IoTeX, a Blockchain Startup, Turns Cryptocurrency Hype into Donations for Charity

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IoTeX’s second Charity Program raises money to foster the next generation of blockchain “hackers”

We are excited to join DoraHacks on their mission to support the hackers of today, which we believe will be the future innovators of the blockchain industry.

Crowdsourcing to raise money for charities is nothing new, but IoTeX is utilizing a new approach to redirect cryptocurrency hype towards charitable donations, while also rewarding those who donate. IoTeX, a startup building privacy-centric blockchain infrastructure for the Internet of Things (IoT), recently completed their second Charity Program, where those who donated were given ‘tokens of appreciation’ by IoTeX. Jing Sun, co-founder of IoTeX, said, “we are grateful for our incredible global community that participated in IoTeX’s Charity Program. IoTeX is proud to support the broader blockchain ecosystem, and knowing our community is by our side makes it even sweeter.”

IoTeX’s first Charity Program in March to support the Ethereum Foundation was met with resounding support from IoTeX’s community, and their second Charity Program was no different. IoTeX raised over 140 ETH to support DoraHacks, China’s largest hackathon organizer and developer community, which will use the donations to reward hackers that successfully complete projects on real-world blockchain and IoT problems suggested by the IoTeX team. In addition, IoTeX will serve as mentors and judges in upcoming hackathons, and will also donate IoT hardware devices for hackers to incorporate into their projects.

“In our first Charity Program, we donated to the Ethereum Foundation, the pioneers of blockchain who paved the way for companies like IoTeX to innovate.” said Raullen Chai, co-founder of IoTeX. “This time, we chose to donate to a different but equally important population: the next generation of blockchain and IoT developers.”

Many former “DoraHackers” have already gone on to start and lead successful blockchain startups. This year, DoraHacks will leverage their unique ability to build deep-rooted developer communities to expand globally to 10 countries, including the USA, South Korea, Japan, and England. To provide transparency into how donations are dispersed around the world, IoTeX and DoraHacks will publish the donation recipients on their websites, as well as their respective technical code on Github. Furthermore, the flow of funds from IoTeX donors’ to DoraHacks’ to “DoraHackers’” cryptocurrency wallets will be verifiable, thanks to the traceability and immutability of blockchain transactions.

“One of the most important, but often absent, aspects of giving to charity is knowing how your donations are used”, said Qevan Guo, co-founder of IoTeX. “We are glad to be able to inform our community of the innovative projects funded by their donations and will use transaction traceability, a native benefit of blockchain technology, to ensure full transparency in our Charity Program.”

Following their initial “StoneVan” code release in April, IoTeX will unveil their second code release (Testnet Alpha) in June, which will include innovative features developed fully in-house such as their Roll-DPoS consensus mechanism and lightweight, dual-key stealth addresses. While the IoTeX team pushes forward on their ultimate goal of “connecting the physical world, block by block”, it is clear that they will never forget to support the broader blockchain ecosystem, as IoTeX will be holding several more Charity Programs in the coming months.

About IoTeX

IoTeX is the auto-scalable and privacy-centric blockchain infrastructure for the Internet of Things (IoT). IoTeX’s global team is comprised of Ph.Ds in Cryptography, Distributed Systems, and Machine Learning, top tier engineers, and experienced ecosystem builders. IoTeX is developing several in-house innovations to push the frontier of blockchain 3.0, including a blockchain-in-blockchain architecture for heterogeneous computing, lightning fast Roll-DPoS consensus mechanism, and lightweight privacy-preserving techniques, to bring autonomous device coordination to the masses.

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Larry Pang
IoTeX
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since: 12/2017
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