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ConsenSys Partners with WWF to Bring Accountability into Charity

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ConsenSys Partners with WWF to Bring Accountability into Charity

An increased need for transparency has brought about the formation of Impactio, a joint venture by the World Wildlife Fund (WWF) and ConsenSys, a blockchain startup launched by Joseph Lubin, Ethereum’s (ETH) co-founder. The announcement declared a partnership between ConsenSys and the WWF resulting in the formation of an Ethereum backed blockchain platform named Impactio designed specifically to administer the funding and management of non-governmental organizations and independent companies. The central focus behind the enterprise is to overlook the funding of funds in social projects. 

Impactio: Breakdown

Independent organizations and companies making use of Impactio are required to submit their projects stating their objectives for concerns such as inequality, sustainability, developing communities or the environment in accordance with the United Nations 2017 Sustainable Development Goals.

The curators would then be given Impactio Tokens on their digital wallet. The selection would be done by Token Curated Registry (TCR). TCR would require the curators to stake their respective tokens for the backing of a project. Curators against the same project are required to stake the same amount of tokens.

If in any case, there is no objection to the proposed project, the project would be approved and sent to donors for funding. On account of an objection, curators can challenge the project by a token match up staked by the curator backing the said project.  

Blockchain and Philanthropy 

Robby Greenfield, the co-founder of ConsenSys Social Impact, stated her opinions, exclaiming that several non-profit organizations fail to show the correct utilization of their funds. The fact was also revealed by a Nolo study revealing that about 75-85% out of 220,000 non-profit organizations conduct improper allocation of their expenses.  Francesco Nazari Fusetti, entrepreneur and founder of Ethereum blockchain-based token AidCoin and full-service platform CharityStars also stated that charities and NGO’s should keep their donors updated with all the milestones reached in their projects to ensure that the sustainability of the work is achieved.

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I am a content writer with interests in life sciences and blockchain. I believe that blockchain has the potential to transform every aspect of human endeavor. I love surfing the internet, reading, learning new things, and trying new cuisines.

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