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Dash to Bank the Unbanked

ewok

ewok

Member
Masternode Owner/Operator
Dash To Bank


Introduction to myself- I am a MN owner and also support the network with Baikal miners. I currently sit on my local Chamber of Commerce Board, involved in small business and other interesting projects.


I was reading through old bitcoin articles and predictions. Early on as you know bitcoin was touted as a panacea. In particular was the hope that it would deliver banking/financial services to those who dont or cant access the traditional system currently which the world bank currently numbers at 2 billion. This does not include under-banked.


The question is then raised as why has this not happened?


I started looking for some empirical data and found "Banking the Poor Via Savings Accounts Evidence From a Field Experiment 2013"


https://www.poverty-action.org/site...ons/Banking the Poor via Savings Accounts.pdf


The synopsis is that the poor dont have an account due to high proportional fees and access which is also the current state of bitcoin and why it will not solve this issue in its current state. They then demonstrate the effects of banking has on these people with empirical results. Needless to say it becomes a positive tool in their life and a high uptake when available.


Dash meets this criteria- there are no fees to hold a wallet, you can even transfer for 0 currently and it appears evolution would be at or near 0 for small infrequent usage and access can be anywhere with internet. We have the solution here.


Goal- To replicate this study using Dash which then forms a model that can be grown emulated. Dash to Bank the Unbanked.


The next step is implementation and adoption;


One of my best friends father who has heavy involvement in philanthropic work of which has a project running in India for the last 8 years. They arrange medical professionals to visit/tour the neighborhood that they support, have built schools and created entrepreneur programs to provide tools so that poverty cycles can be broken. They a currently have 1000 women in such a program and I think in the range of 7000 children supported in school as examples.


I went and spoke to him about Dash and the attached paper with his response being exceptionally positive. He wants to know how we can implement this, given we are provided logistical support and access to their network. Note we retain the control of distribution and not a third party.


With the Dash network and access to 1000 persons we would look at the following outcomes


1- We can replicate the attached paper to achieve empirical results for Dash being used to "Bank the Unbanked"


2- This then can serve as a model which can then be rolled out by many other groups. If consistent with the 2013 study it will make a difference which cant be refuted and attract the interest of many others who would want to emulate the model.


3- This creates multiple positives for the Dash network-


· Usage and adoption

· A model which can be deployed to an enormous number of persons worldwide by anyone

· A highly visible project where a crypto currency is solving a real world problem

· Amazing PR for Dash

· Evidence based results for charity contributions

· Verifiable chain of delivery method versus current opaque methods

· The increase in value to the dash network from usage/adoption and funds that flow in to support such a project from the outside. Fiat inwards.

· We would see a ROI on such an initiative and hence this could be funded in accordance.

· This becomes self perpetuating




Note for adoption to occur we require usage and acceptance by merchants. I believe we can resolve this issue for "Banking the Unbanked" by the following. We are given access to 1000 persons such as their entrepreneurs program. We now have a concentrated user base in a small area. Given the density of our new 1000 users and the community contacts of the charity group we can easily on-board several merchants being medical, grocery and general supplies (we only need the essentials). I would also set up a liquidity provider to handle exchanges for the merchants so that they achieve the same or slightly better than in a straight fiat scenario. Profits generated would be recycled to grow the model. In time I would see local liquidity and alternative exchange gateways pop up.


To be clear we would provide the 1000 new users in a concentrated area with X dash, which they would be shown how to use at several merchants in their neighbourhood. Note the average wage per family per day is approximately 1 USD.


With regard to PR and positives to the Dash network my friends father has a a very surprising reach to high level contacts, he has personally met with the Pope and a number of heads of State with regard his work. In the coming weeks he is meeting with Hugh Jackmans Foundation for potential collaboration in India.


With regard to India the game of cricket is a religion where players are demi gods. Through my friends father we would have direct access to some of the most prominent Australian cricket stars current and past who he could illicit support from. This would have high media penetration. This alone would be a PR boon for Dash.


I have several thoughts on how this project could be funded, assume all working parts are resolved, note this is just a brief overview-


1- Some initial funding by the treasury to initiate the project


2- This becomes the Dash official philanthropic en-devour where unspent budget created could flow, given the ROI is inline with increasing value to the network as would be demonstrated by the initial program. All outcomes should have empirical data and in such the value that is created to the network from “banking the unbanked”.


3- Donations from outside sources for the "banking the Unbanked" project - fiat then changed into Dash- distributed (positive flow into Dash), crowdsource donations, access to various foundations. Donations from non crypto as the benefits of their donation can be shown empirically.


I think we could get this project funded by a third party source.


4- Dash users may donate also given that they see the value to the network and at the same time giving people the tools to break a poverty cycle.





The project would be carried out by a registered charity or not for profit that would be registered with the Australian Charities and Not for Profits commission. This allows access to grants, tax exemption, free resources and pr channels. This would be with the specific purpose “Dash to Bank the Unbanked”.


I would look to have the legal and accounting work donated as with many other required aspects of the project.


The project could form part of collaboration with a University as part of an economic and sociology study.




So what do I want from the network:


1- This will be a specific purpose charity owned / administered by the Dash network. This project to have the support of the network.

2- The Dash network will provide some limited funding initially with the aim of this project being funded by a third party.

3- This will be Dashs philanthropic aim to bank the unbanked. This then will have empirical results for the network on adoption and usage.



The above is a rough outline and I look forward to comments / discussion of this topic
 
I recently did a show with a gentleman from India regarding the cash crunch and the problems it is causing. I think this is a fantastic idea that, if implemented, would be a great chance for Dash to shine. A local economy, with a majority unbanked, using Dash for transactions. It has the potential to create a snowball effect and get Dash some much needed publicity in mainstream media.

I'm still a little fuzzy on the details, and since you're a random person from the Internet, I'd actually have to verify if the claims you make are true. Other than that, this is a wonderful proposal. I look forward to my fellow community members' input.
 
TaoOfSatoshi said:
I recently did a show with a gentleman from India regarding the cash crunch and the problems it is causing. I think this is a fantastic idea that, if implemented, would be a great chance for Dash to shine. A local economy, with a majority unbanked, using Dash for transactions. It has the potential to create a snowball effect and get Dash some much needed publicity in mainstream media.

I'm still a little fuzzy on the details, and since you're a random person from the Internet, I'd actually have to verify if the claims you make are true. Other than that, this is a wonderful proposal. I look forward to my fellow community members' input.
Click to expand...

Verification is an important part of any proposal and I am happy to provide such information.

This idea does have a number of moving parts of which all need to be bedded down in greater detail but the large parts are there which could make this work.

The input from the community is essential so that the submitted proposal covers any issues that are raised and areas that i may have not considered.
 
I think this is an amazing proposal. In fact I was thinking in the same lines before to do something like this. you will get my vote for sure on a proposal (if the economy is reasonable)
 
Setting up a local Dash ecosystem in a place that really needs it is a good way to drive adoption. I like the idea of the proposal.
 
I'll vote yes proposal if you can give me some proof of what you just stated.

"Introduction to myself- I am a MN owner and also support the network with Baikal miners. I currently sit on my local Chamber of Commerce Board, involved in small business and other interesting projects."


"With regard to PR and positives to the Dash network my friends father has a a very surprising reach to high level contacts, he has personally met with the Pope and a number of heads of State with regard his work. In the coming weeks he is meeting with Hugh Jackmans Foundation for potential collaboration in India.
"
 
noobtrader said:
I'll vote yes proposal if you can give me some proof of what you just stated.

"Introduction to myself- I am a MN owner and also support the network with Baikal miners. I currently sit on my local Chamber of Commerce Board, involved in small business and other interesting projects."


"With regard to PR and positives to the Dash network my friends father has a a very surprising reach to high level contacts, he has personally met with the Pope and a number of heads of State with regard his work. In the coming weeks he is meeting with Hugh Jackmans Foundation for potential collaboration in India.
"
Click to expand...
@ewok These are the things I would like verification for, except the MN and miner thing. To me, that part is irrelevant.
 
Agreed I will acquire and provide said proof. I anticipate having this back by mid next week.
 
This could work if there were enough proper FIAT gateways. There are many unbanked people with android phones capable of running a dash wallet.
 
I do not know the penetration of smartphones in this group. I was assuming close to zero hence I would require setting up a multi pc station- a bank of sort. If @Idw is correct this would be a bonus.

This is the type of detail which needs to be hashed out before a budget proposal is submitted by myself.

Initially I see no fiat gateway there hence would have to create this also for the flow of dash and fiat in this community. I do see however in time fiat gateways would be crated in the community.

Check this link to the Gates Foundation- sounds like Dash to me http://www.gatesfoundation.org/What-We-Do/Global-Development/Financial-Services-for-the-Poor
 
Attached is some evidence to create a better understanding the proposal. There will be more to add.

https://postimg.org/image/hfbxbkxq5/
https://postimg.org/image/8ks9ka6tv/
https://postimg.org/image/a0m3cgigj/
https://postimg.org/image/3r42cyigz/
https://postimg.org/image/adoa01lk7/
https://postimg.org/image/59hy13sg3/

Attached are various pictures- Noel standing in front of his Order of Australia holding his passport. Noel with Adam Gilchrist (one of the all time great Australian cricketers), Noel with Steve and Mark Waugh (famous high profile cricketers also) In his younger days. , Lifetime award in his field. All posted with his explicit permission.

From his work in India Noel wanted to see if he could make a bigger difference so he developed the 3P plan which is what he spends considerable time in trying to further. This is the majority of his meetings. www.the3pplan.com

Please note that from Noel I am asking the following - access to his contacts and future meetings that he caries out. Arranging access to the people required to replicate this study in India and logistical support - he corrected me on some terminology that the women are in the "empowerment program". I explained I want to piggy back on all the work and contacts that he has made. Noel has no problem with this as long as the project provides a net positive.


There are a lot of moving parts in this potential proposal of which I am working on the detail so they can be addressed.

I would like some feedback on the following:

How should funds which are generated by the community be held before distribution assuming the model is correct? multi sig wallet? Who would be a trusted sig?

There are many aspects of this proposal that make a great research papers. Are there any suggestions on recommended institutions or angles?
 
Dashes fiat gateways are pretty good, certainly in the top 5 as far as crypto goes and the Dash to fiat side is good enough for the day to day needs of many users already but fiat to Dash (or any other crypto) is more difficult. Mostly that's because fiat is godawful clunky stuff, a business will go to the trouble of subscribing to Visa, Mastercard, Paypal, direct bank transfers, etc. but not most regular folks, Paypal kind of fits but chargebacks make it incompatible. The best option is obviously to get paid in Dash but fiat will still cause problems somewhere, it's what practically everyone has in their pockets but folks pay for all kinds of things every day digitally and not all of them have bank accounts so how do they do that? That's the point of entry. Here a service called Paysafe is quite popular, you can get it for cash in most 7/11 type shops, pre-paid debit cards are another commonly available option and maybe there's some way of using prepaid phone credit. Lots of possibilities, maybe even too many, anywhere cash can be exchanged for a digital payment method.
 
stan.distortion said:
Dashes fiat gateways are pretty good, certainly in the top 5 as far as crypto goes and the Dash to fiat side is good enough for the day to day needs of many users already but fiat to Dash (or any other crypto) is more difficult. Mostly that's because fiat is godawful clunky stuff, a business will go to the trouble of subscribing to Visa, Mastercard, Paypal, direct bank transfers, etc. but not most regular folks, Paypal kind of fits but chargebacks make it incompatible. The best option is obviously to get paid in Dash but fiat will still cause problems somewhere, it's what practically everyone has in their pockets but folks pay for all kinds of things every day digitally and not all of them have bank accounts so how do they do that? That's the point of entry. Here a service called Paysafe is quite popular, you can get it for cash in most 7/11 type shops, pre-paid debit cards are another commonly available option and maybe there's some way of using prepaid phone credit. Lots of possibilities, maybe even too many, anywhere cash can be exchanged for a digital payment method.
Click to expand...

Yes the pre paid phone credit cards are a very pertinent gateway especially in developing regions.
 
Great initiative. Are you guys familiar with Tigo CTM? Here's a youtube video on a brief explanation of what they're about and here is their FAQ.

It's basically a Crypto Teller Machine. There's 2 models, one that only takes in fiat and gives Dash or Bitcoin (costs 6500 USD) and another that takes in fiat gives out Dash / BTC and viceversa (costs 11,000 USD).

Their selling point is basically remittances but could serve as a fiat gateway for some people.

This is likely not the best alternative to pre paid cell phone cards as a fiat gateway, but I just wanted to through it out there.
 
Hi All updates in progression of this idea.

I spoke with the Author of the Banking the Unbanked whitepaper. Fintech is a hot space for studies but her particular focus is now on 'trust of systems by communities". I think this refers to how now tech is adopted by the poor (in this case) or not due to trust issues and or previous bad experiences.

I also had correspondence relayed to me regarding the banking situation in India which makes the angle I was initially proposing moot.

"Dear Dr. Noel,

Greetings!!

First of all mu sincere apology for this very delyed reply to your mail. Honestly I had almost forgeotten till you reminded me again on 27/2.

I am so happy to see how concerned you are about the upliftment of the people in Siliguri area where Seva Kendra is working.

Coming to the question of the poor people especially the tea garden labourers and the rock breakers having bank account I have these comments to make. Yes there was a time when poor people had no access to banks and all the saving was in the form of cash in their homes which was difficult to to save!! However of late due to various government schemes most people had to open savings accounts in banks in order to access the monetary benefit of the different schemes and projects. Lately due to demonetisation in our country the few that did not have bank accounts are also forced to open one. Hence I after having a short meeting with our office staff feel that almost 75 to 80% have now bank accounts even though they may not have any money in it.
However among those who are not in the tea gardens, those who are small farmers, daily wage labourers and unemployed including rock breakers etc will still be without a saving account.... ..this may amount to 20 to 25% of the population in the villages.

Hope Dr. Noel I have understood your mail rightly and have given the information you were looking for.

Fr. Felix"


Given the above it would appear one of the key components- study group is not available hence this is not feasible.
 
Can't the project be centered towards empowering them to use digital cash that's under their control instead of feeding the system? It may not be as beneficial as providing them with great banking if they had not, but I'd think it still have value in them. Do you know what percentage of people have smartphones and Internet access?
 
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