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Project Overview

Microlending with Dogecoin

Proposal - Use cryptocurrency for organised sustainable microlending. Cryptocurrency is at a stage when it transcends commodity status. People use it to buy pizzas, donuts, games, stuffed dogs and cars. Dogecoin, one such digital currency, has been used to dig wells, sponsor NASCAR drivers, build houses, and fund tropical countries at the Winter Olympics. The project will leverage the inherent advantages of dogecoin - no transaction costs, instant worldwide transfer, low financial entry barrier, no administration costs, generous community with a history of giving - to organise a sustainable microlending programme. Microfinance has been shown to improve financial inclusion and supports the entrepreneurial ambitions of a global populace. The project is split across two phases: P1) Contributions will be collected in dogecoin, converted to fiat currency and sent to shortlisted global microfinance institutions (shortlist based on repayment rates, systematic and open process, history, credibility). The funding is provided in fiat to show proof of intent from the dogecoin community. P2) Funds raised are sent in dogecoin to institutions, benefiting them with the above listed advantages. The first phase is necessary to show that (expected) smaller financial contributions from a larger base can significantly impact the funding to new entrepreneurial projects. Main objective - To raise $5,000 worth of dogecoin in the first phase of the project, and to shorlist 3 institutions which will be used as channels for impactful microlending. Loans once repaid will be reinvested to set up a sustainable base for funding projects. The completion of the first phase will signal the potential for using cryptocurrencies which break many of the traditional barriers to using smaller quanta for financial support. Empowering a bigger part of the global population will open up new means of allowing people to help others from the comfort of their homes.

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