ConsenSys and WWF launches Impactio
ConsenSys and WWF to Launch Impactio Platform for Transparency
September 30, 2019
ConsenSys and WWF launches Impactio
ConsenSys and WWF to Launch Impactio Platform for Transparency
September 30, 2019

ConsenSys, a blockchain startup founded by Joseph Lubin, the Co-Founder of Ethereum (ETH), and the World Wildlife Fund (WWF) have jointly launched the Impactio platform to bring transparency into philanthropy.

It has been reported that there was an announcement which was made on September 24, that a new partnership between ConsenSys and the WWF resulted in an Ethereum blockchain-based platform dubbed Impactio which designed to supervise and fund projects within non-governmental organizations and standalone companies. The impulse behind the initiative is to record how companies’ funds are spent on social impact projects.

However, individuals and companies who use Impactio should submit their projects, providing clear objectives for aspects such as sustainability, inequality, emerging communities or the environment in accordance with the United Nations’ 17 Sustainable Development Goals.

Consequently, curators receive Impactio Tokens in a digital wallet, with the platform using a system that is based on ConsenSys’ research on Token Curated Registry (TCR) to arrange and choose high-potential projects and subsequently, present them to potential funders. The announcement further explains the TCR’s role in the process:

“It requires curators to stake their tokens to back a project, and for curators who wish to dispute that project to stake the same amount of tokens. If there are no other curators who object to the project, the project will be approved and surfaced for donors to decide on funding. If there are objections, curators can challenge the project by matching the tokens staked by the curator backing the project.”

It has also been reported that according to Robby Greenfield, the Co-Founder at ConsenSys Social Impact, “Many nonprofits struggle to show that they are using their funds effectively and how it aligns their funders’ goals.” In fact, a law firm Nolo’s study declared that 75% to 85% out of 220,000 nonprofit organizations improperly allocated their expenses.

ALSO READ :  Blockchain in the Insurance Industry

Industry players support blockchain in philanthropy

Francesco Nazari Fusetti, Founder of AidCoin

According to Francesco Nazari Fusetti, the Social Entrepreneur and Founder of ‘AidCoin’ the Ethereum blockchain-based token, and ‘CharityStars’ the full-service platform, earlier told Cointelegraph: “Charities must keep in touch with their donors all the way through the project, and keep updating them about the new milestones reached” in order to prove that a success story is true, as well as to ensure that the work is substantial.

 Fusetti added:

“Adding financials and proofs of payment definitely helps to create a success story, but only with crypto and blockchain we can aim to give full transparency about the use of funds.”

Francesco Nazari Fusetti

Likewise, in early September, it has been reported that Rainforest Foundation US, a New York-based nonprofit NGO working in Central and South America, was hoping to support anti-deforestation efforts with crypto and blockchain technology.

Thus, Binance Charity, the philanthropic wing of major cryptocurrency exchange Binance, also started a campaign to help support victims of Hurricane Dorian.

ALSO READ :  Microsoft To Develop Blockchain Card Game Based On 1980’s Game Book Series

Source: Cointelegraph


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

A Brief Overview On Wrapped Token

A Brief Overview On Wrapped Token

A wrapped token is an ERC-20 token with a value identical to another asset that it represents, either through a smart contract or by being backed one-to-one with the underlying asset. It is an asset hosted on the...

Blockchain in the Tourism Industry

Blockchain in the Tourism Industry

Tourism can be defined as traveling to a place that is different from your home city or country for various leisure or business purposes, and staying there for some considerable period of time at a length. It becomes...

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. She is an archetypal writer, who loves to create her own little world with words and locutions. Apart from this, her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
Share This

Share This

Share this post with your friends!