What is charitySPACE?
The Internet platform (along with mobile application) charitySPACE organizes charity fundraising and other charity events. A single collection is characterized by duration (e.g., 7 days from the start of the collection) and the threshold for the minimum amount (soft cap) to be collected. Once the minimum collection amount has been exceeded, the system will collect the donated funds and by the end of the duration (for example, at the end of the seventh day of raising) it will draw a winner from the donors. The prize will be in the form of a cryptocurrency or a material reward. If the soft cap is not reached after the collection time has elapsed, the collected funds return to the accounts of the donors.
Once the collection period has elapsed and the soft cap is reached, the winner will be drawn. The prize is automatically transferred to Blockchain’s address of the drawn person. The remaining funds are transferred to the charitySPACE account. This amount (after ablation of own commission) is then exchanged into the FIAT currency and publicly transferred to a charity. All costs associated with the stock exchange, tax, and possibly turnover within Blockchain ETH/BTC are the concern of the charitySPACE.