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Details
Date: Thursday, May 2, 2024
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Meeting link: https://zoom.us/my/hyperledger.community.backup?pwd=dkJKdHRlc3dNZEdKR1JYdW40R2pDUT09
Zoom Meeting ID: 622 333 6701 Passcode: 475869
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Presentation
Bobbi Muscara, Founder of The Giving Chain and Director of Education at Ledger Academy, share how the Giving Chain is using Proof Of Donation NFTs to show Proof of Impact and leveraging the revolutionary accounting tools available for NGOs on Circularity Finance programmable donation platform CiFi Give.
Harley Hermanson, from Circularity Finance, which built CiFi Give.
- The Giving Chain was created out of a social impact project, to gather fresh produce around NJ and give it to food banks and homeless military veterans, was accepted as a Linux Foundation mentorship
- 2019 - In the first project, the Giving Chain used Sawtooth to track donations. Giving bags had bar codes, which were scanned to initiate a donation. They were scanned again when received for transport and when they arrived at the food bank. Info was on the blockchain but it was inefficient. When the computer was shut down the blockchain went away.
- 2021 Project - Had multiple sites participate. NFTs had become a popular tool. Used Firefly, blockchain as a service. Instead of using bar codes, you would take a picture of the donation bag, upload it to create an NFT in your wallet, when the transporter took a photo it would transport it to their wallet. When the donation was received at the destination the donor received a receipt.
- The missing piece was a foundation to support the work, make donations programmable and condition donations to get them where they need to be.
- Circularity Finance solution lets you automate/program donations.
- Programmable donations - companies can automate donations (e.g. - 2% of profits go to specific charities, on a regular basis). Can create an automatic, sustainable cashflow for non-profits. Enables:
- Donation tracking transparency
- Secure smart contract payments
- Automated recurring donations
- Donor identity protection
- CiFi Give allows donors to set up conditions on spending - what % of donation can be used for what type(s) of spending, on what timetable, what targets must be met for additonal funds to be released? Parent and child accounts support preset conditions. Know Your Donor / Know Your Nonprofit / Know Your Business compliant.
- RIght now mostly working with US orgs for MVP. They will be modifying it for other jurisdictions, to be compliant.
- CiFi give allows orgs to register fundraisers.
- CiFi is designed to meet charitable giving and NGO donation needs. Enables participants to:
- Create micro-economies: Use CiFi's tools and protocols to create a thriving economic system that serves community or business needs
- Design Tokenomics:
- Layered tokens and Polygon will soon be added, then Algorand and Hedera, for interoperability.
- When you donate through CiFi, you mint an NFT, choose charities. Your records will show where donations have been given.
- Long-term, CiFi is planning programs to incentivize further giving. The Giving Chain is also planning incentive programs.
- Tokenomics principles are built in, the basis for forming vibrant sustainable communities:
- Fair distribution
- Transparent ownership
- Deflationary Mechanism
- Value Stabilization
- Utility and Adoption
- Allows different asset management strategies:
- Yield farming
- Staking
- Liquidity mining
- Lending and borrowing
- Yield aggregators
- Future Plans:
- 2024 Q2 - Expand the micro-economy platform to a broader network of non-profits. The GIving Chain is first. The Green Cross (in the UK) will be next. Others are planned.
- 2024 Q3 - Implement incentive mechanisms for increased participation and engagement.
- 2024 Q4 - Measure impact on not-for-profit organizations' funding and outreach.
- Building Micro-economies, 3 steps:
- Conceptualization - defining community or business needs. Outline key goals and resources.
- Protocol integrations - Use CiFi's protocols, like smart contracts, to design custom economic models.
- Testing & Launch - Pilot tests ensure smooth operations. Officially launch the micro-economy on CiFi's blockchain.
- Setting up a DAO - you can set up proposals for different projects in your portal.
- As an administration, you'd create a place to store NFTs.
- There are preset forms to fill out for token generation, for membership into a DAO, or a utility token that incentivizes the community.
- You have a profile within the DAO.
- As an administration, you'd create a place to store NFTs.
- Per Johnny Garcia (part of build team): Donation are made as an XRC20 token, received as an 1155 non-transferable asset.
- If you make a donation, the non-profit is able to establish a limit on the types or number of donations they want to receive.
- It is non-transferable once it has been given as a receipt for the donation. NFT metadata holds information on the location from which the donation was distributed.
- Because it is programmable, the recipient can share data on how the funding was distributed, used.
- The standard XRC20 allows you to donate to the non-profit an XRC20 token - an XDC token, minted on the XDC network, or USDT or USDC minted on the network, allows you to make the transfer as use please, and benefit from the transparency it gives you.
Attendees
- Jeff Pribich
- Bobbi Muscara
- Harley Hermanson
- Alicia Noel
- Tom Klein
- Andrea Frosinini
- Erik Valiquette
- Ayhan Köseoğlu
- Ned Thompson, MBA
- Oluwatobi Giwa
- Brendan Cosso
- Christian Chan (Deactivated)
- Monique Tronchan
- Heinrich Olfert
- John Taylor
- Johnny Garcia
- David Odie
- Christos Tsislianis
- Shailesh Vashishth
- David Melton
- Jose Detros
- Gianluca Capuzzi
- VIrginia Mijes Martin
- Sami Bousri
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