Ethereum blockchain studio Consensys announced it has developed a charity platform along with the World Wildlife Fund (WWF). Dubbed as Impactio, the project will enable charity project curation and funding using Ethereum. Currently in the pilot stage, the initiative will use tokens to determine the viability of charity projects.
In 2015, about 193 countries signed up for
Sustainable Development Goals (SDGs) prescribed by the UN. However, the problem is that not all projects are efficient, and there is a disparity between the funding provided and its actual impact. Law firm
Nolo reported that 75% to 85% of NGOs were improperly allocating their expenses. Consensys highlighted that there is a $2.5 trillion gap to meet SDGs.
“What is lacking is a robust mechanism for linking these private dollars to viable, large-scale, SDG-advancing projects,” said Julia Fetherston, Principal at The Boston Consulting Group.
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