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In Slovakia, to limit corruption and unclear political funding schemes, banks provide transparent accounts (transparentneucty.sk) as it is required by the law for every political campaign to be funded through such an account. In order to prove that money is not being misused, people have started using the transparent accounts in different ways:
Our goal is to research transparency, make transparent data easy to understand and introduce these solutions to Stellar. By extension of Stellar’s mission to bank the unbanked, we want to provide transparent accounts in countries supported by anchors, most of which are in emerging economies, and bring money where it’s needed, while building trust that the funds are spent effectively.
While the transparent account product is quite popular, we believe there are ways to improve it as some of the shared information is enigmatic without further explanation. The first step is to make transparent accounts available for everyone in the reach of Stellar anchors, and then we go even further by improving on what exists today.
More specifically, the current iteration of our vision includes providing discussion and other social network features in addition to basic bank account data such as balance and incoming/outgoing payments. Much like there are communities where research papers and other complex topics are discussed, Vitreous can build communities to discuss money.
Transparency is all about knowing who, why, what, how and how much. However, transparency is not only about making information available, but ensuring it can be easily accessed, understood and used by everyone.
Our goal is to research transparency, make transparent data easy to understand and introduce these solutions to Stellar. By extension to Stellar’s mission to bank the unbanked, we want to provide transparent accounts in countries supported by anchors, most of which are operating in emerging economies, and bring money where it’s needed, while building trust that the donated funds are spent effectively.
Lack of transparency leads to corruption and fraud. While it would require direct government involvement to solve these issues at the highest levels, Vitreous can take it one step at a time and provide easy tools for people to identify and warn about fraud or prove that they’re trustworthy.
The upcoming Stellar smart contracts and bridges will make it possible to connect to the booming DeFi ecosystem and provide a yield on top of transparent accounts.
Online giving has been consistently on the rise even during the pandemic. More than 20% increase in 2020, with only 20% donations coming from corporations. Only 3% charities rate their leadership as digitally savvy and 66% charities are worried they will miss out on opportunities for digital fundraising. This is an opportunity for Vitreous to bring a new simple online fundraising channel resembling bank accounts with lower fees and extra features.
Crowdfunding statistics clearly point out that engagement with donors leads to more successful campaigns and higher donations. Crowdfunding campaigns with videos earn 105% more and with regular updates 126% more. Sharing less than 2 times resulted in 97% failure. By providing social network features, it will be easy and intuitive for users to share what they were able to achieve with the donations and progressively build trust with their donors by answering their questions.
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Weaknesses
Opportunities
Threats
Charitable Giving
This shows that online donations are becoming more and more popular.
Crowdfunding
This proves that more community feedback increases donations.
Streamers, Content Creators and Influencers
These professions partly rely on donations as well. Vitreous can provide additional outlets to connect to their audiences. Responsible spending from their side might encourage more donations.
Essentially, creating a social network about money should create a whole new type of influencers.
Political Campaigns
In Slovakia, every political campaign is required by the law to be funded through a transparent bank account. The only information available there is: balance, incoming and outgoing payments, bank account numbers and their holders. This sort of transparency is not satisfactory. Journalists are going the extra mile to research this information. This is causing a lot of trouble for politicians since they’re complaining that their donors are contacted and harassed by journalists. Even though there is some transparency, it still requires a lot of work and effort to understand it. While journalists might do the work, an ordinary voter definitely won’t.
Bringing a more transparent product to the market can create a way for politicians, who care and are willing to prove to their voters at all costs that their funding is decent, to distance themselves from those who prefer not to get questioned about their funding.
Kickstarter
Indiegogo
Gofundme
Patreon
Buymeacoffee
Mightycause
We want to avoid any recurring costs and avoid hiring until necessary.
We want to work with freelancers and agencies and we will need to spend funds on these areas:
https://www.figma.com/file/ka5H3JuPh3nfToODdkEKQB/Vitreous?node-id=0%3A1
Matúš Vojčik
Founder
Matúš has received master's in Computer Science, Graphics and Artificial Intelligence from Comenius University in Bratislava, Slovakia. He worked as a freelance software developer and data-scientist on various projects and later moved to Paris and joined an early stage startup to build predictive models for professional esports matches. He also created hashbrownies.io with L2 smart-contracts Stellar Turrets. The belief that transparency can make the world fairer and enthusiasm for cryptocurrencies conceived the idea of Vitreous.
Discord: matus#8231
Sandy Kauy
UI/UX designer
Sandy has Master's in visual communication and graphic design from ECV in Bordeaux, France. She has over 7 years of experience in print, graphic design, art direction, production and social media. Even though UI/UX is not her speciality, she took the challenge of mocking up the MVP for Vitreous.
www.linkedin.com/in/sandy-kauy
Pierre Fenoll
Backend Engineer
Even before completing his Masters' and Engineer degree in Data Science and Artificial Intelligence from EPITA in Paris, France, Pierre moved to London and then San Francisco. Driven by insatiable curiosity, he worked on a spectrum of technologies ranging from continental-scale Voice over IP, Human-Computer Interaction with Computer Vision, three dimensional artsy exploration environments; to Real Time AI inference on mobile. Most recently he has launched FuzzyMonkey. Pierre strongly believes Game Theory and technology can finally bring an end to corruption worldwide.
The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on December 5, 2022 as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR). Learn more in the SCF Handbook.
*The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on July 5th as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
**The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on December 16, 2021 as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
*The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on September 27, 2021 as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
* The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on the date of transfer as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
*This budget request has not been fully awarded to the project. The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on day of payment as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR). Learn more in the SCF Handbook.
*This budget request has been awarded to the project in XLM. The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on day of payment as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR). Learn more in the SCF Handbook.
*This budget request has not been fully awarded to the project. The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on day of payment as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR). Learn more in the SCF Handbook.
*This budget request has not been fully awarded to the project. The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on day of payment as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR). Learn more in the SCF Handbook.
*This budget request has not been fully awarded to the project. The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on day of payment as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR). Learn more in the SCF Handbook.