What is 2GIVE Coin Crypto Crypto Beginner’s Guide
2GIVE is a cryptocurrency that is based on making charitable donations and contributions to social causes. The platform offers fees that are considerably less than typical third-party companies and allows users to donate without sharing any of their personal information. Users can donate any amount of 2GIVE to a charity of their choice, and the platform is run by a non-profit organization called Strength in Numbers Foundation (SNF).
2GIVE started when, in 2015, SNF took over the Givecoin blockchain. Givecoin suffered problems associated with pool hopping. The Givecoin blockchain originally used an X11 hash based on the Darkcoin blockchain and used the Kimoto Gravity Well to prevent throttling and pool hopping.
Unfortunately, the blockchain suffered from major pool hopping issues, where miners would switch between different blockchains based on how profitable it was to mine. When mining activity on the Givecoin blockchain decreased, hashes became easier to solve. Once miners began mining again, they would only mine until the hashes became significantly more difficult. This left the blockchain unable to conduct transactions for several days until hashes became easier to solve.
2GIVE decided to implement a hybrid Proof of Work and Proof of Stake concept, to reward both miners and users who staked 2GIVE coins.
GiveCoin 2.0 (2GIVE)
Users can earn up to 5% per year on all 2GIVE coins they hold in their digital wallet and a 1% transaction fee by mining. The blockchain uses a Scrypt algorithm, and block rewards are at least 1% of the transaction. Only hashes where transactions that add value to the blockchain offer rewards to miners.
2GIVE is available to purchase on the Bittrex, LiteBit, and Yobit.net exchanges, and there are 500 million 2GIVE coins in circulation.
How 2GIVE Works
Users can donate 2GIVE to individual charities and organizations, and charitable organization likewise can earn 2GIVE by staking and mining 2GIVE coin. Also, an organization can sell advertising space on its website to platform users, receive 2GIVE coin, and transfer it in to fiat currency.
Users can choose to donate the 5% interest fees they receive from staking to a charity or social cause of their choice.
Since non-profit organizations do not have shareholders, they are exempt from having to register with the Securities and Exchange Commission in the United States. This allows charities and registered non- profits to receive donations easily with less oversight.
Users get rewards for running their wallet and are able to send money anywhere around the world at very low fees. Intra wallet transactions are free.
SNF created the Do a Bit of Good website, which combines a screensaver with a crypto currency miner. This allows anyone to mine when their computer is sleeping.
SNF supports underwriters to buy and acquire organizations 2GIVE coins, which can be bought and sold at any price agreed to between the parties and re-distribute them to other non-profits. The platform hopes to foster and encourage a pass it forward charitable contribution concept. In most countries, these transactions aren’t taxable.