Recently, it was reported that ConsenSys, a company dedicated to the development of Ethereum-based applications, developed a blockhain platform to choose sustainable development projects with a view to receiving funding along with the non-profit organization World Wildlife Fund (WWF).
The platform, based on Ethereum’s technology, is called Impactio, and will be used for the selection and financing of projects based on the UN’s 17 Sustainable Development Goals (SDGs), as expressed in the ConsenSys publication.
From WWF they will take advantage of the tokenization of assets offered by the Ethereum blockchain “to maximize collaboration between experts in the field and people or organizations to give life to social impact projects,” they said.
ConsenSys said that the Impactio platform will have a cryptoactive called Token Curated Registry (TCR), which will be used to support or “dispute” high-impact projects and with the potential to be proposed to funders.
These TCR tokens will be awarded to a network of “curators who are experts in the field”, who can manage them through a digital wallet not specified in the statement.
It was described how the platform would work and the use that the tokens will have on it. They pointed out that in Impactio a project healing process will be carried out, which may last up to a month and a half, and will be based on voting.
This process seeks to make decisions about which projects will receive funding objectively and by consensus, based on the opinion of the network of expert curators, so that donors can be assured when supporting a given project.
During the first step, the curators, together with the project leaders and their peers, will review the proposals presented, so that the decisions are taken objectively. Next, project curators will use their TCR tokens to support projects they consider high impact.
Once a given project is approved by a voting consensus in Impactio, the curator who supported it will receive their TCR tokens back, and additionally receive a reward (in TCR tokens) for having invested “their time and commitment to support a project” , they pointed out from ConsenSys.
All curators who voted for the chosen project will also be rewarded for participating in the evaluation. These rewards will be awarded “with the participation of the curator who challenged the project, a key measure to discourage unmotivated and unreasonable challenges,” they said, although they did not specify what such participation would be like.
With respect to the scenario in which a project is rejected during the Impactio voting, the curator who challenged him will receive his tokens posted back to his wallet, along with a reward. In this possibility, the curator (s) who support the rejected project will lose the TCR tokens they used to support the project.
“This mechanism ensures that only valuable projects are supported and finally presented to donors. All this will lead to philanthropists, investors and donors having more confidence that the selected projects would have undergone a rigorous peer review process by experts in the field around the world, with good governance and that they can decide to fund them. “
It is not the first time that WWF is related to the world of blockchain technology and crypto assets. WWF Australia, in conjunction with BCG Digital Ventures, developed a food tracking platform compatible with blockchain technology.
This platform is called OpenSC and aims to “help companies and consumers avoid illegal, harmful to the environment or unethical products, while improving the responsibility and transparency of the supply chain.”