Stellar Ecosystem helps eliminate the consequences of floods in Brazil with the help of a cryptocurrency fundraiser
Date: 2024-06-13 Author: Henry Casey Categories: BLOCKCHAIN, IN WORLD
Recently, the decentralized open-source protocol Stellar was used to raise funds for food aid in Brazil. The event was a response to heavy rains and winds that hit the northern region of Rio Grande do Sul in late April, causing some of the worst flooding in 80 years.
Using the Stellar blockchain, Brazilian engineering firm CheesecakeLabs, part of the Stellar ecosystem, launched a cryptocurrency fundraising campaign. The purpose of the fund is to provide assistance to affected families, schools, shelters and charities. According to CheesecakeLabs CEO Marcelo Gracietti, donations can be made using USDC using a zero-fee protocol with instant transfers. Donations to XLM, Stellar's native digital asset, are also supported.
Message from Stellar
Stellar noted in its X post that ecosystem developers are actively using their skills to help communities in times of crisis. “It’s incredible to see developers who understand the power of these solutions mobilize them to help their communities in times of crisis,” the statement said.
This initiative demonstrates the potential of blockchain technologies to provide real assistance in times of crisis. Blockchain provides a transparent ledger, allowing donors to track their contributions and be confident that their assistance is reaching its target. Additionally, blockchain eliminates geographic restrictions, allowing donors from around the world to contribute to relief efforts.
Why Stellar
Stellar is a blockchain network designed to facilitate cross-border transactions, minimize costs and democratize financial services. The Stellar Consensus Protocol (SCP) provides fast and environmentally friendly transaction confirmations, typically completed in 3-5 seconds. This makes Stellar an effective tool for quickly delivering funds to those in need.
Past Initiatives
The use of Stellar for cryptocurrency donations in Brazil is not the only example of the technology being used for charity. Last year, UNHCR used the Stellar platform to send donations to Ukraine. This process included receiving a wallet upload notification to receive an incoming transaction, which demonstrated the effectiveness and ease of use of Stellar for humanitarian purposes.
Stellar Ecosystem's flood relief initiative in Brazil highlights the importance of blockchain technology in today's crisis situations. These technologies make it possible not only to quickly deliver aid, but also to ensure transparency and trust in the charity process.
