A new cryptocurrency known as CluCoin designed to focus on charity functions is making its way into the digital market.
CluCoin Is Looking to Tie Itself to Charities
The asset was created by a Twitch streamer known simply as DNP3. At the time of writing, his official identity remains unknown. In an interview, he explained the reason for the currency’s existence:
Our goal is to improve all our community members’ lives, while also making the world a better place through charitable donations. We donate all money that is earned from our charity wallet reflections to a charity of the CLU [CluCoin] Community’s choice. While [we are] not a charity, we feel it is also important to have a very strong community. For that reason, we established a community wallet with equal distribution. We are giving away $500,000 to a random community member, for example.
At press time, the currency does not have any specific ties to charities, though DNP3 has stated that the team is discussing things with multiple organizations and that partnerships should be formed soon.
According to its website, CluCoin is a currency that is also designed to fight inflation. It encourages its investors not to sell but to hold their units for the long term. The site says:
We have built a system designed to protect against whales [a person or group holding a large amount of a certain crypto coin that can impact its market price], encourage holding and help charities around the world. Our model rewards holders and saves money for charity each time someone sells… CLU shareholders share five precent of each sell action.
Further discussing the action of the enterprise thus far, DNP3 explained:
Fees earned each month go to a charity of the CLUmmunity’s [CluCoin community] choice. Within our first 24 hours, we have raised over $500,000 and have created a poll to allow the community to decide where we shall send the funds. It is 100 percent transparent and auditable.
DNP3 claims to have served for approximately 15 years in the U.S. Air Force. He also alleges to work as a “content creator and influencer” on social media. He says:
I am the lead developer [of CluCoin] and we also have an astrophysicist named Pogo who helped write the code. We took and modified a popular cryptocurrency contract and made a few improvements.
Looking to Give Back?
Since the coin first launched in May, DNP3 says he has been offering cash prizes to those who retweet various posts having to do with the asset. He states:
As I earned more and more throughout my career, the more I gave back, and when I saw how the hyper-deflationary model works with crypto, I knew it was an opportunity that could legitimately change the world and improve the lives of all involved (shareholders and charities).