Launched today, EarthFund, a decentralized not-for-profit platform, aims to allow anyone to use blockchain technology to raise funds for causes that can promote good around the world.
Blockchain technology and cryptocurrencies have a massive opportunity to better the world and become a massive force for good, but till now the technology has been used for short-term gains with very little impact being felt by those that need it. According to EarthFund co-founder, Adam Boalt, the technology “hasn’t been fully adopted yet mainly because of usability”, and that is what his company is trying to change.
“So far, crypto native folks have spent their energy on often frivolous causes, such as trying to buy a piece of paper or a virtual monkey profile picture,” Boalt further shared. “But with EarthFund, we’re focused on making crypto accessible so everyone can harness its potential and help truly world-changing causes to get the funding they deserve.”
In the past, blockchain projects have favoured decentralized autonomous organizations (DAOs) as a transparent channel to raise donations, track them, and ensure every cent reaches those in need. Since the stories of ConstitutionDAO and UkraineDAO, the concept of creating DAOs to fund real-world causes has become mainstream. Despite showcasing the power of token incentives and crypto as a force of doing good, many of these charitable DAOs have ultimately proven not that impactful.
Notwithstanding, setting up a funding DAO was strictly reserved as a task only the experienced Solidity developers could do. Regular companies and individuals could not set up the infrastructure required for a funding DAO, which limited the potential impact of the technology.
EarthFund aims to change this via its simple and intuitive UI that allows anyone to set up DAOs to fund causes they love, with real and meaningful impact. With a simple UI and a full-stack ecosystem approach, founders, donors and users can make their voices heard in the real world. Founders can easily set up their DAOs, attract funds, and even offer token incentives to entice more people to contribute.
The EarthFund toolkit is made for all three classes of participants in DAO initiatives. For founders, it offers an intuitive, plug-and-play platform that allows launching an ERC-20 token and DAO with gasless governance. For users, the platform brings rewards for using their voice and voting to advance the cause they committed to. For donors, EarthFund offers a place to donate crypto to people dedicated to vetting projects and making sure the money makes as large of an impact as possible.
At launch, the platform will include pilot initiatives from top philanthropists including Deepak Chopra and Dr Lucy Tweed, who are aiming to set up funding DAOs for mental health and carbon removal causes, respectively.
“We’re seeing a shift in the crypto space from a focus on short-term profits to using it to build a better future for everybody. That’s why we partnered with EarthFund to launch our NeverAlone token and democratize and decentralize the way that projects focused on tackling the mental health crisis get the funding they need to make a difference,” commented Chopra.
Finally, EarthFund will also aim at solving the accountability and transparency issues crippling donation centers, humanitarian causes, and charities. Today, charities usually take between 26% and 87% of donated funds for “administrative” purposes, while the remainder is deployed as the creators see fit. EarthFund leverages blockchain technology and decentralized governance to ensure all funds are used for the right purpose and the decision on how it is spent remains democratized to all stakeholders.