Courtesy: https://www.coinbase.com/
- Despite the hundreds of millions donated to public goods like hospitals, the billions lost through frauds shows the crypto industry is far from achieving its goals of philanthropy.
- The crypto industry needs to redeem itself from the crime orchestrated via the blockchain and cost investors billions of dollars, especially during the 2022 bear market.
The mainstream adoption of digital assets has significantly magnified the vices orchestrated by most governments in the name of relief. As more governments fight the mainstream adoption of digital assets, it is evident that the shadow system wants some factions of the people in society to remain in abject poverty while others languish in luxury. However, the leaders in the crypto industry have opted to take the matter into their own hands to make the world a better habitat.
How Crypto Firms are Changing the Face of Public Goods
According to estimates, the United Nations organization body would require about 63 percent of the Dogecoin (DOGE) market share to solve the world’s hunger. However, the lack of goodwill from the participating nations to fight global hunger among other humanitarian needs has pushed some global regions to the edge of starvatdaily. Moreover, there is no way the United States will allow other currencies to rise against the dollar with all its nuclear power at its disposal.
As a result, crypto firms have begun combining their efforts to preserve the public goods in return for mass adoption. The symbiotic relationship between the crypto firms and the customers has enabled the donation of public goods through blockchain technology. The Stellar Lumens (XLM) ecosystem has been demonstrated by being actively involved in the distribution of donations to Ukraine among other disaster-stricken places.
In the latest development, the crypto giants have formed the Public Goods Alliance includes heavyweights like Protocol Labs, and Giveth. The Celo Climate Collective has pledged up to $340 million towards the course of rehabilitating the deforested regions of the world. In another instance, Gitcoin, a philanthropy-focused blockchain and DAO, has partnered with the United Nations Children’s Fund geared towards fighting world hunger. Similarly, Uniswap and Coinbase have set their respective grants meant to rehabilitate public goods and help meet the high demand.
According to Gitcoin’s cofounder Kyle Weiss, the success of crypto projects should be reciprocated to the public good for the betterment of society. Moreover, blockchain technology has proved to be efficient in coordinating huge groups of people through DAOs without a single entity having the ultimate power.
‘What success would look like is a flourishing ecosystem of decentralized apps, protocols, communities, DAOs, maybe even native tokens, that are all using PGNs [public goods networks]to coordinate and interact, such that any interaction they have onchain — degen or otherwise — returns to funding collective public goods,’ Weiss noted.
Bigger Picture
The crypto market is in a position to heal the world from the historical injustice perpetrated by the dominant supepowers. In return, the crypto market can be used as a tool to bring together all people as part of the human race without divisions of religion, color, or sex.
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