Officially, PIVX announced the launch of the PIVX Foundation. The PIVX Foundation has been established with a blockchain interest at the center of its plans as well. The announcement was made during the Impact Summit held in New York on June 4, 2019, by Bryan Doreian, the PIVX Global Ambassador and Co-Founder of the PIVX Foundation. This is the UN’s second Blockchain summit led by the United Nations’ Blockchain Sustainability Commission and its focus is on how blockchain technology can be used to drive the achievement of sustainable development goals.
The PIVX Foundation is quite a number of embodiments but it is first a registered charity and an extension of the PIVX community. Also, the foundation is a component of the known SDG Impact Fund (a donor-advised fund in support of SDGs of the UN). The Foundation’s mission is to leverage innovation to create impact. In Doreian’s words: “Since the PIVX Foundation is a sub-component of the SDG Impact Fund, it is already taking part in leveraging its resources and insights to help build out some novel charitable donation platforms including the payment rails for the SDG Impact Fund and all affiliated charities to accept crypto donations. All of this will be of incredible use for the philanthropic realms, as well as more tangibly align blockchain with charity, putting PIVX in the central focus,”
From a statement published by the PIVX Foundation, a community is generously funding the Foundation presently and its governance is under the PIVX community. The statement explained, “In order to receive the budget to fund impact development programs, grant applications will need to run through the PIVX Proposal system and be voted on by the community to ensure the SDGs maintain top priority for all funded initiatives,” Said community reportedly makes monthly donations when the treasury budget is not enough to cover a project’s needs. Donors will now start receiving tax benefits for the money they contribute.
Doreian said: “The launch of the PIVX Foundation, an independent non-profit focused on supporting PIVX and the larger blockchain ecosystem, provides a massive opportunity for PIVX to grow. Donors can now leverage charitable contributions (charitable contributions can offset taxes they might otherwise be paying) – AND help support the PIVX ecosystem at the same time. This is a major win for community members who may have been donating to fund projects through PIVX in the past without a charity tax receipt,”
He also shed some light that the Foundation will fund the first project in collaboration with Vendible and the SDG Impact Fund. This project will be under his leadership and is aimed at developing a payment processor with zero-fees on transactions, hence eliminating the three to seven percent processing costs associated with traditional online charitable platforms. To aid its adoption, the PIVX Foundation will be run using the PIVX currency, PIV, which donors already use to contribute to projects. Their wallets including the recently introduced iOS wallet operate as a decentralized autonomous organization (DAO) (for the people and by the people ) which is the method to be used to run the foundation as well.
Credits – Angeline Mbogo
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