Maxity's Web3 social impact protocol
Maxity will use this technology to build the Maxity transparency platform to serve the charity sector
Last updated
Maxity will use this technology to build the Maxity transparency platform to serve the charity sector
Last updated
A blockchain is a public and immutable record of the transactions that have been recorded on it. This immutable and public nature is what makes cryptocurrencies successful: once a transaction has taken place, it cannot be altered or erased, and everyone can see what transactions have taken place.
These properties of blockchains have led to their being used in other domains which are not primarily financial. Many blockchains have been used to achieve supply-chain transparency. For example, Topl has built a blockchain to assure the provenance and authenticity of coffee[1]. Farmers enter their harvests on the blockchain, and each transaction is recorded there, so that the final consumer can see a record of all the transactions undergone by the coffee they are purchasing. The blockchain assures that there is no double-counting, in which the same premium coffee is being fraudulently shown in different parts of the supply chain (but actually being substituted by a cheaper variety). It ensures pricing fairness, by allowing intermediaries to earn an appropriate profit, while avoiding both excessive profits and unjust exploitation. Many other industries are using blockchain in their supply chains, such as the motor industry, computer industry, and even 3D printing[2] where the blockchain assures proper recording of intellectual property usage for 3D printing designs.
Maxity will use this technology to build the Maxity transparency platform to serve the charity sector. The platform will assure transparency of the donations received by charities, and the expenditure on project work undertaken by them. In the future, Maxity’s platform will allow charities to register their core project activities on the blockchain. For example, if a charity is building a school, then all the purchases of materials and hiring of labour can be recorded. Donors can see exactly how much is being spent on what, and this openness and transparency will encourage donors to give more. It will become easier for donors to donate to specific projects being undertaken by the charity, and easier for the charity to manage its funds and the project restrictions that have been given as conditions by donors. By putting these activities on the blockchain, charities can achieve greater financial transparency, and hence greater trust by their donor communities.
[1] Topl: the blockchain built for good. Decentralized protocol designed to unlock the next wave of inclusive, sustainable innovation across supply chains and markets. https://www.topl.co/
[2] Klöckner, Kurpjuweit, Velu, Wagner: Does Blockchain for 3D Printing Offer Opportunities for Business Model Innovation? Research-Technology Management, 63(4), 2020. https://doi.org/10.1080/08956308.2020.1762444
The social impact protocol provides a one stop solution for registering fundraising, fund management, expenditure, financial ledgers and report, proposals for implementing activities, and results of all projects on the blockchain for verification.
Fundraising: Instead of being a standard donation platform, Maxity allows charities and NGOs to tell their stories and challenges in digital art form (NFTs) to raise funds. Charities and NGOs onboarding Maxity receive full assistance through DAOs (decentralised autonomous organisations).
Artists from Artists Dao will provide design support and ideas for charities and NGOs to create creating NFT artworks;
Influencers from Influencer Dao provide in house marketing support for charities, to allow charities to reach new audiences through exposures by well-known inspirers;
Charity Dao will assist in facilitating NFTs fundraising for personal and emergency context and provide guidance and specification for charities and NGOs;
Donors receive valuable and meaningful NFTs for their personal use in return for their donation;
Fund Management: The DeFi product - MakeSwap on Maxity provides a decentralised protocol for fundraisers to deposit, manage or lock up their funds to get rewards (yield-farming). It also allows peer-to-peer exchange of tokens received through selling of NFTs for fiat currencies;
Expenditure: Maxity requires charities to make contributions to support groups, compliant goods and services providers using a decentralised wallet. This is to remove intermediaries, monitor the accountability and transparency of cash flows. Maxity also allows all global licensed payment companies to participate in the exchange of digital currencies and fiat currencies;
Voting for activities to be implemented: Charitable organisations and NGOs engage donors, other charities and interested parties to vote on proposals that demonstrate their plans (goals, plans, proposals, supports, budgets, etc). Their willingness to be transparent about their operations will allow users to connect with charities and NGOs at an individual level. Donors can create counter-proposals and build them in the metaverse; these counter-proposals can be compared with the proposals made by the charities;
Project results: Charity activities will be executed online (in the metaverse) and offline (in the physical world) simultaneously once the proposals have been agreed upon. The Maxity Symbiotic Metaverse will connect with the Maxity transparency platform to ensure all the activities of charities and NGOs are correctly recorded on the blockchain;
Financial Reports Disclosure: Charities and NGOs are required to disclose financial ledgers, expenditure and related statements on the blockchain, on the premise of meeting the privacy protection requirements of participants and other relevant laws and regulations. Annual financial audit reports, tasks that volunteers can complete in the metaverse, volunteer activities and rewards also need to be disclosed in order to strengthen trust in the charity sector. Global licensed audit firms are welcome to participate in evaluating the internal control and contents of financial statements;
Maxity encourages donors, volunteers, charities, NGOs, social enterprises, recipients to share experiences, thoughts, stories, impacts on the Symbiotic Metaverse to help develop shared values with the wider community. By incorporating the SocialFi model, these creators have the ultimate ownership to their shared contents, and are rewarded accordingly.
The social impact protocol proposed by Maxity will fundamentally revolutionise the voluntary sector, through genuine statements and proactive engagements, rebuilding the loyalty of donors and reaching a wider audience. In this way, Maxity can make a strong contribution towards the 17 Global Goals set out by the United Nations for a sustainable future.
