ETHDenver Partners With UNICEF To Build a Blockchain-based Reward System
Recent reports indicate that the forthcoming Hackathon Ethereum (ETH) hardware called ETHDenver is teaming up with UNICEF to develop a Blockchain-powered reward token system. The digital token is designed to encourage software programmers to develop projects that have a good impact on the society.
ETHDenver, recently partnered with UNICEF Projects, is scheduled to be held from 15 to 17 February in Denver, Colorado.
The initiative was also reported to have collaborated with UNICEF France and the Bounties Network (an ETH-based software firm) on the proof of concept for what is explained as a “positive action token.”
Although the totally new token was not named (as its developers have long simply called on ETHDenver participants to express their opinions on a moniker), it is part of a larger incentive program called “The Impact Track.”
As described by Nick Rodrigues, ETHDenver Diversity and Impact Steward, the initiative encourages programmers to systematically think about the meaningful social effect of any technological advancement. According to Rodrigues:
“If someone had a scheme where they managed to develop or find a way to carry out efficient Sharding which usually required lesser amounts of energy, they would end up achieving a sustainable development objective.”
The coin, being a token driven by community participation, has no monetary value and cannot be exchanged for standard fiat currency, as is the scenario with some other tokens according to the promoters. In the meanwhile, users can utilize their tokens to get advance access to the forthcoming UNICEF as well as Impact Track Events, consulting sessions and incubator assistance.
Similar product lines will also be made. Likewise, a blog post published on 30 January 2019 by ETHDenver and the MakerDAO blockchain startup (the creator of Dai, the Ethereum-collateralized stablecoin) have also disclosed the development of a new ETHDenver pop-up coin economy that will be in accordance with the ephemeral “localcoin.”
The digital currency can be redeemed for food, drinks and social activities at the event, besides being linked to the Dai Network. As initially reported, the optimistic token of action typically symbolizes only one of the several efforts of UNICEF as the institution explores the Blockchain domain.
Back in December, the UNICEF Innovation Fund disclosed that it would consider investing up to $100,000 in approximately six initial stage and open-source Blockchain start-ups working towards philanthropic objectives. Lastly, it should be remembered from a previous article in February last year that the institution (UNICEF) called on PC gamers to mine ETH tokens with their personal computers and contribute their profit to a donation campaign structured to help Syrian children.