How Ethereum Can be a Ray of Hope for Syrian Children

What is Unicef’s Game Changing scheme and how is it going to be beneficial?

On February 2nd, Unicef launched a revolutionary project aiming to fulfill the monetary needs of the Syrian children. The project, known as “Game Chaingers”, uses cryptocurrency mining as a method to raise funds, hence coming up with the name ‘Chaingers’. And the organization is requesting for help from gamers with powerful graphics cards in their PCs to mine cryptocurrencies. Ever since the beginning of the initiative in February, only 465 gamers have signed up raising just $1340. The organization is hoping to raise a good amount if a large number of gamers around the globe come together to help out the kids.

What inspired Unicef to use Ethereum?

Ever since cryptocurrencies rose to popularity, mining them has become a lucrative business worldwide. And eventually a large group of people got involved in buying and selling them. Ethereum, the second largest cryptocurrency by market capitalization, is considered to be one of best platforms in blockchain technology.

The effectiveness of blockchain based systems has become widely known as organizations like WFP have shifted from giving food handouts to providing cash payments. The United Nations agency, known as the World Food Programme (WFP), has used the Ethereum blockchain technology to transfer cryptocurrency vouchers worth $1.4m to a total of 10,000 refugees in Syria.

Though this, Unicef saw the potential of using blockchain technology. The key benefit of this system is that it allows organizations to pay the contractors directly without involving a middleman and the security is ensured by Ethereum at each stage of the contract. Another motive behind using the blockchain technology is to eliminate any third party involvement, hence ensuring transparency in transactions.

However,the price of bitcoin has been dropping since December. At the time of writing, Ethereum is trading at $579 per coin and is still continuing this downward trend. Whether this attempt would be a success or not is yet to be seen.

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