FRTS is a platform that provides an ecosystem of services through an easy-to-use interface, connecting the different stakeholders in the non-profit space and ensuring transparency and traceability of all donations. FRTS’ services include a payments gateway to make donations in any local currency, a wallet to facilitate currency storage and donation, an explorer to track donations, tools to connect donors with other actors and tools to build and run fundraising campaigns.
FRTS is the only cryptographic token that could be used in Global Trading Outlet (GTO). GTO is a shopping website and an E-commerce platform where charity organizations, individuals, and companies can purchase goods using FRTS coins.
They can purchase all daily necessities such as food, beverages, fruits, rehabilitation products, health & food supplements, and stationery via the platform. By adopting initiatives and promoting the concept of environmental protection, GTO also works with various suppliers to donate and sell stock lots or end of line products at below cost on the website.
The primary objective of GTO is to respond to emergencies around the globe and to provide disaster relief services to massive scale catastrophes.
Another critical objective of GTO is to create a self-sustainable and efficient agricultural system for farmers in developing areas by trading agricultural products and homemade products, such as bags, baskets, and soaps.
GTO will donate all remaining income to charitable organizations after deduction of the administration fee and operational expenses.
Blockchain technology and the adoption of cryptocurrency now promise to transform the industry by providing transparency and accountability while enabling efficiency and cutting costs.
Charities will greatly benefit from blockchain technology. Although the benefits of transparency and the potential of cryptocurrency are clear, nonprofits are not always well positioned to embrace new technological initiatives. Typically, they are focused on their core business which is helping the recipients of charitable donations. They can however quickly see the benefits when they are introduced to the new technology, especially in a way which does not require any infrastructure investment on their part.
As we have seen, the benefits of applying distributed ledger technology to the non-profit sector are numerous. Donors will have more trust in the sector and, consequently, will be more willing to donate. To introduce transparency and traceability into the non-profit sector, we have devised FRTS, a NEM token that aims to become the preferred method to donate transparently on the blockchain. The adoption of cryptocurrencies will impact the way we donate in the future and FRTS will play a leading role in this new era of fundraising.
The FRTS coin forms the basis of all donations in the FRTS ecosystem. Financial donations whether in fiat or cryptocurrency are held in trust by GRDA trust company, with the donor receiving FRTS tokens that reflect his contribution and are later used to direct his donations to the causes of his choice. In this way, the FRTS token is the cornerstone of traceability and accountability in the FRTS system.
A charity that has accepted a donation is registered as a participant in the FRTS system and chooses to avail of the advantages of the system such as traceability and transparency can transfer the donation to the GRDA trust in exchange for FRTS tokens. These tokens are then transferred back to the original donor and form the mechanism by which the funds are tracked on their way from donor to final recipient. The donor has the opportunity to request that the funds be used for a specific project that he considers worthwhile and can follow their progress, request feedback and see the results as they pass through the system.
FRTS is a platform based on the NEM blockchain and powered by FRTS tokens. The platform provides an ecosystem of services through an easy-to-use interface, connecting various participants in the non-profit community and ensuring transparency and traceability of all donations. Donors, charities, causes, projects and many more will benefit from the services provided by the FRTS platform. To simplify the donation process and increase FRTS adoption, FRTS will integrate several services into one single platform that includes a payment system to accept donations in fiat and crypto into the FRTS system, a wallet to store and manage these donations, an explorer to track donations and resources and an interactive fundraising campaign generator.
Charities and other causes must register and be verified to receive donations through the FRTS platform. A unique public address is assigned to each charity or cause and allows the platform to track donations and monitor how and where funds are used. Charities and causes once registered and verified, will be able to share their public profiles, donations received, use of funds and updates on projects, etc.