Social organizations are turning towards the cryptocurrency market as a means of fundraising. It appears that they have to take advantage of the market conditions to fulfill demands. UNICEF is also no exception to this. The organization is looking at the alternative routes to raise funds for refugees. For this purpose, they have unveiled a unique type of fundraising exercise. This would mean that donators need not have to pay money and could offer their computer processing power. Its objective is to use such power for digital mining currency.
UNICEF’s Australian wing of the children’s charity has created a web portal that is known as ‘The Homepage.’ This allows visitors an option of donating their computing power anywhere between 20 and 80 percent, the Independent reported. That would allow them to generate units of monero, a rival to bitcoin that enjoys the most valuable digital coin currently. The organization clarified that the funds generated from the mining would support its response to the Myanmar Rohingya refugee crisis. The process involves solving complicated puzzles and only on resolving them, fresh units of virtual currency could be mined.
Director of fundraising for UNICEF Australia, Jennifer Tierney, said that “We wanted to leverage new emerging technologies to raise awareness about current humanitarian crises and raise funds to support children caught up in them.” The social organizations’ bet on the cryptocurrencies suggests how the market could move forward in the upcoming years. Digital currencies are getting wider acceptance despite tightening of rules in different nations.
The organization’s web portal explains about the crypto mining process. The web browser of a user’s computer processing has the power to solve algorithms of digital currency. A user could stay as long as he or she wants on the page to determine their donation. The longer the user stays, the more the processor power that is being donated. As a result, this would allow more algorithms to get resolved thus earning cryptocurrency to the UNICEF Australia.
The website indicated that “The cryptocurrency is automatically donated to UNICEF Australia and is turned into real funds that reach children through life-saving supplies like safe water, therapeutic food, and vaccines.” Currently, over 6,700 people have started donating their processing power to the organization. The proceeds would go to support children in danger throughout the globe.
Controversy on Power Consumption
The Homepage stated that a user could help in providing water, food, and vaccines to Bangladesh children just after joining the mining network. Mining of virtual currency with the help of people’s web browsers have become a more popular model to generate income. However, there are some controversies attached to it. For instance, the amount of power that it consumes raises controversy.
Another point is that cyber attackers are also exploiting the technology to take control of the portals. This was evident when research found that thousands of sites were compromised due to rogue code earlier this year. One among the affected website was NHS services, which is a data protection watchdog in the United Kingdom.