Bringing Stability to Charitable Giving: Social Alpha Foundation Announces its First Dai Donation from MakerDAO
Social Alpha Foundation (SAF) is delighted to announce a donation from MakerDAO, a decentralized organization dedicated to bringing stability to the crypto economy. MakerDAO issues Dai, the world’s first decentralized stablecoin on the Ethereum blockchain. Dai is soft-pegged to the US Dollar.
MakerDAO’s donation marks the first time SAF has explored the usage of Dai to help provide funding to public health, educational and environmental projects utilising blockchain for social impact around the globe.
MakerDAO has pledged 1010 DAI, which was raised from the proceeds of their Dappy Hour held in Sydney in April, to SAF. The satellite event was in conjunction with EDCON 2019, the annual global Ethereum conference series aimed at boosting the communication and interaction of Ethereum communities worldwide. EDCON featured thought leaders, industry experts and talented developers from the blockchain space as more than 1,000 attendees from all corners of the world descended on Sydney for the five-day convention.
Maker pre-loaded Dai and xDai (a representation of Dai that lives on the xDai Chain, instead of the Ethereum mainnet) into the wallets of attendees of its Secret Dappy Hour, so they could experiment with real-world purchasing using crypto. By simply scanning a QR code linked to MakerDAO’s wallet address, attendees were able to purchase drinks at the event. The Dai and xDai used were then donated to SAF. Attendees were also welcome to donate more funds by adding to their wallets.
MakerDAO’s donation to SAF allows us to examine the benefits of decentralized stablecoins in charities and charitable giving. For instance, because decentralization means the absence of intermediaries and third parties, such as banks, Dai not only reduces donation processing and transaction costs, but also increases transaction speed and security. Dai will also improve transparency in charitable donations, which will benefit the entire non-profit sector.
MakerDAO’s philosophy is aligned with our own, as it strongly endorses global economic freedom, allowing unbanked and under-banked populations to have access to the world economy.
SAF is thrilled to partner with MakerDAO, as we are aligned in our mission to advance blockchain’s potential beyond commercial value, and develop real-world use cases that promote social good and benefit society. We look forward to seeing the impact this donation will have on the non-profit sector on a global scale!