H all,
WOOF pool is preparing to make a first donation to one of our two charities. Today, I pinged one of the charities on discord and found out they do accept some some cryptos, but unfortunately not ADA. I’m already working with them to add ADA, but I doubt they will have a wallet before end of the year.
In the meantime, I’m trying to decide whether to make a donation in crypto (e.g. LTC) or in fiat (USD in my case). This first donation amount is pretty small (~ 50 ADA), so I’d probably just fund the donation out of my own pocket and not touch the pool rewards account. But, I want to document the donation, so I can do a good job accounting on the pool website and give delegates confidence that the pool is making good on its mission.
So, mainly for the documentation, I’m leaning towards buying a little LTC and then taking a screen shot capturing the transaction on LTC explorer for the reward. Is a screenshot good enough for documenting things?
For those pools that donate to charities, do you have a better suggestion? Also, does it seem official, if I fund the pool donation from my own money? Right now, WOOF pool is so small that I can make it work.
Thanks Shibu
I just got done sending the charity an email about opening a Cardano wallet. Maybe, just maybe, they are proactive and will open one up without too much fuss. It’s kinda funny, but they actually take Baby Doge coin. It only makes sense, since they are an animal charity. Crypto Currency Donations | Best Friends
If they don’t open a wallet, I’ll go the LTC route and keep the link to the transaction. It definitely makes proving things a snap.
How about you have a dedicated charity address where you send those 50 ADA to. ASTOR sends 100% of the pool margin to that address. In that way you document every in/out amount. From that address you can send it to a cross chain bridge or exchange and then further on to your charity in a way they like it.
Hey tomdx,
Yeah, I definitely like the dedicated charity address idea. Let’s say you send funds to that address, but then you need to send funds onto an exchange, before you finally send to the charity (maybe after you have swapped into a different coin). If someone wanted to view the proof of donation, would they simply trace all the hops, which might even mean using different coin explorers? Maybe that’s adequate or is there another way to make it easier to view?
As a side note, I noticed my first charity has a Coinbase address (see below). I also know Coinbase supports ADA, so maybe they can provide Cardano Address behind that Coinbase wallet handle. Anyone use a Coinbase wallet address?
We accept most ERC-20 based currencies through our Coinbase wallet, including Ethereum, Bitcoin, Litecoin, and Doge. Our Coinbase wallet address is @bestfriendsanimalsoc
I am doing monthly donations in crypto.
Because nobody accepts ADA, I use the www.fixedfloat.com service to exchange ADA to LTC, BTC etc.
Then I provide both transactions as proof of donation, One on Cardano and the other one from the second blockchain.
I always make all screenshots (FixedFloa) and provide all the transaction IDs to my delegates.
I feel this is the best way hot to prove your donation is legit because everybody can find your transaction on the public blockchain.
Yep, that makes sense. I could use dedicated charity address as a gateway. Then periodically pull funds from that address into exchange to make donation, then keep all the transaction records.
It only makes sense, since they are an animal charity.