Imbue Network Partners with Fractal — Decentralized Identities for Contributors
Enabling one person one vote in decentralized crowdfunding through Fractal’s KYC solution.
At Imbue, our endgame is the mass adoption of decentralized crowdfunding. The mission is to provide an alternative to central VCs that promotes accountability for projects that are looking for startup and scaling capital.
As we come closer to our TestNet launch of our crowdfunding dApp, we’re always looking for ways to battle-test our system for mass adoption. Via our technology, we can establish trustless engagement so that investors are fairly rewarded by the project founders once the agreed activities are completed.
Through internal discussion and community feedback, we found that adding an identity layer to decentralized crowdfunding is key. Why?
- When each Contributor is verified it prevents malicious contributors to take part in crowdfunding, making our dApp safer;
- Regulations within Web3 increasingly require due diligence;
- On top of that, more institutional investors are engaging and investing in web3 every day, and often KYC is a prerequisite for such institutions.
All in all, adding an identity layer via Fractal’s KYC solution is making the Imbue Network future-proof! For both Initiators and Contributors, it’s important that the events at every turn of the crowdfunding process are transparent, fair, and most importantly, validated by the blockchain. With identity, we must ensure that one person gets one vote in accordance to the proportion of their contribution.
That’s why our partnership with Fractal Protocol makes us so excited!
How is Fractal KYC Fostering Accountability in Imbue?
By implementing Fractal’s technology, the project Initiators’ and their Contributors’ real identity are verified, encrypted and securely stored.What would happen without a validated identity framework?
In essence, it would be easy for good (or bad) actors to accumulate more power in the projects being voted on in the network. One could duplicate or manufacture multiple social accounts and wallets in order to get more votes in the projects they’re supporting. While we want every project on Imbue to succeed, this is not open nor democratic.
With Fractal, this protocol built into Imbue’s network will make it where one identity means one vote. A person who is initiating or contributing to projects on the Imbue Network must be pinned to one identity.
We see our partnership with Fractal as highly valuable and gives both our network and theirs more utility as we push to scale mass adoption. With our Testnet launch coming soon, there will be more details to be released shortly regarding our recent partnerships and the building of those initiatives.
Now, back to building.
To learn more or get in contact with Fractal, follow the links below.
Twitter |Discord |Fractal ID Support | Announcements | Telegram Community | LinkedIN | YouTube | Website | Wallet
About Fractal
Fractal’s mission is to empower and incentive users & businesses to exchange data in a privacy-preserving way so that the balance of power and control between web platforms and their users is restored. Find out more in our Gitbook.
About Imbue Network
Imbue Network is a decentralized crowdfunding DAO built on the Polkadot blockchain platform. It is an idea incubator open to the entire world that allows anyone from any walk of life and any endeavor to submit and vote on ideas worth funding from the communities that believe in them the most.
Linktree | Website | Twitter | Telegram | Discord | Github | Medium | LinkedIn
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