WWF, ConsenSys Launches Impactio Blockchain to Bring Transparency in Philanthropy
The World Wide Fund for Nature (WWF) director of conservation, and Joseph Lubin, co-creator of Ethereum and founder of ConsenSys, jointly unveiled the Impactio platform. Impactio is an Ethereum-based blockchain-powered impact investment platform, designed around the United Nations 17 sustainable development goals (SDGs). WWF's experience was necessary to spot the nature of the matter that must be resolved, whereas ConsenSys' expertise helped style a system that may assemble the required moving elements.
Ethereum blockchain-based platform dubbed Impactio was designed to supervise and fund projects among non-governmental organizations and standalone firms. The main motive behind this initiative was to trace how the funds of the companies were spent.
How Impatico Works?
Individuals or companies who had practically adopted Impactio were supposed to give their projects concerning more on sustainability, inequality, emerging communities or the environment. Furthermore, the curators receive Impactio Tokens in a digital wallet, with the platform employing a system supported ConsenSys’ research on Token Curated Registry (TCR) to curate and opt for high-potential projects and afterward present them to potential funders. A token-curated register (TCR) is a means of adopting a blockchain token to assign completely different weights to different things on a listing.
The tokens act as a finite resource, letting curators place tangible weight to their words, limiting the chance of manipulation, favoritism, corruption and so on and making a framework for the Impactio platform itself to mechanically enforce the system's rules.
So, at the core of the Impactio system there is effectively a TCR which is used to enforce the curation process, allowing the subject matter experts to collaborate in reviewing and surfacing the best projects,” Claudio Lisco, ConsenSys‘ strategic initiatives lead and one of the architects of Impactio, says.
“The way this works is that the curators and subject matter experts effectively can see the projects that have been submitted on Impactio.”
“First they review them, provide feedback and collaborate with the project owners to further improve the projects. But effectively, once the curation process starts they can use tokens to signal their endorsement for projects they think should be exposed to funding opportunities.”
The system is designed to reward successfully-argued investor viewpoints, Lisco says, that ought to facilitate keep curators in the right place. It's quite apt, because at the end of the day, what else are the UN SDGs if not a self-reformation project?