What is PACT
Tokens
The Vision Behind impactMarket (old), $PACT: Empowering Communities through Blockchain
Introduction to impactMarket (old), $PACT
In the realm of Web3 and cryptocurrency, innovative projects are continually emerging, each claiming to reshape aspects of our society. Among these initiatives is impactMarket (old), referred to as $PACT. This project seeks to leverage blockchain technology to combat poverty by offering accessible financial services tailored for underprivileged communities globally. By merging social justice with advances in decentralized finance (DeFi), impactMarket aims to empower individuals and foster economic resilience through smart, transparent, and innovative solutions.
What is impactMarket (old), $PACT?
impactMarket (old), $PACT, operates as an application-layer protocol designed to effectively combat extreme poverty while simultaneously empowering local communities. At its core, the project functions as a Decentralized Autonomous Organization (DAO), utilizing the Celo network. This enables it to offer services in a decentralized manner, focused on financial inclusivity.
The project has two main components:
- cUSD (Celo Dollar): This serves as the primary currency within the impactMarket ecosystem.
- $PACT (Governance Token): $PACT not only functions as a governance token but also enhances community engagement, allowing participants to take part in pivotal decision-making processes.
One of the project’s most ambitious goals is to implement Unconditional Basic Income (UBI) in targeted areas, providing regular financial support to individuals without prerequisites. This approach is intended not only to mitigate the immediate impacts of poverty but also to inspire sustainable economic growth and individual empowerment.
Who is the Creator of impactMarket (old), $PACT?
The origins of impactMarket (old), $PACT, remain somewhat opaque, as explicit details regarding its creator are not readily available. However, the project is intrinsically linked to impactLabs, a decentralized entity that aligns with the project's mission to use blockchain technology for social good. This suggests a collaborative framework where several innovators contribute towards a shared goal of poverty alleviation.
Who are the Investors of impactMarket (old), $PACT?
As of now, specific information on investors backing impactMarket (old), $PACT, is limited. Nonetheless, the project indicates various interests from multiple stakeholders, primarily seen through its token distribution model. Early supporters and participants in the project are allocated a portion of the tokens, demonstrating a commitment to a community-driven approach. The presence of a DAO reserve also suggests that there are backers interested in providing ongoing support and ensuring the sustainability of the project's initiatives.
How does impactMarket (old), $PACT work?
The uniqueness of impactMarket (old), $PACT, lies in its ability to integrate advanced blockchain functionalities into the frameworks of social impact. Here are some of the critical aspects that define how the project operates:
Governance Token
$PACT serves as a global medium of governance, allowing holders to participate in significant decisions concerning the project. This includes voting rights on funding proposals for new UBI communities, which are submitted by token holders and voted upon for approval. This system not only empowers participants but also promotes a sense of ownership within the community.
UBI Communities
The establishment of UBI communities is one of the key features of the impactMarket protocol. Token holders can propose new communities, which are then scrutinized and voted on before receiving funding from the DAO. This bottom-up governance model not only encourages diverse global engagement but also tailors the support mechanisms to meet the specific needs of various communities.
Decentralized Operations
By harnessing smart contracts on the Celo network, impactMarket operates in a decentralized manner. This autonomy ensures that funds are managed transparently and efficiently, reducing the potential for mismanagement or bureaucratic delays often seen in traditional charitable organizations. The trustless environment fostered by blockchain technology enhances accountability, making sure that the resources reach those in need.
Timeline of impactMarket (old), $PACT
To understand the evolution of impactMarket (old), $PACT, it is essential to reflect on key milestones within its history:
2021: The inception of impactMarket, with a planned total supply of 10 billion PACT tokens earmarked for distribution over a span exceeding ten years. This initial phase set the groundwork for the community-focused agenda.
2023-10-03: A significant update to the $PACT whitepaper was released, further detailing its governance structure and tokenomics. This document serves to clarify the project's objectives and engaging mechanics, inviting increased participation from potential stakeholders.
Key Points about impactMarket (old), $PACT
The architecture of impactMarket (old), $PACT, is carefully designed to ensure that its vision of alleviating poverty translates into tangible outcomes. Here are some crucial points to consider:
Token Distribution: The project has a clear allocation strategy, with 40% of tokens reserved for the community, 30% for impactLabs, 20% earmarked for the DAO reserve, and 10% for early participants. This structure encourages community involvement and investment in the project’s vision.
Total Supply: ImpactMarket has a fixed total supply of 10 billion PACT tokens, intended to provide a stable financial foundation for its operations.
Circulating Supply: As of October 2023, a self-reported circulating supply of 1.68 billion PACT tokens has been acknowledged, illustrating growing participation in the ecosystem.
Network: The initiative operates on the Celo network, which specializes in enabling seamless mobile transactions, making it particularly suitable for the global unbanked population.
Objective: The primary aim remains focused on alleviating poverty by offering accessible financial services and enabling self-sufficient communities through basic income support.
Conclusion
impactMarket (old), $PACT is a groundbreaking attempt to redefine how financial services can be delivered to underserved populations using blockchain technologies. With a clear mission, a robust governance framework, and innovative features tailored to community needs, the project is well-positioned to make a significant impact on poverty alleviation efforts globally.
By fostering an inclusive ecosystem where local communities can actively participate in decision-making processes, impactMarket reinforces the potential of decentralized technologies not only as financial tools but as catalysts for societal change. As the project continues to evolve, it promises to inspire a new generation of initiatives focused on resolving deeply rooted social issues, all while adhering to the principles of decentralization, transparency, and empowerment.
