Recently, I wrote about how the cryptocurrency boom is making many young and idealistic investors exceedingly rich. And with this newfound wealth comes the opportunity to pursue passions projects. And this is exactly what one ICO is doing for public educators.
There is no doubt that in spite of the large amount of money being funneled into the department of education through taxation, many public schools fail to get the supplies and resources they are in need of. As is the nature of all government bureaucracies, taxpayer money is spent primarily on the salaries of high-ranking administrators and not on actual education costs. That is why many teachers have stopped relying on the government and have instead turned to crowdfunding sites to have their needs met.
The “Largest Donation of Cryptocurrency”
Last week, the crypto-based payment network, Ripple, donated $29 million to the site DonorsChoose.org. DonorsChoose.org is a crowdfunding site that helps connect teachers with donors in order to meet their various classroom needs. To date, this donation on behalf of the ICO is the “largest donation of cryptocurrency” on record.
The donation itself was made in cryptocurrency, but the site will convert the donation into US dollars over the next few weeks Ripple’s token, XRP is currently only worth about $0.53, but when looking at its market cap, it is the third highest ranking cryptocurrency. XRP will be used to fulfill over 35,000 funding requests on the site. In a statement released to the press, Ripple stated:
“Approximately one million students are receiving books, school supplies, technology, field trips, and other resources vital for learning through DonorsChoose.org.”
But just how far can $29 million go towards fulfilling the teacher’s needs? Thanks to Ripple, every single teacher on the site was able to have their needs met.
A Different Way
One of the true wonders of ICOs and blockchain is the fact that this technology is making decentralization easier than at any other time in history. This is largely because this technology is continuously showing us that private entities can solve problems that governments cannot. And in many cases, these problems were started by governments in the first place.
Whether it is stealing data from its citizens or failing to secure it against hackers, the government is horrible with our private information. But where the government is constantly trying to see what we are up to, the blockchain is making it easier to transfer data anonymously and without the fear of having it confiscated by the government. But the power of this technology does not end there.
Because so many early crypto adopters have made a fair amount of money, they are able to show us that the government need not be relied on for funding every program under the sun. for example, when Puerto Rico was devastated by the latest hurricane season, many called for government aid. But crypto investors stepped in with their own plan. The project, “Sol” was started by crypto investors and focuses around helping rebuild the Puerto Rican economy. Wealthy investors are now moving to the island with their newfound wealth and are creating new jobs for the locals while also helping the island become a major crypto hub.
Many people who have traditionally seen the government as the only medium through which public programs can be funded are now seeing that there is another way. But cryptocurrency is showing us that we do not need the government in order to have financial needs of educational facilities met.