Published 5 months ago • 4 minute read

The Growing Influence Of Cryptocurrencies Across Social & Environmental Efforts

Blockchain technology exhibits vast potential to transform the way we live, work, and do business. It is not just limited to a new form of currency or an investment platform, but it can also change how we think about our privacy, security, and even democracy.

One of the fascinating aspects of blockchain technology is its unique cross-section of applications that can suit nearly every industry imaginable. For example, it is influencing the entertainment industry by providing new content monetization models for musicians, filmmakers, and other content creators. For small and medium enterprises, it delivers an alternative to traditional brick-and-mortar banking and financial services. 

Cryptocurrencies are also gradually disrupting the travel industry. A new form of tourism called “crypto tourism” is gaining popularity. Meanwhile, many real-world businesses have begun embracing cryptocurrencies as payments.

That said, blockchain technology is increasingly playing a promising role across the non-profit and social good sector. Here are some examples of how blockchain can power non-profit projects and those with an environmental bent.

Promoting Social Good

First up is the GoodDollar Project. As we already know, the distribution of wealth across the global population isn’t the same, and the wealth gap continues to expand as inflation and policies widen the chasm. But more importantly, people residing in developing and underdeveloped countries don’t generally have access to banking or any form of financial services, harming their ability to close the gap. 

Not-for-profit blockchain projects like GoodDollar encourage millions of underprivileged people worldwide to learn about cryptocurrencies while allowing them to earn money simultaneously. Powered by blockchain technology, GoodDollar utilizes an income-distribution model to create (and distribute) a stream of digital currency by integrating social investing principles and free-market resources.

GoodDollar’s Universal Basic Income (UBI) model has turned out to be a promising initiative for millions of users around the world. Since its recent mainnet launch ( GoodDollar V2) in December 2021, the platform has registered considerable growth. 

By aligning the financial and social incentives of the people who receive crypto UBI with those who fund the economic model, the GoodDollar protocol illustrates how to fund global UBI at a large scale, highlighting the positive impact and social-good crypto can convey.

Another emerging project, EarthFund, aims to tackle the problems of crowdfunding for not-for-profit causes. Existing nonprofit and charitable organizations are frequently criticized for their lack of transparency in allocating donor funds. At the same time, the donors usually don’t get much say in how their donations will support the greater good.

Recognizing these drawbacks, EarthFund is leveraging blockchain technology and the concept of Decentralized Autonomous Organizations (DAOs) to bring more transparency, inclusiveness, and accountability to the non-profit sector. The platform offers DAO-as-a-service, empowering users to build their own DAOs for causes they wish to support without a steep technical learning curve. 

Every cause on the EarthFund platform is a DAO powered by smart contracts. Users and interested parties can access the platform to find, fund, and support their favorite non-profit projects. Members joining a DAO can voice their opinion and even vote on the organization's future direction. At the same time, all records are maintained in decentralized and distributed ledgers, thus eliminating single-point failures. In addition, decision-making is no longer limited to individuals or boards but ultimately emerges as a more democratic process that involves the entire community.

Besides the social good aspect, the EarthFund ecosystem also supports all three categories of users participating in DAO initiatives. Founders bringing fresh initiatives can employ EarthFund’s plug-and-play toolkit to launch ERC-20 tokens and zero-gas DAOs with built-in governance features. Meanwhile, community members establish a voice for their opinions for efforts they support, and donors can donate towards legitimate causes to ensure that their contributions are making meaningful impacts.

Adding A New Dimension For The Maritime Sector

SeaCoast is another unique project that aims to tackle the lack of digital innovation across the maritime sector. As a digital platform designed to democratize (and incentivize) the management of content, resources, and services related to coasts, seas, nautical reports, and more. It aims to streamline and organize the information and digital content related to the maritime sector.

By democratizing management and exchange of information through blockchain technology, it enables users to reach a greater audience. It provides solutions to various problems in the nautical sector, including port entry, full shore survey, and service provision, among others.

SeaCoast leverages emerging technologies like AR and blockchain while integrating existing solutions like ShoreView, Port View, and PaperBoat into a single platform that incentivizes user participation. Users can earn $COAST tokens by adding information on the platform and engaging with the existing content. Additionally, users can also deposit their $COAST tokens in the platform’s fund to earn additional rewards. Together these functionalities support a community-oriented approach to coast management that invites participation and broadly benefits all related stakeholders.

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Khánh Phạm Avatar

Khánh Phạm

4 months ago

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