18 thousand people in the world have left extreme poverty thanks to impact Market, a new blockchain startup for social impact
T
he poverty alleviation blockchain platform was developed from Portugal to the world - a world where extreme poverty is extinguished in 2030. In only nine months of existence, one million dollars have been delivered to 100 vulnerable communities, reaching a total of 18,000 people in 20 countries. By the end of the year, impactMarket hopes to lift up 100,000 people out of extreme poverty. “We are bringing social solidarity to the 21st century where blockchain technology plays a central role in achieving a more ethical and fair world, through the concept of Unconditional Basic Income (UBI), which entails that all people should have access to a certain monetary value that guarantees their dignified survival. The pandemic has also accelerated this process, with the spike in awareness of inequality and a growing empathy for others. Social justice and
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equal opportunities are in focus and we all stand to gain from this,” explains Marco Barbosa, co-founder and CEO of impactMarket. Refugee communities, family rehabilitation, educational projects for children, agricultural and farming communities and women’s groups threatened by domestic violence are some of the examples of projects supported through impactMarket. “We feel like we are making a difference when we see communities such as the Women Rights initiative, in Uganda, housing one hundred people, stepping up and overcoming adversity with the help of our solution. impactMarket has helped donate one million dollars (US) up to this day”, adds Marco. ImpactMarket has reached 0,0023% of the world’s population living in extreme poverty. Marco Barbosa explains that “UBI is an effective solution for these populations. The
problem these vulnerable communities face is not only the lack of available jobs or opportunities, but also the lack of skills. With the necessary amount needed to survive, these people can have better living conditions, invest in their education and that of their offsprings, and look for dignified work. While achieving this, crime and unemployment rates naturally decrease”. Donations can be made by companies, philanthropists or anyone who downloads the mobile application where they can get to know the list of supported communities and transfer the intended value directly. This way donors and backers can engage directly with the communities they care about, learn about them and follow their progression out of poverty closely. The system, based on Blockchain technology, creates smart contracts where a set amount of money is previously defined for beneficiaries to withdraw daily or weekly. Thus, beneficiaries are able to claim their daily UBI, receiving the amount directly into their Valora Wallet. In order to cash out celo dollars into local currency, beneficiaries can use mobile phones, exchange offices or any places accepting cryptocurrencies as a way of payment. According to Marco, “The power of technology, especially used for the greater good, hasn’t yet reached its full potential”. ImpactMarket is expanding quickly through the world, already reaching beneficiaries in Argentina, Brazil, Cape Verde, the Philippines, Ghana, Honduras, Mozambique, Malawi, Nigeria, Kenya, Uganda, Venezuela, South Sudan, Cameroon, Palestine, Colombia, Peru, India and Zimbabwe. It will soon reach communities in Syria, Yemen, Somalia, Angola and Afghanistan.
