Trustless
The third pillar of a MOTIV coin: a trustless system to implement its value
Last updated
The third pillar of a MOTIV coin: a trustless system to implement its value
Last updated
In cryptocurrency, the term "trustless" describes a system or protocol that functions without requiring trust in any single party, intermediary, or central authority. Instead, trust is placed in the underlying technology, typically a blockchain, and the consensus mechanisms that govern it.
Umigame employs a trustless mechanism for collecting and distributing its taxes. A 0.5% tax is applied to all UMC transfers, including buys, sells, and wallet transfers. These collected taxes are held by the contract until they reach a certain threshold (0.2% of the total supply). At that point, a swap function is triggered by the contract, converting the collected taxes to ETH and sending them directly to GiveDirectly's publicly listed wallet "0x750EF1D7a0b4Ab1c97B7A623D7917CcEb5ea779C" listed here:
GiveDirectly is a nonprofit organization that enables donors to send money directly to the world’s poorest households. Since 2009, GiveDirectly has delivered over $750 million in cash to more than 1.5 million people living in poverty. They currently operate in the U.S., Bangladesh, DRC, Kenya, Liberia, Malawi, Mozambique, Morocco, Nigeria, Rwanda, and Uganda.
Staying true to the trustless nature, the converted ETH is automatically sent to GiveDirectly's publicly listed wallet, with no human intervention involved. This process ensures complete decentralization and adherence to blockchain principles, contrasting with other coins whose charitable activities are controlled by individuals or organizations, which can undermine the purpose of decentralization.
IMPORTANT: GiveDirectly is not associated with Umigame coin or its founder. There is no formal or informal partnership, collaboration, or relationship between GiveDirectly and Umigame coin. GiveDirectly does not endorse, support, or approve Umigame coin in any way or form. Any claims or implications suggesting otherwise are false and misleading.