ConsenSys, a blockchain startup founded by Ethereum (ETH) co-founder Joseph Lubin, and the World Wildlife Fund (WWF) have jointly launched Impactio, a platform designed to bring greater transparency to philanthropy. According to a September 24 announcement, a new partnership between ConsenSys and WWF has resulted in an Ethereum blockchain-based platform called Impactio. It is designed to oversee and fund NGO projects. ConsenSys + WWF = Impactio Individuals and companies using Impactio should submit their projects with clear goals on aspects such as sustainable development, social inequality, developing countries or the environment. Everything has to be in line with the 17 Sustainable Development Goals of the United Nations. In the next part of the process, curators receive Impactio tokens in their digital wallet. The platform itself uses a system based on ConsenSys research on the Token Curated Registry (TCR). It is designed to help select projects with high potential for success. Then comes the stage of presenting ideas to potential sponsors. Tokens are used to support projects and vote, so to speak. "It requires curators to use tokens as part of their project endorsement," - the creators explain. In turn, curators "who want to challenge that project [must] put up the same number of tokens." Ultimately, in the event that "there are no other curators who object to the project, the project will be approved and disclosed to donors who will decide on funding. If there are objections, the curators may challenge the project (...)." According to Robby Greenfield, co-founder of ConsenSys Social Impact: "Many nonprofits are trying to show that they are using their funding effectively (...)." In fact, a study by law firm Nolo found that between 75 and 85 percent of the 220,000 nonprofits surveyed misallocate their spending. Industry players are adopting blockchain in philanthropy Francesco Nazari Fusetti, entrepreneur and founder of AidCoin and the CharityStars platform, previously told Cointelegraph: "Charities need to keep in touch with donors throughout the project and update them on new milestones that have been reached ". He added: "Adding financial data and proof of payment definitely helps create a success story, but only with cryptocurrencies and blockchain can we move towards full transparency on how funds are used." Tags Blockchain blockchain charities Consensys WWF
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