Advancements in technology have allowed humankind to grow and prosper to some degree. However, it has done so at great cost, with companies, large and small, often ignoring all consequences, ranging from environmental to social and economic impact in the lives of millions, all in the name of profit.
Cryptocurrencies are moving along with a new trend in the economy, a conscious step towards a more fair and distributed economy and society, where value can be easily transferred and distributed for the benefit of the whole, not just a few shareholders. In this aspect, cryptocurrencies are perfectly aligned with the ideologies of the Impact Economy, a fast-growing segment of the general economy, where participants work towards a common goal that takes into account the well-being of the people, animals and environment.
As so, the merger of the two comes as a mutualistic symbiosis that can take both concepts closer to mainstream adoption.This is exactly what Impak Finance Inc., a Canadian Startup is attempting to do with the launch of a network of services and tools such as their digital bank, Impak.eco and Impak Coin. The whitepaper reads:
“The Corporation’s mission is to make money work for positive social, innovative and environmental impact through a collaborative financial ecosystem powered by disruptive financial technologies developed by the Corporation and third-party vendors”
Impak Finance Inc. will start with the launch Impak.eco, an online social network dedicated to structuring and extending the outreach of the Impact Economy. This social network will bring together those with the common purpose of using their value as a “force for good”, allowing them to find and interact with each other in a meaningful way.
In the Impak.eco social network, three main participants exist, Impact Organisations (businesses, NGOs, Non-for-Profits, social enterprises), Citizens/Retail Customers and Capital Partners (VC, Angel Investors, Family Offices, Foundations, Pension Funds, etc). This system creates full transparency and interaction, allowing companies to get funding and customers in the same place, providing investors with a broader view of the market, and allowing customers to find impact merchants and access products and services that aligned with their values while proactively choosing which companies and practices to support.
Merchants within the social network will be “judged” by their level of impact through the Impak Scorecard, allowing investors and retail customers to get a better understanding of the companies and its values.
The Impak.eco social network will be accompanied by Impak Coin, a Waves-based asset whose main objective is to support the growth of the Impact Economy through cashback and usage incentive programs. The value of the MPK token will be controlled by the MPK Governance Body by setting the exchange rate and through market operations. Through this model, Impak Coin may dampen downturns in the business cycle, helping to stabilize and grow the Impact Economy during difficult times.
Lastly, the most ambitious side of the project will see Impak Finance open up a completely digital Canadian Schedule 1 Bank dedicated solely to the Impact Economy movement. Impak Finance hopes to take some of the tools created by the legacy banking system to empower this positive movement, like the use of fractional reserve banking in order to grow the money supply and stimulate the impact economy.
In order to fund the development of the Impak Finance project, a pre-sale and subsequent ICO will be held, in which investors can purchase MPK coins for BTC and other currencies. To learn more about Impak Finance, visit the official website and read the whitepaper.