Impak Finance is a blockchain-based platform that aims to fight society's toughest social and environmental challenges. Find out how it works today in our review.
What Is Impak Finance?
Impak Finance, found online at Impak.eco, is a company aiming to use blockchain technology to create a better society.
The company’s ICO has been taking place throughout September. They aim to create a wallet, a POS merchant service, a payment gateway, and an international governing body.
Overall, Impak Finance describes itself as a “collaborative financial ecosystem for a better world.” The Montreal-based company’s goal is to put money to work for positive social, innovative, and environmental benefits.
The platform gets its name from the “impact economy”. The impact economy includes organizations that promote values like social purpose, ecological concerns, economic efficiency, and inclusive governance.
Basically, the Impak ecosystem involves using a digital currency – Impak Coins – to incentivize customers to support socially-conscious businesses. Impak Finance was founded in 2016. The first phase of the project is scheduled to launch in December 2017, when Impak will roll its platform out to 400 companies.
How Does Impak Finance Work?
Impak Finance’s platform revolves around the Impak Coin. The coin is used to build loyalty, reward collaborations, and encourage holders to buy from Impak.eco accredited members.
The pre-sale for Impak Coins began in August, with an ICO continuing until September 20. The Impak Coins (MPKs) will be distributed in 2018.
There are three core actors in the Impak Finance ecosystem, including:
- Impact Entrepreneurs: Entrepreneurs can support one another through the platform.
- Citizens: Citizens can support impact entrepreneurs who have received Impak.eco accreditation.
- Investors: Investors can support impact entrepreneurs, rewarding entrepreneurs who match their social visions.
Impak Finance wants to build an ecosystem that brings citizens, businesses, and investors together to grow an economy built on social values.
Some of the ways in which these three parties interact with one another include:
- An Impak scorecard showing your social impact
- The ability to get support from the community, including more sales and capital from investors with shared values
- Using MPKs to receive rewards and grow the impact economy
- An independent governance body that sets the price of MPK tokens each quarter
- Citizens can find qualified impact projects to buy based on values, location, and interest, among other qualifiers
- Anyone can use the platform to observe trends, find qualified impact organizations, deal flows, co-investing opportunities
- Customers can spend Impak Coins to get an MPK reward; when a customer spends Impak Coins, the business doesn’t pay any transaction fees
The end result is that all three parties support the growth of the impact economy. Impak Finance wants to bring businesses, citizens, and investors together to grow an economy built on social values. The first step occurs at the end of 2017, which is when Impak Finance will begin its first phase of deployment with 400 impact companies.
How Do Impak Coins Work?
Impak Coins are used for the following purposes:
- Peer to peer payments
- Buying products or services from accredited companies on Impak.eco
- Supporting impact entrepreneurs through micro-lending, crowdfunding, and P2P lending relationships, and earning interest on these transactions
- Converting to national currencies for a minimal fee
- Get rewarded for downloading the Impak.eco mobile app, or inviting contacts to the platform
Overall, the coin aims to combine the advantages and functionalities of complementary currencies, loyalty programs, and decentralized digital currencies, with the goal of encouraging and rewarding user participation.
Impak Finance Features
The Impak Finance ecosystem revolves around the Impak Coin, which comes with the following features:
- Decentralized, P2P Payments: Like most digital currencies, the Impak Coin has no centralized party, issuing bank, merchant bank, or gateway. There are no strangers handling transactions.
- Ultra Fast: MPK transactions take place over “a few seconds” compared to 10 to 40 minutes for bitcoin or 4 to 7 days for credit card transactions.
- Free: Every Impak Coin transaction is free.
- Energy Efficient: The payment platform plans to be several thousand times more energy efficient than bitcoin. Obviously, bitcoin and cryptocurrencies in general have come under fire for using enormous amounts of energy in mining operations. Impak was conscious of this problem when creating their currency.
- Secure: Digital keys are held by the MPK governance body to reduce risks for users.
- Stable: The MPK governance body ensures price stability. This organization sets the price every quarter.
- Everyday Use: Invest in projects you care about within the Impak ecosystem.
- Based on Value Creation: The Impak Coin supply is tied to the growth of the impact economy.
Who’s Behind Impak Finance?
Impak Finance is led by President and “Chief Ecosystem Officer” Paul Allard. Other team members have titles like “Mobile Alchemist”, “Data Druid”, and “Chief Happiness Officer”.
The company is based in Montreal.
Impak Finance Conclusion
Impak Finance is a blockchain technology company built with altruistic goals in mind. The company wants to build an economy based on social values. Their platform aims to incentivize citizens, investors, and businesses to work towards projects that benefit society overall. Citizens and investors can choose to support projects that match with their values, while socially-oriented businesses can seek accreditation through the Impak.eco platform.
The coin, meanwhile, is designed specifically for use as a currency. The coin will have a stable price (set by a governing body), and the company retains hold of all digital keys.
Impak is a unique concept that could change the world and pave the way forward for members of the impact economy. You can learn more about the project, or participate in the crowdsale, by visiting online today at Impak.eco.