Proposal for Vote on: Folks Finance Impact Pool and Social Impact Staking
Cashdillo (coming to Algorand mainnet in April 2023), an Algorand platform for channelling crypto philanthropic giving to vetted charities and social impact startups, is inviting the Folks Finance community to vote on the following proposal:
Social Impact Staking for Folks Finance users, with decentralised voting control on allocation of (new!) Folks Finance Impact Pool
- Users who stake on Folks Finance would be able to opt in to offer-up a small percentage of their staking yield to the Folks Finance Impact Pool on Cashdillo.
- The accumulated percentages donated will form the Folks Finance Impact Pool, hosted on Cashdillo. NGOs and startups registered on Cashdillo in East Africa would be able to apply for the funds with their projects. Similarly a Impact Pool for Algorand Ecosystem projects is available for receiving such donations.
- ALGO and/or other ASA holders would be able to vote on the allocation of funds.
- Projects will have to complete milestones, which will need to be approved by the Folks Finance community, to receive disbursements: That is how Cashdillo works.
- The Folks Finance Impact Pool would go live in November-December 2023 on Cashdillo, with projects able to apply for funding thereafter.
- Subject to a successful vote by the Folks Finance community - and the implementation of the SIS opt-in and creation of necessary Cashdillo-Folks Finance integration and smart contracts, Folks Finance users would be able to begin committing to Social Impact Staking from Q4 2023.
- Vote at next available Folks Finance Governance vote.
Objective: Even a small percentage of such staking yields, the monthly interest derived from crypto holdings, reinvested could create real impact. Like water sources redirected to fertilise land, repurposing parts of staking yields to do good would douse the blockchain sector with social impact credentials. More so, it is a generational social and environmental responsibility. A successful social impact staking program could see millions of dollars - every month - to support the best work being done worldwide to solve urgent climate, health and community challenges.
Aid and development is murky and inefficient. Web3, specifically the Algorand community, can create a parallel channel of giving that rivals unsustainable aid mechanism. Most importantly, our way is fair, transparent and decentralised.
More on Cashdillo’s idea for Social Impact Staking (SIS) here (Medium): https://link.medium.com/mSZHj420eyb
Or here (Podcast): https://twitter.com/i/spaces/1rmxPkDknanJN
Benefits to Folks Finance Ecosystem
- Benefits Folks Finance Ecosystem’s Environmental, Social and Governance (ESG) strategy and credentials by creating automated and accessible mechanisms for users and community to engage with social impact causes
- The communal feel-good factor across the ecosystem will be immeasurable. Users will be able to track the progress of projects they support on Cashdillo
- SIS will give the Folks Finance Ecosystem stronger social impact credentials than competitors. Shows ESG awareness. This can resonate with investors, regulators and users and help with Folks’ journey. Strong ESG credentials will make Folks Finance even more attractive to investors
- The Folks Finance Impact Pool can initially be focused on supporting climate-resilience projects, capitalising on the carbon-negative and Green Algorand brand
- The total accumulated donated yield can be minted as an ‘ESG NFT’, to which impact data can later be added, to showcase Folks Finance’s green credentials and that of each individual donor - totally transparent!
Cashdillo solves the problem for ESG, CSR and iNGO executives who need reliable and quality data so that they can give away money they HAVE to spend on social impact to meet new legal/investor/ethical requirements.
Cashdillo takes that money and gives it to vetted project leaders in Africa who need funds to solve some of the world’s most urgent health and climate issues. They receive the funds in exchange for transparent and incentivised impact data. Cashdillo is a simple tech tool that makes it easier for corporates, individuals and NGOs to give to good causes in East Africa. Donors can track payments, projects and transparency. We work with major African crowdfunding companies with millions of users, a UN agency and the foundation behind the world’s leading blockchain to give real meaning to social impact. We do it through a matchfunding, grant management and crowdfunding platform coupled with world-class data and metrics designed by aid and development experts.
For more info: www.cashdillo.com