Upcoming Ethereum (ETH) hardware hackathon ETHDenver is partnering with UNICEF on a blockchain bounty token system, according to a press release shared with CryptoNewspeople Jan. 31. The token aims to incentivize developers to create projects which promote social good, the press release notes.
ETHDenver — set to take place February 15-17 in Denver, Colorado — has partnered with UNICEF Ventures, UNICEF France and ETH startup Bounties Network on the prototype for what it calls a “positive action token,” the firm stated in the press release.
While the token is yet to have a name — indeed, its creators are appealing to ETHDenver attendees to contribute to finding one — it forms part of an incentivization program dubbed “The Impact Track.” As ETHDenver Diversity and Impact Steward Nick Rodrigues has outlined, the program encourages developers to think systematically about the positive social impact of a given piece of technical innovation:
“For example, if someone had a project where they happened to develop a way to shard more efficiently which therefore required less energy consumption, they would be meeting a sustainable development goal.”
As a non-monetary, value-driven community coin, the token cannot be redeemed for fiat currency, as the organizers report. Instead, users can use their tokens to get early access to future UNICEF and Impact Track events, mentorship sessions, incubator-style support, and similar offerings. ETHDenver has also pitched the token as “digital public acknowledgement of positive actions.”
In a separate blog post published Jan. 30, ETHDenver and blockchain startup MakerDAO (MKR) — creator of the Ethereum-collateralized stablecoin Dai (DAI) — have also announced the creation of an ETHDenver pop-up token economy based on an ephemeral “localcoin.”
Hackathon attendees will reportedly each be issued with a unique “xDai” wallet, which runs on their phone’s default web browser and is pre-loaded with the localcoin, dubbed “buffiDai.” The coin is pegged to the Dai and redeemable for food, drinks and activities at the event, the blog post reports.
As previously reported, the positive action token represents just one of UNICEF’s many forays into the blockchain space. Last month, the UNICEF Innovation Fund announced it would be investing $100,000 in six early stage and open-source blockchain companies working toward humanitarian goals.
In February of last year, the organization appealed to PC gamers to use their computers to mine ETH and donate their earnings to a charity campaign for Syrian children.