Hangzhou, China, January 12 — Zhiyuan Hui, the world’s largest volunteer service platform, signed a strategic cooperation agreement with everiToken. The Chinese non-profit will build a volunteer service application based on the everiToken blockchain.
As of December 2018, Zhiyuan Hui has over 71 million registered users and serves more than 430,000 non-profit organizations. Volunteers have worked over 100 million service hours through the platform, which is valued at over $500 million by the “China Volunteer Service Economic Value Measurement Report” issued by the United Nations.
One of the biggest challenges of operating such a large platform is verifying the authenticity of volunteer hours and service. In order to prevent fraud or data alteration, Zhiyuan Hui has partnered with everiToken to develop a blockchain-based volunteer tracking platform built on the everiToken public chain.
The new open public welfare ledger transparently records volunteer activity and service duration, issuing points called Yi Coin to nearly one million volunteers per day and guaranteeing authenticity through a decentralized blockchain ledger. All volunteer data is stored on-chain, which prevents tampering, and can be instantly verified through evtscan, ensuring transparency, reliability, and security.
Zhiyuan Hui’s new platform will be among the first to realize Edgar Cahn’s “time bank” concept, enabling volunteers to accurately record their hours and receive a Yi Coin reward for their volunteering contributions when they most need it. everiToken safe contracts, everiPass, and everiPay will help volunteers receive, store, and spend Yi Coin points.
Governments, enterprises, non-profit organizations, and other foundations can distribute Yi Coins to volunteers in return for their contributions, while volunteers can use Yi Coin to buy goods from select vending machines and convenience stores. Currently, volunteers can already use Yi Coin to buy basic goods, like food, electronics, and hygiene products, in nearly 100 unmanned retail locations with everiPass.
Further, the everiToken-based system provides audit trails for various stakeholders with access rights, including governments and funders, eliminating the possibility of fraud for the various poverty alleviation projects and government foundation subsidy programs managed by Zhiyuan Hui.
Token-customized public chain everiToken is a market leader in tokenization and token economy infrastructure. everiToken’s payment solution, everiPay, delivers best in class speed (up to 10,000 transactions per second), transaction confirmation times (as fast as 1 second), and fees as low as $0.00006 per transaction. The company’s newly developed “Safe Contract” greatly simplifies smart contract development by enabling users to call token-related APIs. everiToken raised over $10 million in an ongoing private funding round from several high-profile crypto funds, including Asian market leader Fenbushi Capital.