ImpactMarket: The Global UBI Platform Powered by DataHub

Clayton Menzel
February 10, 2021
3
minute read

ImpactMarket enables any community to have its own Unconditional Basic Income for their beneficiaries. Anyone can back those communities by sending/donating cUSD directly to their UBI contract. ImpactMarket operates on top of the Celo protocol and uses DataHub's read/write blockchain nodes to connect and interact with the network. The ImpactMarket team gave us some insight into their product roadmap and shared some of their thoughts on the Web 3 ecosystem. 

celo nodes

ImpactMarket

ImpactMarket is an open, free, borderless, censorship-resistant, mobile-first, and transparent crowdfinance application designed to:

  • Alleviate poverty and increase access to financial services.
  • Ensure the primacy of the individual and the social objective over capital.
  • Allow for autonomous management of funds, full transparency, and independence from public or central authorities.

ImpactMarket has 3 main participants:

  • Backers - Anyone that sends/donates cUSD to any community contract. 
  • Managers - Local organizations who create the community, set parameters, and decide who has access to claim income from that contract. 
  • Beneficiaries - Individuals who can claim UBI.

Building on Web 3

The ImpactMarket team understands the value of Web 3. Without decentralized technologies and Celo’s mobile-first vision, the ImpactMarket application would not be as accessible for beneficiaries and affordable for backers on the platform. Still, the team believes that the thought of building on Web 3 can be overwhelming for a beginner even though they are interested in the value it would add to their application. 

Fragmented/non-existent documentation, no support for open-source projects, and lack of community support groups are all issues the ImpactMarket team has had to deal with on their Web 3 journey. The team believes that quality documentation and community support is absolutely necessary if we want to make Web 3 more accessible. 

How DataHub Helps

Ultimately, DataHub's Celo nodes gave the ImpactMarket team peace of mind. They believe that the more work they can offload from the core build of the platform, the better, which is why DataHub was a no-brainer for ImpactMarket.

“Not needing to build the infrastructure, maintain it and scale it as the project grows, gave us a lot of room to focus on the project itself.”

Bernardo Vieira, ImpactMarket Cofounder

The ImpactMarket team is small, but in a way it grew by working with Figment and joining our developer community.

“The simple interface, great communication and willingness to listen to our issues was something that captivated us even more.”

Bernardo Vieira, ImpactMarket Cofounder

ImpactMarket Roadmap

ImpactMarket’s mobile application is currently in open beta and available for anyone interested. Users can send cUSD to communities easily by connecting their Valora wallet. The team is currently preparing a “Stories'' feature which will help foster a deeper connection between backers and beneficiaries. 

They are also building a “Microwork” feature which will help fund special projects like plastic collection and planting trees. The team has run pilot programs in the past that were successful, with one of the programs collecting almost two tons of plastic. They are hoping to integrate the feature onto the platform soon. 

Thoughts on the Ecosystem

The ImpactMarket team believes that institutional interest in stablecoins and the likelihood of government regulation on stablecoins will only continue to grow. With the world becoming more digital, the demand for stable digital currencies will only continue to grow. 

Although institutional interest excites the team, they hope that the Web 3 ecosystem continues to become more and more accessible to every human on the planet, because if it doesn’t, then it is pointless.  

At Figment, our mission is to build a better Internet where individuals are in complete control of how they interact and exchange value online. Our highly available Celo nodes, easy to use interface, and high-quality support make it simple for developers to build the next generation of decentralized applications without having to worry about managing complex infrastructure. Our products and services reflect our dedication to empowering the next wave of developers looking to build on Web 3. Together, we can build a better Internet.

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