At the Concordia Summit during the 74th United Nations General Assembly, Joseph Lubin, the co-creator of Ethereum and founder of ConsenSys, and Kavita Prakash-Mani, the director of conservation for the World Wide Fund for Nature (WWF), announced the arrival of the Impactio project.
— Joseph Lubin (@ethereumJoseph) September 24, 2019
Impactio, an Ethereum blockchain-based platform created in collaboration with Panda Labs, is designed to aid teams reaching for the UN’s sustainable development goals by providing an initial application route and access to funding possibilities. The tokenised mechanism used by Impactio not only promises to streamline the conventional process but also allows for a level of transparency and accountability that has been reportedly absent in the past.
Token Curated Registry
According to ConsenSys‘ latest official article, Impactio will use a Token Curated Registry (TCR) to organise a list of high-impact and high-potential projects to showcase to potential fundraisers.
The TCR will be maintained by a global network of curators who are chosen based on their subject-matter expertise and issued with Impactio tokens.
Projects searching for funding contact the relevant curator who, in turn, reviews the proposal and provides constructive feedback if necessary. ConsenSys believe “This openness and access to expertise is invaluable, and is arguably the most compelling feature of the platform and its workflow.”
Once a project is ready for wider consideration, the curator stakes their Impactio tokens to back it on the TCR and gives other curators the option to support or dispute the proposal. If another curator objects to a particular project they can challenge by matching the number of tokens staked by the original curator. Should such a case arise, the remaining curators will vote to resolve the issue.
If the vote is in favour of the project, the first curator will have their staked tokens refunded plus additional tokens for their commitment in backing a project. The curators who also voted with the majority are given tokens “…for their due diligence in assessing and resolving a challenge.”
The tokens are paid out of the stake of the challenger which ConsenSys state is “…a key measure to disincentivize unmotivated and unreasonable challenges.” If the challenge is successful however, the reverse reward system is implemented and the challenger receives tokens from the curator who made the proposal.
Kavita Prakesh-Mani explained that Impactio is needed as there is a funding gap to achieve the Sustainable Development Goals (SDG) by the set deadline of 2030. Prakesh-Mani does not believe that this is due to lack of capital or workable solutions but rather the absence of “…a robust mechanism for linking these private dollars to viable, large scale, SDG-advancing projects… [and]…Impactio is designed to address this gap, bringing together social and environmental impact projects, NGOs, subject matter experts, and funders.”