Angelwings Whitepaper

lunaravent edited this page Jun 22, 2018 · 12 revisions

A peer to peer decentralized social donation platform by the community, for the community.

Created by : Mark Hazel

Version 1.0

Background

For years, donations to non profit organisations, entities and individual has been hindered with geographical, inter-currency and accountability challenges. Organisations that enabled international donations usually take a considerable cut of the donated amount. These organisations need the funds to operate, transfer remittance and verify that the funds has been used correctly and it may amount up to 40% off the total funds donated. With blockchain technology, these intermediary fees can be eliminated, ensuring that donations are 100% received by the intended recipient. The donators may choose to donate directly to their intended beneficiary or through a organisation / foundation that they chose.

Proposed Solution

Blockchain has faced many challenges since its inception in 2009. In order to achieve the level of scalability required for mass adoption, a faster and more efficient platform is needed. This is not possible until the launch of EOS.io. Angelwings blockchain will be built on top of the EOS platform as a Decentralized Autonomous Organization (DAC), offering a truly decentralized, transparent and auditable for all donations being made.

Reach

Angelwings will enable donators to send any amount of money anywhere in an instant. The receiver can then convert their tokens to whatever currency is accepted in their area.

Community Checks and Balances

The main problem with donations is not only whether or not the intended recipient receive the funds, but that the intended recipient truly deserve the donations and it is being put to its intended use. Through Angelwings.io DAC, token holders will be able to vote 21 Master Validators. These 21 Master Validators will then elect Angel Validators.

Master Validators

Master Validators will function like a master admin, in charge of everything macro. Duties of Master Validators include:

  • Keeping the blockchain running smoothly, solve any bugs that may arise in a timely manner.
  • Add or remove feature on angelwings.io
  • Vote for inflation that will be used as rewards for Master Validators and Angel Validators as well as worker proposal funds.
  • Secure interoperability with other blockchains / organization who wants to make a contribution.
  • Elect full time Angel Validators.
  • Check & audit the work of all Angel Validators with a community designed Standard Operating Procedures (SOP).
  • Secure life liberty and property for the angelwings community.

Master Validators will be voted in by token holders. The top to 21 voted in will be the active Master Validators. Token holders will be able to stake their tokens in order to vote for Master Validators. Master Validators and the backup will be rewarded through token inflation in proportion with votes received.

Angel Validators

Angel Validators will be validating whether or not the intended organization / entity / individual truly need the donations, and that they are the intended and authorized party to receive the funds. Their duties include:

  • Validate campaign beneficiary and do a due diligence. Ideally they should be in the near vicinity of the campaign beneficiary, or at least in the same region. Exceptions may be made for highly remote areas, but are no less accountable.
  • Investigate any flagged and suspicious campaign activity. Present all facts that is found to the community.
  • Stop any campaign that is found to be fraudulent or dishonest in their commitment.
  • Change of campaign custody if an account is found to not be the intended recipient or has been compromised.
  • There will be no limit for the number of Angel Validators, as they are preferably needed to be geographically diverse.
  • Every funds requested to be pulled by donation recipient will require the signature of Angel Validators. The amount of signatures required can be adjusted to the amount of funds being pulled.
  • Angel Validators will be active once they are elected by at least 3 Master Validators, and have to be re-elected every 30 days.
  • In order to receive token rewards, Angel Validators will have to be validated by at least 3 Master Validators.
  • Assist donation beneficiary in making a proper campaign, claiming the donated tokens and teach them how to convert to locally accepted currency.
  • Angel Validators should be an individual, rewarded through token inflation equivalent to the salary of full time social worker.

Token Holders & Angel Donators

Anyone who hold angelwing token will be able to donate their tokens to the desired campaign, as well as to stake their token to promote the campaign or vote for Master Validators. No fees are taken when making a donation or staking to vote for Master Validators. A fee of 1% per day will be taken off when an Angel Donator stake to promote their desired campaign. 0.5% of this will go to the promoted recipient, while 0.5% tokens will be burned. Angel Donator will be able to increase the fee percentage to be received by the promoted recipient. Angel Donators will be able to move their tokens 24 hours after an unstake request.

Donation Campaign

Every request start with a donation campaign, informing the community what is the problem, brief profile of the beneficiary, proposed solution, actions to be taken, required funds and time frame. After the campaign is over, a donation recipient must request a signature from Angel Validators in order to pull the funds from the campaign wallet. An Angel Validator can sign to the same campaign author once per 168 hours (7 days). Pull requests will need varying number of signatures, depending on the amount requested.

  • $1 up to $1,000 = 1 signature
  • $1,000< up to $10,000 = 2 signatures from 2 different Angel Validators
  • $10,000< up to $100,000 = 3 signatures from 3 different Angel Validators
  • $100,000< up to $1,000,000 = 4 signatures from 4 different Angel Validators

Promoted campaigns that has received their targeted funds will be removed from their promotional position, all promotional fees will be stopped. However, Angel Donators can still donate to their intended recipient with a notice that donation target has been met.

Campaign authors have 30 days to make pull requests. After a pull request has been made, no funds can be received from the campaign. Angel Validators will then have have 30 days to sign off the pull request and do any due diligence. After the required number of signatures has been met, the funds will be transferred from a campaign fund to the beneficiary wallet. All funds, except for burned tokens, will be fully refunded to the donators if this 30 day time limit expired.

Donation campaigns may be started as ;

  • 1 time campaign with a set time limit with targeted funds to be achieved. Best suited for emergency funds such as hospital bills and natural disasters. Funds may be drawn above targeted funds.
  • Recurring campaign with weekly / monthly targeted funds to be achieved. Best suited for educational fees & improving living condition. Funds may not be drawn above targeted funds, over donations will instead carry over to the next collection cycle.
  • Indefinitely timed campaign with no target funds. Best suited for known large organisations such as Red Cross, UNICEF, Cancer Research Foundation etc. Total tokens donated up to date will always be displayed.
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