Blockchain Firm ConsenSys, WWF Launch Blockchain Platform For Transparent Philanthropy

Blockchain, News | September 30, 2019 By:

Ethereum developer studio ConsenSys, in partnership with the World Wildlife Fund (WWF), has developed a new ethereum-based project curation and funding platform for the United Nations 17 sustainable development goals.

In a press release, ConsenSys announced the launch of the Impactio platform to maximize collaboration between subject-matter experts and individuals or organizations to bring social impact projects to life. The platform aims to track how funds of companies are allocated for social impact projects.

The platform will reportedly require individuals or organizations to submit their projects with clear objectives for issues ranging from 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-impact, high-potential projects, which will be presented to potential funders.

“Once curators have reviewed the projects with the project leaders and their peers, it is critical at this stage for decisions to be made objectively and allows for all curators to have a say. This is where a TCR — a Token Curated Registry — enters the process,” ConsenSys said. “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.”

Robby Greenfield, co-founder at ConsenSys Social Impact, said that many nonprofits struggle to show that they are using their funds effectively and how it aligns their funders’ goals. The goal of the Impactio platform is to create a positive network effect through consensus objective-decision making, where experts perform due diligence collaboratively and donors feel confident in supporting approved projects.