Cryptocurrencies and blockchain-based technologies, in general, exploded in popularity over the past few years, and especially in 2021.
This was largely due to the parabolic increase in the price of Bitcoin, which charted an all-time high of around $65,000 in April. This propelled the entire industry forward and also brought to light a variety of projects, apart from the ones with large market capitalization.
While a lot of the projects are focused on building financial applications, there are also those who are looking to tap into the potential of blockchain technology to empower individuals.
One such project is CluCoin.
What is CluCoin?
CluCoin is a project which pictures a future where people throughout the world can join forces in an attempt to alleviate suffering through charities. The team wants to build one of the biggest communities focused on charity, where each CLU holder will have a vote, and all donations are transparently and immutably recorded on the blockchain.
CLU is an abbreviation for Community, Love, and Unity. In addition, the team plans to build a charitable organization called CLUnited by the end of the third quarter of 2021. The idea behind this organization will be to empower holders of the CLU token to make tax-deductible donations from their own CluCoin Wallet.
There are two types of donations that users can make. These are:
- Direct donations – users will have the ability to donate the dividends they receive by holding CLU tokens via CLUnited.
- Scheduled Donations – there’s also a potential for a donation scheduling service where users will be able to schedule periodic donations.
It’s also worth noting that anyone who donates to charity through CLUnited will be fully furnished with accounting of their contributions for tax purposes.
About the CluCoin Currency
Underpinning the entire ecosystem is CLU – the cryptocurrency behind CluCoin. Before we get into details, it’s worth noting that it just got listed on the BitMart exchange. Deposits are available since July 2nd, whereas trading was enabled on July 13th.
Besides a social currency, CLU is also supported by unique NFT assets and community development. According to the whitepaper of the project:
All revenues potentially derived from the CLU community project will be directly reinvested towards accumulating more valuable NFT-related assets to drive capital appreciation and community engagement. CLU will create a virtuous cycle of appreciation through the curation, expansion, and management of its underlying tangible and intangible assets.
In addition, the team has developed the CluCard Wallet – a cryptocurrency wallet allowing users to store their coins and support charities while doing so. It will have an asset viewer, asset swaps, QR scanner, Web3 browser, and so forth. Moreover, with the CluCard VISA, users will be able to deposit directly from their bank accounts.
Touching on the tokenomics of the project, CluCoin imposes an automatic redistribution of 10% of all transactions.
Of this, half goes back to CLU holders while the other 5% is added to the liquidity pool. Naturally, the bigger your share is, the more you’ll receive. It’s also worth noting that the liquidity pool has been locked for one year, starting on May 19th, 2021.