Problem: Big ideas that could help humanity have a hard time getting funded to become a reality. These types of ideas don't fit into the frameworks of government/foundation grants or VC/Angel investing. These ideas are either too early or too ambitious.
Solution: A new way to fund public advancement via Social Impact Bonds. SIBs are dynamic NFTs that fund projects both prospectively & retrospectively.
The bond TLDR: If governments & corporations want money for something, one option is to sell a bond, which is an "IOU" with a promise to pay the principle back with interest.
Bonds are one of the oldest documented financial instruments dating back to 2400 BC in Mesopotamia. Since then, we've created war bonds, treasury bonds, municipal bonds, & corporate bonds to fund our modern world. The global bond market is ~$120T as of late 2021.
"Social Impact Bonds" are a recent creation with the first launched in 2010 to finance a prisoner rehabilitation program in the UK. SIBs are a form of outcomes-based contracting where the project is to improve the social outcomes for a specific group of citizens. As of 2021, there are 194 social impact bonds active with $421M invested.
While great in theory, SIBs are designed with a poor economic incentive model. For example, investors don't get any money back if the project fails to meet the initial KPIs. It's an "all or nothing" investment that only rewards investors with a few percentage points of interest if successful. Another example is the lack of transparency & validation of the actual work being funded.
We at Citizen DAO believe Social Impact Bonds can be much better than they are.
Our bonds are ERC-1155 non-fungible tokens. Bonds are unique financial assets that fund projects in the following categories of health, housing, education, climate, finance, & governance.
Citizen DAO members will curate, refine, & decide on which projects get funding. Each bond can be minted with any amount of ETH. Yield is in CDAO, which is the governance & utiliity token of Citizen DAO.
- Go to app.citizendao.io
- Connect wallet, find the bond you want, & customize it.
- When the bond matures, come to the same place to redeem it and claim the CDAO yield.
- Or you can sell your bond on secondary markets before maturity.
Here are some important resources:
Prerequisites: Node plus Yarn and Git
install and start your 👷 Hardhat chain:
yarn install
yarn chainin a second terminal window, start your 📱 frontend:
yarn startin a third terminal window, 🛰 deploy your contract:
yarn deployWe encourage a triangle workflow for development, with pull requests going directly onto the main branch; essentially a github flow model.
On Discord:
- james-c#6086
- deevolution#9729
- Brennen Hodge#5274
We will make the dev environment Docker-based for consistency / ease-of-use, so requirements for use should be limited to:
- When frontend changes are ready, send a pull request and merge with
fe-skynet-deploybranch. - This will use github actions and auto deploy to skynet.
- Information: Skynet Github Action