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Blockchain startup Consensys has signed a partnership with the World Wildlife Fund (WWF) to launch the Impactio platform and bring transparency into philanthropy.
As per a press release, the Impactio, which is a curation and funding platform that works on top of the Ethereum blockchain, intends to oversee and fund projects within nongovernmental organizations and standalone firms. The recent initiative, designed around the United Nations 17 sustainable development goals, aims to track how funds of companies are allocated for social impact projects.
In the partnership, WWF’s experience will help determine the concerns that need to be resolved, whereas Consensys will work on developing a system that may assemble the required moving elements.
How Impactio works?
Individuals and companies that will utilize the Impactio platform are required to submit their projects with clear objectives for issues including sustainability and inequality to emerging communities and the environment.
Curators will receive Impactio Tokens in a digital wallet, and the platform will implement a system supported by Consensys’ research on Token Curated Registry (TCR) to curate for high-potential projects, which are later presented to potential funders. TCR is a means of adopting a blockchain token to assign different weights to various things on a listing.
The report further explained that the TCR’s role “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.”
Acting as a finite resource, the tokens can allow curators to place tangible weight to their words, which will reduce the risks of manipulation, favoritism, and corruption. ConsenSys Social Impact co-founder Robby Greenfield acknowledged that “many nonprofits struggle to show that they are using their funds effectively and how it aligns their funders’ goals.”
Impactio attracted more than 100 participants who approved 17 social and environmental projects during a 7-week pilot program between July 1 and August 21.
Just recently, Consensys has also launched a new product suite called Codefi that aims to help enterprises and consumers maximize the benefit of profound digital transformation in commerce and finance.
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