In the darkest hour of the coronavirus pandemic, in the face of an expected 30 percent unemployment rate and a likely new Great Recession, income-supplementing programs are springing up everywhere. And not just in those slow-to-arrive federal stimulus checks.
There's Spain's government planning a basic income that will last beyond the crisis, Europe's first. Brazil, having kicked around the idea of basic income for decades, just implemented it for 59 million people and their dependents, thanks to a 500,000-person strong grassroots campaign. "This may be time for a universal basic wage," Pope Francis told the world in his 2020 Easter message. The world was, amazingly, way ahead of him.
impactMarket intends to become a decentralized impact-driven 2-sided marketplace (supporters & beneficiaries) to provide financial services to charities and vulnerable beneficiaries in need or living in extreme poverty.
We're be building a decentralized UBI system, where beneficiaries living in vulnerable communities can claim a fixed amount from their smartcontract, on a recurring basis, up to a accumulated maximum. This system is open, decentralized, borderless and censorship-resistant. Meaning, from the day the app is launched, works anywhere in the world with internet access, for anyone with any kind of smartphone.
Any social organization, charity or community leader can create a community, that is represented as a smart contract in the blockchain. Each contract has different parameters chosen by who created the community, including how much each beneficiary can claim each time, the minimum time a beneficiary has to wait before being able to claim again (for example 24h), time increment after each claim and total amount each beneficiary can claim from the contract. Each contract has a list of beneficiaries that can claim money from it, based on those rules. That list is managed by the local charity / community leader.
On the supporters’ side, it enables different, engaging, and transparent ways of giving and earning while understanding and measuring their social impact. Anyone can support the communities they care about as a mentor, by donating directly to their contracts, or depositing their funds and donate part of their earnings interest to those communities. It's a great way to support those most in need while saving funds.
This infrastructure can be used by charities, local communities, businesses, governments or individuals.
Initially through Universal Basic Income mechanisms, then we plan to expand to other services, like savings, microcredit, or sweepstakes/crowdfunding.
Main opportunities for growth include:
- Reach unbanked/underserved directly, through local charities. 2B+ untapped potential.
- Incentivized adoption and retention through UBI. Hyperinflation protection as local currency is backed by stable coins like a digital Euro.
- Invest and support communities, without spending money, by donating part of the earnings interest.
- Access and integration with thousands of charities worldwide through eSolidar and its partners, offering them a better way to raise funds and support their local communities.
- Both charities, donors, celebrities, brands, and philanthropists would easily change to a trustable, free, direct, efficient, borderless and transparent way of giving, managing funds and measuring impact, if there is any.
- Tokenomics to incentivize participation and decentralized governance. The value of the infrastrucrure will be represented by a token distributed as a cashback system among donnors and communities, becoming the shareholders of the infrastructure. As it grows, token value also tends to appreciate.
Guiding principles include:
- Ensure the primacy of the individual and the social objective over capital
- Allow democratic governance, autonomous management and independence from public and central authorities
“Access to finance can be a very effective way out of poverty” - Jim Yong Kim (former World Bank President)