Please describe your proposed solution.
94% of young people want to use their skills for good, but only [10% are able to do so](<https://www.bls.gov/opub/ted/2018/nonprofits-account-for-12-3-million-jobs-10-2-percent-of-priv ate-sector-employment-in-2016.htm>). This is because it’s difficult to visualize their impact and get rewarded for their contributions. Socious leverages Atala PRISM to attribute social & environmental impact to individuals/organizations and provides rewards in crypto tokens based on their impact score.
We use blockchain technology to provide trust, transparency, and decentralization. First, we plan to leverage Atala PRISM to allow our users to become the owner of their digital identity and personal data. Atala PRISM facilitates KYC compliance, impact score certification, and asset transaction with trust and transparency. We can guarantee the traceability and transparency of transactions/impact scores by using blockchain technology. Blockchain technology also allows the community to own and run the platform without a third party and share the profits of the platform with the community members through tokens. By becoming a decentralized autonomous organization, the platform can continue to create social and environmental impact on a permanent basis.
- Decentralized Identity: In order to attribute “Impact Score” to each individual and organization, decentralized digital identity is essential.
- Impact Score: Our objective is to develop an algorithm that will recognize the good deeds of our users and make a record of them on the blockchain, motivating people to fulfill their positive impact potential. Our proprietary algorithm tracks and monitors a wide range of behaviors to generate an Impact Score for each user. This rating will inform the decisions of our users, offsetting the risk associated with engaging in business activities with other netizens and effectively increasing trust and the availability of resources in our impact ecosystem. Users will be incentivized to build their Impact Score with tangible rewards, such as period airdrops of THANK tokens and access to exclusive economic opportunities such as financial products and discounted ethical goods.
- Decentralization: Socious uses our proprietary impact credentials “Socious Deeds” for governance purposes. Through on-chain governance processes, Socious Deed holders are able to vote on various aspects of organizational operations, allowing community-wide decision-making. Decisions on allocating funding, building new partnerships, verification of impact organizations, reviewing reported organizations/users/content, dispute resolution, and developing the platform can all be executed through this decentralized process. Socious Deeds are verifiable credentials, and therefore non-transferrable, in order to ensure that governance power is widely distributed and is in the hands of informed decision-makers. Only those who have an impact score above 700 are issued these verifiable credentials. Each Deed contains information on the user’s interests/expertise on specific social/environmental issues based on their behaviors on the Socious app. The voting power is proportional to their interests/expertise on the topic that is being voted on. For example, if the topic is about allocating funding to an environmental project, the votes of the users who have contributed their time/money to environmental projects and have posted/commented on content related to environmental issues will be weighed accordingly.
Please describe how your proposed solution will address the Challenge that you have submitted it in.
The proposed solution addresses the challenge in the following ways:
The overall question to be addressed by the challenge is “What dapps, products and integrations can be implemented to bring impactful use cases to Cardano ecosystem that help drive more adoption?”
Socious is a decentralized application (dapp) and its unique Impact Score has many use cases for the Cardano Ecosystem. This project will significantly increase the utility & adoption of Atala PRISM/Cardano. Users will be incentivized to build their Impact Score with tangible rewards, such as access to impact-focused grants/investments, rewards in THANK tokens (Socious’ native tokens), and access to exclusive economic opportunities such as financial products and discounted ethical goods.
Types of proposals include “Marketplaces”, “Social Media”, “Environment” and DeFi.
Socious is squarely in these areas. Socious is an “impact job marketplace” that matches impact organizations/projects with impact talent. The impact score system, an impact-based reputation management system, will facilitate users to progress in their impact careers. Socious is also a “Social Media for Social Good” where socially conscious individuals can share content and connect with like-minded people.
In the future, Socious is planning to launch an “ethical product marketplace” where users can buy a variety of sustainable/ethical products that contribute to social and environmental impact. Similarly, Socious will launch an “impact lending” feature. Socious Impact Lending is a decentralized finance (DeFi) protocol that allows people to lend and borrow THANKs without having to go through a centralized intermediary. Lending users earn interest and borrowing users pay it. Rather than relying on collateral, smart contracts calculate individual risk based on users' Impact Score, Interest rates will be allocated on the basis of this. By removing the middlemen, this peer-to-peer system offers not only greater value and efficiency in the lending process but also provides the unbanked population with access to capital without any assets or credit.
Using the guarantor system, users can leverage the trust of other people to borrow THANKs without having a high Impact Score. This system also allows users to improve their impact score by being a guarantor and earning a percentage of the interest repayment. On the other hand, the guarantors’ impact score will decrease if the borrower fails to repay their debt. This balanced approach will increase access to financial services for the unbanked.
The project is highly relevant to the key metrics for the challenge:
- Increasing the number of dapps and products available for the community to use that help to enrich the ecosystem with new use cases: If the project is successful, it will lead to many more use-cases of the Impact Score system and DID, including a peer-to-peer lending system for financial inclusion of the unbanked and an ethical marketplace of products and services.
- Increase the number of integrations that bring existing solutions together for a more seamless and connected experience between different products: We bring Cardano, Atala PRISM, Milkomeda, Proofspace, and ERC-20 compatible wallets together to provide a more seamless and connected experience between different products.
Finally, the Impact Score system - with its many use cases - is able to scale to address future challenges.
What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
Possible challenges or risks to delivering this project successfully include:
Risk: Integration of ProofSpace/Atala PRISM to an existing mobile app rather than a web app.
Strategy to mitigate: We will mitigate this challenge by working with ProofSpace and learning and getting support from the Atala PRISM Pioneer Program. All of the Socious core team members are part of the Atala PRISM Pioneer Program.
Risk: Collaboration between Socious and ProofSpace with the time difference between Europe and East Asia.
Strategy to mitigate: We will leverage various tools such as Slack, Trello, GitHub, etc. to work asynchronously with occasional video conferences.
Risk: ProofSpace has an F8 proposal entitled “Credential-based token, e.g. KYC” which will support the Socious Deed function, creating a dependency on ProofSpace to deliver that proposal.
Strategy to mitigate: The first two parts of this proposal are deliverable with current ProofSpace capabilities, and the dependent proposal is scheduled for completion by the end of August. This should mean that the new feature is ready to be used by Socious by the time this proposal is funded.