According to recent reports, the upcoming Ethereum (ETH) hardware Hackathon called ETHDenver is going into a partnering with UNICEF to build a Blockchain-powered bounty token system. The report came via a press release on the January 31. The digital token aims to incentivize developers to build projects that will promote social good.
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ETHDenver Set for a February 15-17 in Denver, Colorado
ETHDenver, which recently entered into a partnership with UNICEF Ventures, is set to take place this February 15 through 17 in Denver, Colorado. The initiative has reportedly also partnered with UNICEF France and the Bounties Network (an ETH based startup) on the prototype for what is described as a “positive action token.”
While the new token hasn’t been given a name (as its creators have long been appealing to ETHDenver attendees to share their views on a name one), it forms a part of an ongoing incentivization program called “The Impact Track.” As outlined by ETHDenver Diversity and Impact Steward, Nick Rodrigues, the program is made to encourage developers to think systematically regarding the positive social impact of any technical innovation. 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.”
New Token Can’t be Redeemed for Fiat
As a non-monetary, yet value-driven community token, the coin can’t be redeemed for the regular fiat currency as is the case with most other tokens according to the organizers. Instead, users will be able to use their tokens to gain early access to the future UNICEF as well as Impact Track events, along with mentorship sessions, and incubator-style support. There will also be similar offerings too. ETHDenver has pitched the new token as “digital acknowledgement of positive actions.”
In another blog post which was published on January 30 2019, ETHDenver and the MakerDAO blockchain startup (the creator of Dai the Ethereum-collateralized stablecoin) have also revealed the creation of a new ETHDenver pop-up coin economy that will be in line with an ephemeral “localcoin.”
Hackathon Attendees to be Given Unique xDai Wallet
As per the report all Hackathon attendees will reportedly be issued a unique “xDai” wallet each, which will run on their phone’s default browser and is also pre-loaded with their localcoin. It has been dubbed “buffiDai.” The new coin is redeemable for food, drinks and activities at the event apart from been pegged to the Dai network.
As has been previously reported, the optimistic action token typically represents only one of UNICEF’s many endeavors as the organization navigates the Blockchain space. In December of last year, the UNICEF Innovation Fund revealed that it would be investing up to $100,000 in about six early stage and open-sourced Blockchain startups all working toward humanitarian goals.
Finally, it should be recalled from an earlier report in February last year, that the organization (UNICEF) appealed to PC gamers to mine ETH tokens with their computers and donate the earnings they realize to a certain charity campaign designed to aid Syrian children.