your project!