GiveCoin (2GIVE), is a stakeholder-based hybrid cryptocurrency project supported by the Minnesota-based nonprofit digital trust Strength in Numbers Foundation, whose director is David V. Duccini. The project's main purpose is to provide “socially responsible stewardship” by allowing users to easily support their favorite pro-social or nonprofit cause, also featuring a “paying it forward” service that allows users to hand out “social tips”. The 2GIVE platform ensures that donations reach their intended recipients by offering rewards to users who act as transaction validation nodes.
The 2GIVE platform's code is based on Bitcoin's, but is built on its own blockchain and uses the Scrypt algorithm instead of SHA-256. The Strength in Numbers Foundation pre-mined the initial 500 Million 2GIVE coins of the first 500 blocks of their blockchain, using a “distributed seed” node network. 2GIVE block times are variable, and every participating node contains a 2GIVE address named a “special GiveCoin vanity address” that takes close to five days to generate each coin. The 2GIVE website, provides links for wallets compatible with Windows, Mac OS X, and Linux. The project’s wallet supports in-wallet gifts and donations.
All newly minted coins on the 2GIVE platform are created through staking, a “shared reward system” that lets stakeholders gain up to 5% annual inflation-adjusted Proof of Stake returns on their holding, plus the possibility to earn 1% transaction fees through Proof of Work mining. 2GIVE coins are available for trade on BITTREX, LiteBit, and YObit.
Proof of Stake
As of September 15, 2016, GiveCoin developer TheLittleDuke announced on Bitcointalk the introduction of a “new variant” consensus system dubbed “Proof of Giving” that was to be implemented on top of the original Proof of Stake system. Proof of Giving was designed to allow any 2GIVE stakeholders to configure their wallets to automatically donate a percentage of their earned interests, to any approved charitable causes of their choosing. According to the Bitcointalk thread,
The basic concept would allow a stakeholder the ability to select a mixture of campaigns to support and then whenever their wallet staked its interest it would automatically bundle in the send transactions to the causes as part of the Proof of Stake, thus becoming a Proof of Giving block added to the chain. Since the POS block is permitted there would be no additional TXFEE added for the sends, making it essentially a free to support model on top of the 2GIVE network.
The announcement further stated that the RC6 version of their wallet software included a database of approved charitable causes available to be supported; adding that the list would be maintained by stakeholder nominations and user votes, and that the platform could possibly be used like a GoFundMe like system.
The 2GIVE project seems to be in active development, also maintaining a presence on social networks like Twitter, Facebook, and Reddit. The project also has a presence on Bitcointalk, on a post created by user TheLittleDuke, on August 16, 2014 entitled: “[ANN] [2GIVE] / New Mobile Wallet Available from SATOWALLET.COM”. TheLittleDuke still maintains the original thread, last updated on September 19, 2018.