Throughout the years, there have been many positive changes in the cryptocurrency field. People are finding new ways to improve various fields of society.
As the oneness and community approach to crypto grows, more and more people are focused on using blockchain technology for social good. By leveraging this emerging technology, projects can work towards solving or at the very least alleviate the world’s most pressing issues. The issues might lie in the energy sector, the tech field, agriculture, education, the finance sector, among others.
Thanks to blockchain technology and an innovative drive, crypto projects can collaborate with enterprises, NGOs, and even universities to bring us closer to achieving the UN’s sustainable development goals.
How Blockchain Drives Positive Social Impact
For the new entrants into the crypto scene, blockchain is an enormous database. Working on top of a decentralized peer-to-peer (P2P) network, no one person or entity controls it. Using a community and united approach, all users help manage information flow and when new data is added to the blockchain, no one can alter it.
Social impact, on the other hand, has different definitions but in general terms, it leans towards how actions or activities affect individuals, families, and communities. So, for your actions to have a social impact, society will judge said actions based on how you handled a social challenge and the positive effects they have on people.
Merging blockchain tech with social impact brings in a hybrid approach to making life better for society since blockchain can not only help track social impact but help to shape it.
In the centralized world, governments, charities, and businesses have faced numerous accountability hurdles. When you bring this same issue to blockchain tech, however, public transparency is the number one priority in this fast-paced, globalized, and digitized ecosystem.
Blockchain drives positive social impact using its publicly communicated, audited, and tracked information. If your crypto project claims to have done this and that, blockchain will help users decipher the truth using verifiable timestamps, geolocations, and supply-chain records.
Examples of Social Impact in Crypto
A good example would be the $1 billion of cryptocurrency donated by Ethereum co-founder, Vitalik Buterin, to support India’s Covid-crypto Relief Fund. This was a donation aimed at helping people that were on the verge of an impending Covid crisis, made on the blockchain. Thanks to blockchain tech we are assured that the donation went to the right people in need because his public, blockchain-backed digital wallet showed the transaction.
Prime Numbers is another great example of a complete project focused on social change. It’s a DAO that generates scholarships for students and rewards the community through NFTs.
Its mission is to drive positive social change by helping students meet their academic dreams. On the surface, they do this by selling NFTs to generate scholarships for students. But the roots of the project go much deeper than that. To start with, the project is incorporating a game where the NFTs you purchase will have a purpose. Secondly, they have a revolutionary staking system in which you stake inside your NFTs to earn rewards. To top it up, the NFTs will also generate royalty rewards and can be leveled up to increase the rewards.
With the amount of money made from NFTs, Prime Numbers drives positive social impact by helping students who will be developing tomorrow’s world.
Prime Numbers Leading the Social Impact Scene
Built on the XDC network, Prime Numbers is the first project to build a platform that leverages blockchain tech to help students escape financial entanglements experienced with paying tuition for their university studies.
Earlier on, we touched on the need for transparency when pushing for positive social change and for Prime Numbers, to promote a fair and transparent ecosystem, 30% of the initial NFT proceeds will go to the student fund, 30% to a development fund, 35% to reward PRNT holders, and the remaining 5% to the team.
Furthermore, under the NFT Royalty Standard, PRNT holders will receive 2.5% of all resales, with an additional 2.5% going to Prime Numbers’ DAO, which will automatically send 1% to the student fund. PRNT holders can increase their reward by leveling up their NFTs. Everyone who participated in the presale, private sale, and seed round will get a special NFT that offers even better rewards. These special NFTs will never be minted again, so the presale is the last opportunity to get your hands on one.
Using blockchain, Prime Numbers will save students from financial constraints and give them the peace of mind to receive quality education and come out the other end as productive members of society.
For more on the Prime Numbers project, please follow their socials: Twitter, Medium, Discord, Telegram, Discourse.
Source: https://www.coinspeaker.com/analyzing-blockchain-for-social-impact-ecosystem/