The cryptocurrency space is home to various initiatives, including several projects trying to do good globally. Unfortunately, there have been several setbacks on that front too, yet the negative shouldn’t overshadow the potential. In fact, several projects are trying to do good and making real-world inroads.
The Evolution Of Crypto For Good
One must acknowledge the potential that arises from leveraging blockchain and cryptocurrency technology. It enables developers and enthusiasts to achieve many goals, including doing social good and empowering millions of users. Numerous projects have tried to explore such opportunities, although not all had legitimate intentions.
The cryptocurrency industry has seen its share of scams and fraudulent projects. Unfortunately, that applies as much to ventures claiming to “do good” and eventually pulling an exit scam with the money. Although cryptocurrencies are fully transparent, they provide pseudonymity, making it appealing for criminals to hide behind fake identities and attempt to take people’s money for their personal benefit.
Thankfully, things have improved greatly over the years. It is no longer a matter of distrusting “social good” crypto projects. The number of scams has dropped off significantly, and the long-term ventures are coming to fruition. Projects like these need real-world use cases and benefits to ensure change can be enforced. The following projects can be the catalyst to do some good for the world and the people that need it the most.
The EarthFund DAO‘s purpose is to unite people to solve humanity’s biggest problems in a decentralized way. Under the Decentralized Autonomous Organization banner, EarthFun will create a treasury for changing the world. People can donate to causes – rather than projects – run by people who want to make the world a better place. The result is a crypto crowdfunding platform made up of autonomous and cause-focused communities with native treasuries and missions to create a sustainable future.
All grants paid out from the EarthFund DAO are subject to a fee. However, this fee means projects need to raise slightly more funds than their goal to ensure they receive the amount they need. A venture requiring $250,000 will need to raise $262,500 to cover the fee and secure the $250,000 in funding. Projects need to get 100% of the funding they need to enforce change.
Furthermore, Cause-focused DAOs can add a reward percentage added on top of the grants paid out. Those rewards are distributed to community members voting and participating in the project. EarthFund DAO presents an interesting avenue for long-term crypto holders and activists looking to make a difference.
Merging Web3 and real-world change can lead to some intriguing developments. One such venture is Grand Time, an ecosystem of interconnected blockchain solutions aiming to bring millions of people into the crypto world. Moreover, the project focuses on creating earning opportunities for the unskilled, poor, and unemployed, giving them a lifeline in our money-oriented society.
The decentralized platform empowers people worldwide to achieve financial independence. Al earnings are given back to the community. Grand Time also has a reward pool – dubbed Grand Exchange Program – where funds generated through the GIG tasks marketplace are deposited into the pool. Community members can access the pool at any time.
Grand Time has noted strong growth with over 8 million monthly gig-based tasks on the marketplace. It creates a stable income source across underdeveloped and developing countries. With over 26,000 active users across over 90 countries, the project is doing social good for many people living below or on the poverty line.
The concept of a fixed income account is very appealing and can change many people’s lives for the better. Gluwa wants to give consumers and investors an alternative to keeping funds in their savings accounts by offering appealing interest rates. More importantly, the fintech blockchain-based company grants a yield of up to 15% on its fixed term savings account.
Gluwa accounts mature after a year, which means users keep their funds in that account until then. Once funds are deposited, the money will then be used to provide much needed credit to the unbanked and underbanked in emerging markets.
Stable yield opportunities are an appealing option for crypto users and enthusiasts. Additionally, the funds invested in Gluwa will help those in need through financing, creating a two-pronged approach to establishing a sustainable ecosystem.
A Bright Future Ahead
As these “social good” projects reach maturity, it becomes evident how blockchain and cryptocurrency can transform the world for the better. Honest teams put their effort into empowering global communities, either through earning or access to financial services and products that would otherwise be out of reach.
More importantly, these projects confirm there are still many different approaches for builders to explore. The projects above are just some examples of what the future may hold and the role crypto will play in achieving global social good in the coming years.