Hi Chadwick and readers! Thanks for taking the time to learn about our project. I’m the Community Architect at impak Finance. I can elaborate on a few things for you regarding impak Coin and impak.eco, the ecosystem app that connects the impact economy.
We chose Waves because it’s a POS blockchain that allows us to code our coin as a metacoin upon it (our transactions are encrypted on Waves, therefore not readable without our block explorer). We investigated other solutions including other POS blockchains, Ethereum Smart Contracts, multisig, Nxt, and others, and ultimately decided against them because we think they are not yet mature enough to ensure security. Waves seemed to us a very good candidate, allowing us to concentrate our efforts on our features, while having the benefit of a strong, secure and green blockchain. We spoke with other teams using Waves about their experiences and were satisfied with what they had to say. Energy efficiency is very important to us, as well as low transaction fees, and Waves checks both boxes.
In light of Waves’ recent partnership with Deloitte to build regulatory-compliant ICOs, and our commitment to transparency in the ICO process and beyond, impak Coin on Waves makes the most sense.
impak Coin and Price Stability
impak Coin will be sold during the crowdsale at a price of 1MPK=C$1, but will not be pegged. Price stability is a key feature of impak Coin, which is why $4 000 000 of the proceeds of the sale will be in the control of a third-party marketmaker to buy and sell to ensure price stability. Each quarter, based on activity in the past three months, the price of impak Coin will be adjusted. Maintaining a stable price allows merchants to spend it inside the ecosystem without wild fluctuations in value, a challenge that has contributed to Bitcoin not being adopted widely as a form of payment. Funds will be held in escrow by the law firm McMillan LLP.
How do we measure impact?
impak Finance has been inspired by the UN’s 17 sustainable development goals (SDGs), and is using them to build a framework for measuring impact. The validation and measurement of a company’s impact has 3 steps:
First: A declarative and automated questionnaire. Companies fill in a form covering: information about the company (activity sector, legal information, etc.) and information related to the impact. On the impact side they will provide their impact intention, the various SDGs they plan to address (minimum 2) with their business, the sustainability of their mission relative to their economic objectives, how they are integrated in the community and their business acumen.
As an output we create an “impak Profile”, which shows to the rest of the ecosystem the SDGs they are addressing and their respective KPIs to which they are committed.
Their answers determine which stage of impact they fit into: from a simple impact intention to a replicable and viable impact model. The stages of impact are designed to clarify objectives and to help new projects progress with the examples of others that have a solid impact model.
Second step: An in-depth impact assessment, requiring a much longer time investment, allows the company to showcase its status as “verified impact”. This assessment goes into more depth and intends to build a process to regularly check upon the company’s impact, using verified KPIs.
The last step is a due diligence process. Companies wishing to obtain a loan will be submitted to a rigourous process that will go beyond what is expected to “simply” check the KPIs. This due diligence process was inspired by various sources such as MSCI, B Lab, Chantier de l’économie sociale, and work from our own team.
I hope that sheds light on some of the project. You can sign up to our slack channel at impakcoin.com to chat with the team and learn more. Thanks for reading!