• UN Sustainable Development Goal 1 calls for the eradication of all forms of poverty before 2030 (United Nations, 2021). The world is currently not on track to meet this goal. According to the World Bank (2021), one out of ten people in 2020 (about 9.2% of the world) are considered to live in extreme poverty, living on less than $ 1.90 a day, a setback caused in part by the global COVID-19 pandemic. Of which, according to the World Bank, 87% of the world’s poorest are living in Sub-Saharan Africa, representing more than 480 million individuals. The current energy and food crisis is likely to lead to further setbacks (United Nations, 2022; World Bank, 2022).

• The World Bank considers financial inclusion a key enabler to reduce extreme poverty and boost shared prosperity. “Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit, and insurance – delivered in a responsible and sustainable way.” Since financial inclusion has been identified as an enabler for 7 of the 17 Sustainable Development Goals, a rapid rise in digital finance provides opportunities for access to financial services, including UBI, to communities all over the world, including those in low and middle-income countries (World Bank, 2021). However, little is known about the impact of digital finance and its potential to reach vulnerable communities. Recent evidence shows that the implementation of cash transfer programs using mobile money transfers has many positive effects: extreme poverty reduction, consumption in rural communities, diet diversity, etc. (Aker et al., 2016; Lee et al., 2021). But despite this positive evidence, there still exist open questions on how to make financial inclusion actually reach all of those communities around the world that need it (Aziz & Naima, 2021; Lashitew et al., 2019).

• The COVID-19 pandemic made a compelling case for digital aid delivery. This can play a critical role for governments/multilaterals to deliver social assistance quickly and safely. Digital Infrastructure not only allowed governments to reach an unprecedented number of new beneficiaries, it also allowed them to make payments to them remotely. This brought millions of people into the social protection and financial system for the first time (World Bank, 2022). However, it also highlighted the need to expand digital infrastructure with the goal of making payment systems more inclusive, effective, and sustainable. This includes addressing the challenges faced especially by women, who are often digitally and financially excluded. 1.4 billion adults remain unbanked.  These people are hardest to reach – and more commonly women, poorer, less educated, and living in rural areas. 

• The Global Findex 2021 finds that almost two-thirds of adults in developing economies who received digital payments also used their accounts to store money for cash management, about 40% used their accounts to save, and 40% used their accounts to borrow. Although the data cannot establish a causal relationship, these findings suggest that digital inflows can pave the way for the wider use of financial services. Cash transfers are widespread: 97% of LMICs, 77% of which use unconditional CTs (World Bank, 2017), but the costs of delivering a cash program can be non-trivial. According to the International Rescue Committee, unconditional cash transfer programs’ costs range from 14 cents for every dollar transferred up to $1.32 for every dollar transferred.

• The provision of universal basic income (UBI) has the potential to combat extreme poverty. “Basic Income consists of a periodic cash allowance given to all citizens without means, to provide them with a standard of living above the poverty line” (Stanford Basic Income Lab, 2022). A recent synthesis of UBI research has shown that UBI interventions can have positive effects on poverty alleviation, health, and education outcomes. Evidence of positive impact is seen on work conditions, while effects on labor market participation are insignificant (Hasdell, 2020). However, channels of cash assistance prove to fall prey to corruption and high expenses. Lack of transparency, plethora of intermediaries, and potential for corruption further increase the cost of aid via cash assistance. While estimates vary greatly the UN reports that 30% of aid is lost to corruption; the World Bank estimated the cost of corruption around $2.6 trillion, or 5% of global GDP – this figure encompasses both domestic and foreign corruption. However, this figure includes corruption in various sectors beyond foreign aid.

impactMarket’s aims to achieve these goals:

1. Financial Inclusion: Many people in poverty lack access to traditional banking services. impactMarket’s financial tools provide them with access to basic financial services such as remittances, and low-cost money transfers in addition to specialized features enabled by the use of blockchain, like rewarded financial education, basic income, and an on-chain credit score. Moreover, utilizing stable coins, cryptocurrency, and community tokens enables peer-to-peer transactions without the need for intermediaries like banks, making financial services more accessible and affordable.

2. Transparency and Trust: Poverty-stricken individuals often face issues with corruption, fraud, and lack of transparency in financial transactions, as well as a lack of control over predatory transaction fees. Blockchain's decentralized and immutable nature can help establish trust and transparency in financial systems and newer currencies/tenders. By recording transactions on a distributed ledger that is visible to all participants, blockchain reduces the possibility of fraudulent activities, ensuring that funds reach their intended recipients and are used for the intended purposes, in impactMarket’s case: utmost freedom in spending decisions.

3. Cost Reduction: Traditional financial systems involve numerous intermediaries and high transaction fees, which disproportionately affect those with limited resources. impactMarket can help streamline processes, eliminate intermediaries, and significantly reduce transaction costs. This cost reduction can enable individuals in poverty to save money, access affordable credit, and make more efficient use of their limited financial resources.

4. Secure Identity and Ownership: Many people in poverty lack formal identification documents, making it difficult for them to access financial services and social welfare programs. Blockchain-based identity management systems can provide individuals with secure digital identities, allowing them to establish their ownership and access various financial services. By providing a decentralized and tamper-resistant identity solution, impactMarket can empower individuals to assert their rights and participate in economic activities.

5. Microfinance and Crowdfunding: The inability for wealth creation or expansion often stems from a lack of access to capital for income-generating activities. impactMarket can facilitate microfinance initiatives by enabling peer-to-peer lending and reducing the need for intermediaries. Additionally, impactMarket’s UBI tool’s crowdfunding methods can help individuals in poverty raise funds for entrepreneurial endeavors or community projects, bypassing traditional fundraising barriers and costs.

6. Remittances and Cross-Border Transactions: Many individuals in poverty rely on remittances from family members working in other countries. However, traditional remittance services often impose high fees and lengthy processing times. impactMarket’s Libera wallet offers faster and more affordable cross-border transactions, enabling individuals in poverty to receive funds quickly and securely.

Authors: Avina Ajit and Susanne Zapelão

Contributors: Mariam Chehab, Yingshi Huang and Onye Dike

In attempting to provide a thorough summarization, the content presented in this whitepaper does not cover all aspects of the protocol’s functions, activities, and impact, and it is exclusively intended for informative purposes. The main objective of this document is to furnish readers with insights into the impactMarket's vision and its aims in promoting financial empowerment.

Index

1. Overview

2. impactMarket's Products

• Microcredit

• Unconditional Basic Income (UBI)

• Libera Crypto Wallet

• Learn & Earn

1. impactMarket's Protocol

• PACT Token

• Voting & Governance

1. Impact Measurement

Company Toolkit

Developers

impactMarket, the human empowerment protocol, provides accessible financial solutions and knowledge to empower underprivileged people worldwide, unlocking opportunities and human potential. Transparent, reliable, and inclusive, enabling financial independence and literacy for all.

impactMarket has one of the largest blockchain-driven Unconditional Basic Income (UBI) programs, supporting over 45,000 people with UBI in around 30 countries. Other impactful solutions include Microcredit, the Libera Crypto Wallet, and a Learn & Earn platform.

We are unleashing new untapped markets and stimulating local economies by enabling inclusive access to finance and literacy to underprivileged communities, quickly scaling to reach more people, and being an industry reference for social good. We empower people to take ownership of their choices, their money, and their lives.

We are investing in the most valuable asset: PEOPLE

For more inspiring videos, visit our Youtube Channel.

impactMarket’s protocol is a community-driven framework designed to crowd-source and generate funds to distribute in each of its tools. Using smart contracts for each tool and community, the protocol delivers impact and economic assistance to communities in need of development. With the primary use of cUSD (Celo Dollar) and the complimentary use of its native token $PACT, impactMarket’s ecosystem generates a circular economy of donations, investments, rewards, and governance power to every stakeholder, aligned on upholding the needs of the community. All each stakeholder needs is an internet connection and a smartphone to have an account, to send and receive money.

There is also Celo, the cryptocurrency that acts as a utility and governance token for the Celo platform. Celo is an open-sourced Proof-of-Stake (PoS) blockchain designed to support stablecoins and tokenized assets with an algorithmic reserve-backed stability mechanism. impactMarket’s use of Celo Dollars (cUSD), a stablecoin whose value does not fluctuate widely, enables easy distribution of basic income to vulnerable communities, as well as all other tools that require transferring funds.

Dream with us! How to join our mission

Donate Celo Dollars (cUSD) to the UBI communities and get PACT tokens as rewards.

Follow impactMarket on social media and spread the word about our impact to engage your family and friends! We are on Twitter, Instagram, Facebook, and LinkedIn.

If you are a company, foundation, brand, or influencer, please contact us to learn more about how to involve your employees, customers, or community in social initiatives, in a completely transparent and measurable way: hello@impactmarket.com.

Dare to Dream with us that a better world for all is possible. Together, we can make a difference! 💙

In today’s world, there are countless individuals and communities around the globe who lack basic necessities, such as financial access. New technologies such as blockchain bring new possibilities to tackle these challenges that traditional systems have been failing to address and deliver. However, adopting these new technologies for finance is proving to contribute far more than is visible at the surface.

Blockchain’s differentials like transparency, reliability, global scale, and cost optimization catalyze the impact of projects like impactMarket, further driving financial inclusion to underprivileged populations. Doing more with less, impactMarket enables donors and funders to maximize their contribution while empowering people worldwide with a comprehensive range of inclusive solutions.

impactMarket is dedicated to paving the way toward financial inclusion and education by harnessing DeFi to unfold human potential. In order to accomplish these goals, impactMarket has built and continues to build multiple borderless and censorship-resistant financial tools and services that will give people power over their circumstances, generating sustainable economic environments.

Communities who live in places without a stable economy or are often excluded from it, like unprivileged citizens and refugees, use impactMarket’s Human Empowerment Protocol to meet their basic needs and create diverse opportunities to improve their lives. Building around DeFi, impactMarket allows beneficiaries to access inclusive financial tools and services, and to receive and cash out their funds easily and quickly with no condition.

• SDG 1: Ending poverty in all its forms everywhere

• SDG 4: Ensuring inclusive and equitable quality education and promoting lifelong learning opportunities for all

• SDG 8: Promoting sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all

• SDG10: Reduce inequality within and among some countries

• SDG 17: Strengthening the means of implementation and revitalizing the global partnership for sustainable development

Since its foundation:

• impactMarket’s microcredit feature has been piloted with 200 individual borrowers, having lent 90,000 Celo Dollars in microcredit.

• In November 2022, impactLabs, the company managing the impactMarket protocol, announced the launch of its validator group, directly supporting the Celo network and helping ensure its integrity. The goal is to donate all profits from running the Validator group directly to impactMarket communities.

Our products are accessible to everyone, considering different countries and cultures, languages, ages, levels of digital and financial literacy, access to technology, and other needs.

Our microcredit pilot targets individuals who have active, small businesses with limited or no access to traditional financial services. These small-scale entrepreneurs are from underprivileged communities and low-income households. By reaching out to this specific audience, we aim to address the financial inclusion gap and support economic development at the grassroots level. There is a special focus on women entrepreneurs, aged between 21 and 51, with the majority of loans being distributed to this target group.

The pilot allows the company to better understand the microcredit requirements of users in the country and the region, at large. Additionally, the pilot is testing the feasibility of replicating established conditions, such as interest rates and disbursement methods in a different market of entrepreneurs and a new, customized approach to microcredit. The pilot is also testing the Cash-In/ Cash-Out (CICO) flow within the Libera wallet and providing relevant data to create a fully fleshed Mobile Banker Dashboard.

Key points from the Microcredit Pilot in Uganda:

1. The pilot has shown tremendous progress in identifying some of the key incentives, such as: repeat loans for those who repay with an increased amount; women borrowers; and certain categories of business that generate quick revenue (like Mobile Money trades).

2. With the mechanism of Country Ambassadors carefully selecting applicants for the pilot, the quality of applicants has ensured a high selection rate of borrowers.

3. Of 196 interviews conducted, 165 individual borrowers were approved to receive a microcredit.

4. 59.05% of borrowers are women and 40.95% are men. The average age of applicants is 28, ranging between 21 and 51. 84% are under the age of 30.

5. The average loan amount granted is $620.75, ranging from $200 to $2500. The average amount requested is $765, ranging from $50 to $5350.

6. A majority of applicants, 58% intend to use the loan to expand their business e.g. rent a bigger store, acquire new equipment, increase the variety of their product or services, etc., while 42% of applicants intend to use the loan to maintain their current businesses e.g replace produce/stocks, exchange broken equipment for newer, functioning ones, aim to match customer demands, etc. 60% of female-owned businesses indicate a desire to expand compared to 56% of male-owned businesses.

7. About 12% of loans have been fully repaid. All before reaching full maturity.

With its game-changer mechanisms such as remote distributions, transparent transaction ledgers, and reaching usable currency to the very last mile, impactMarket has seen tremendous social and economic growth in its communities since 2020. Having distributed over $3 Million in UBI, additional features like impact Farming and the new Deposit and Donate offer special incentives for donors while ensuring that 100% of each donation is directly distributed to impactMarket’s UBI beneficiaries, without losing any money in fees and other expenses.

Beneficiaries receive their UBI individually, privately, and with primacy, enabling them to utilize the funds according to their specific needs and preferences. Typically, these funds are used to cover essential needs like food and access to education and often serve as a means to start small businesses. As a result, with the inflow of new funds into these communities, we witness an upsurge in economic activity and additional positive impacts among beneficiaries and non-beneficiaries.

Financial stability and security are often necessary for individuals to adopt and leverage technology, which, in turn, drives economic growth, innovation, education, and social progress. However, it’s important to consider that the actual impact depends on various factors such as the accessibility and affordability of technology, the level of technological infrastructure, the technological literacy of the population, and lifestyle changes are influenced by a range of complimentary technological features. impactMarket’s mission, products, and features align with providing UBI to our communities and its ecosystem with these very benefits, determined in the following ways:

1. An increased ability for individuals to save has increased their ability to spend and purchase goods. When people have more money saved in their hands, they are likely to spend it on goods and services, thereby stimulating economic activity. This increased consumer spending can have a multiplier effect as businesses earn more revenue, leading to further job creation and increased incomes.

2. Increased usage of a stable coin leads to popularity and potential for the whole ecosystem, in this case, Celo Dollar. The multiplier effect seen here is the boost of a group and individual trust in non-traditional currencies resulting in some key advantages, such as financial inclusion and accessibility, spending less on transaction fees, enhanced security and primacy for the individual, decentralized freedom from financial systems and lastly, economic crisis resilience.

3. Rewards of $PACT for donors result in growth potential and utility for the asset and for each stakeholder, at large. Donors and investors simply get paid even if they do not participate in the daily activities of the protocol, but they are impacted by the profitability and valuation of their donation. This can have positive effects on the overall economy as more people gain access to financial services, engage in transactions, learn about non-traditional currencies, and contribute to economic growth.

4. As a multiplier effect of individuals receiving UBI, shops and markets surrounding the UBI communities see an increase in sales and profits as a result of higher consumption of goods and services.

5. Given that the UBI is accessed, transacted, and saved using the mobile phone application, Libera, we see an increase in the individual usage of technology. With a requirement of the UBI being access to the internet, individuals are often driven to engage other applications on their devices– Social Media and Messaging apps, Financial Management apps, Education and Skill Development apps, Healthcare and Telemedicine apps, Job Search and Freelancing apps, Government Service apps and more. UBI can provide individuals with a financial cushion, reducing their immediate financial concerns and allowing them to allocate resources toward tech adoption and innovation.

6. Unconditional capital at their disposal can empower low-income individuals by providing them with the ability to engage financial tools, knowledge, and insights to effectively manage their money. Most often, this increased financial engagement promotes financial literacy, facilitates saving and goal setting, and encourages responsible financial behaviors and decision-making.

7. For impactMarket’s Microcredit, the multiplier effect of UBI is the provision of a safety net and reduced financial barriers for individuals to start businesses or pursue innovative ideas. This encourages entrepreneurship and risk-taking, leading to new ventures and job creation, which stimulates the local and national economies.

8. For impactMarket’s Learn&Earn product, the provision of UBI creates the ability for individuals to experiment and learn with personal finances. Financial literacy increases their knowledge in turn driving individual agency, as well as, financial responsibility and ability to participate in new blockchain products.

This multiplier effect can amplify each dollar up by several times. Therefore, every dollar not only supports multiple beneficiaries but also circulates within the community, fostering local economic development as living conditions improve for all community members. By harnessing the potential of blockchain, impactMarket is enhancing individual financial well-being, which helps in breaking the cycle of poverty and achieving greater economic stability.

The microcredit feature in the Libera wallet dApp allows entrepreneurs to borrow small, low-interest loans to grow or sustain their small businesses. Using a DeFi approach, this microcredit product aims to disburse the microloans in cUSD cryptocurrency, due to its stability and security, towards a more inclusive financial ecosystem, especially for underbanked/unbanked entrepreneurial networks. It also allows borrowers to repay their microcredit amounts directly to the impactMarket treasury, needing no intermediaries in the process.

It aims to implement the effectiveness of blockchain technology in reducing costs, improving transparency, and enhancing trust in the lending process. Additionally, we aim to assess the impact of microcredit on the economic empowerment of the borrowers, particularly in terms of poverty alleviation, income generation, and entrepreneurial activities. Three major outcomes of the Micro-lending project:

1. Access to credit for underbanked business owners

2. Empowers low-income women through managerial positions

3. Generates revenue for the company to sustain the microcredit ecosystem

Outcomes expected

1. The loan manager, the mobile banker in this case, completes a training withimpactMarket’s team in the field.

2. Self-employed individuals or small business owners are identified by impactMarket’s partner NGOs on the ground and the mobile banker.

3. The selected borrowers complete an interview with the impactMarket microcredit assessment team and the mobile banker.

4. The mobile banker determines the loan amounts and provides information about each business.

5. The mobile banker receives cUSD from the principal source of their Libera wallet.

6. The mobile banker distributes the predetermined amounts to loan borrowers in monthly installments using cUSD on Libera or fiat money.

7. The borrower receives the next month’s installments when they repay their outstanding balance to the mobile banker. The amount is repaid by the borrowers in fiat money.

The microcredit ecosystem has already been piloted and launched in Brazil and Uganda, both in English and in Portuguese, and is in the process of launching in Nigeria, with more geographical scopes to be integrated soon.

The Concept

Unconditional Basic Income is a form of income that presupposes that a group of people has access, unconditionally, to sufficient recurring income to escape extreme conditions. It is a program in which every beneficiary receives a set amount of money regularly to improve life and financial autonomy.

impactMarket platform is an open, free, crowd finance infrastructure that allows anyone to support UBI programs by donating Celo Dollars (cUSD) to vulnerable communities in a transparent way, intermediaries-free (e.g.: no banks), instantly, and almost free of charge, regardless of country.

Useful links

There are 4 different roles on impactMarket:

• Community Manager: The person who submits the community for approval and manages all the community's beneficiaries. Other managers can be added to a community to support the beneficiaries. Apply now to create a community.

• Beneficiary: The person added to an existing community who will be able to claim the UBI.

• Donors: Those contributing and helping communities to strive and those who dare to dream.

• Merchants: Entities that will sell goods (food, electricity, water, etc.) to beneficiaries in exchange for cUSD.

How we raise funds

• Foundations/Grants: Our fundraising team works directly with foundations and applies for multiple grants.

• Companies: Collaborations as part of their strategy of social responsibility.

• Partners: We count on several mission-aligned web3 projects that donate part of their profits to impactMarket communities.

• NGOs: Many organizations use our protocol to distribute their own funds and/or support us in fundraising for their communities.

• Individuals: Donating to the communities; supporting crowdfunding campaigns; highlighting our communities on their social media; etc

How UBI is donated and then distributed

The inflow of UBI Funds:

There are two ways one can donate to impactMarket’s UBI communities: Either to the community directly, or to the treasury (i.e. community fund that’s made available to all communities). From the treasury, community managers are able to request funds from it for their communities. When the request hits the treasury, the amount is calculated and replenishes the community smart contract with what is required, allowing beneficiaries to then claim. When the community is created, there are 7 parameters considered:

• Amount per claim: the amount a beneficiary receives each time they initiate a claim. E.g.: $1.

• Maximum claim amount: the maximum a beneficiary can receive. Eg: $400

• Decrease step amount: amount decreased from "maximum claim amount" per each beneficiary added. E.g.: $0.01.

• Base claim interval: Base interval is used to calculate the time before the next claim. E.g.: daily, weekly.

• Increment claim interval: Increment interval used to calculate the next claim. E.g.: 1 minute, 5 minutes.

• Minimum tranche: The minimum amount a community will receive when requesting funds. Eg: $100.

• Maximum tranche: The maximum amount a community will receive when requesting funds. E.g.: $5000.

The community UBI for Ukraine was created to support people directly affected by the war in Ukraine, which started in February 2022. People like Yeva, who shares her story with us:

"My name is Yeva and I'm 20 years old. I'm a fourth-grade student at the University of Kharkiv (this is my origin city in the east of Ukraine). My family consists of me, my mum, and younger siblings (16 and 14). Before the war, I had been working as a language tutor for children and adults. This gave me an opportunity to help my family since my mother has no permanent job. When the war started, I had saved funds that helped us get through the first few weeks. During this time, we were evacuated first to Western Ukraine, and then to Belgium. The process of obtaining social aid here is very long because the local states are overloaded due to a large influx of refugees. We are here for almost two months and still have not received financial assistance. In addition, because of the war, many of my students were not able to pay for lessons - someone lost a job, someone was unable to due to the fact that there is no safe place. The main way to make ends meet at that time was the help of our friends and payments from UBI. For 1.5 months now I have been claiming funds every week, but I have not used them. And so it happened that by the time my savings for the family had already run out, about 100 euros from UBI had already accumulated in my account. It allowed us to buy some school supplies for my siblings and solve some health problems. At the moment, for the second week, I can not claim money, since the community ran out of funds, but I am very grateful for the support that they gave us, and I feel the help of everyone who is involved in this".

Support hundreds of stories like Yeva's. Contribute now at https://www.impactmarket.com/communities/3467

In war, children are the most vulnerable! In Ukraine, between the 7.1M internally displaced is estimated that 2.8M are children.

Iryna is from Zaporizhzhya, and she left her hometown with this in mind “is just for some weeks”. Now, she is changing her life. She has a son with 4 years old, and her next plan is to travel to the United Kingdom through a program for refugees and wait for peace in Ukraine.UBI is helping her with food and getting some basic clothes since they left home just with some winter clothes and the hope to come back soon.

Let´s keep supporting Iryna to protect her family: https://www.impactmarket.com/communities/3467

Discover the UBI communities in São Paulo, Brazil | impactMarket

Communities selection

Communities are usually led by local social institutions that have direct access to the end beneficiaries, selecting those who need it urgently first. After applying and get accept on impactMarket, each community will have one or more community managers who will keep the community public information up-to-date and can add multiple beneficiaries. Each beneficiary will have access to UBI until the funds run out.

To access this program, ask your community or a local social institution you trust to apply for an impactMarket community or get in touch with us.

Formats

Communities aren't all equal. impactMarket has different formats for different communities. As of now, the only difference is to those fully self-funded. The contributor is not illegible for $PACT rewards when making a contribution.

impactMarket’s UBI program was implemented in four of the five refugee camps in Ghana with the help of a local, grassroots NGO along with some of the residents from each camp. Krisan Refugee Camp showed the highest interest and quickest adoption of the program which reached 80% of its population in 6 months. The program includes any individual who has access to a smartphone and provides $1.5 a day to them directly on it. Of these beneficiaries, 65 refugees participated (10% of the total beneficiary population) in the study that explored two areas: the psychosocial impacts and the economic impacts of blockchain-powered UBI. The duration of the study was 8 months and its methodologies included surveys, self-reported questionnaires, and in-depth semi-structured interviews. The participants were grouped as Individuals, Homemakers, Business-owners, and Common leaders. ‘Individuals’ included students, workers, farmers, and unemployed refugees, while the Common Leaders included teachers from nearby schools, camp leaders, pastors, and imams from the camps.

An economic case for impactMarket’s UBI

One part of the report focuses on the economic impact of UBI for the recipients in Krisan, analyzing changes in recipients’ consumption behavior, their ability to save and invest, and their interaction with the labor market. Here are some of the highlights reported by an independent researcher.

• The report reveals that the primary use of these funds by Krisan beneficiaries was for purchasing food, accounting for 26% of the total amount distributed.

• Beyond addressing food insecurity, the introduction of UBI in Krisan has created new dynamics within the community. One notable change is the utilization of the received funds for purchasing mobile phone credits, with 11% of the camp’s inhabitants opting for this expenditure. The report suggests that expensive mobile data in Ghana motivated this decision. With internet access made possible, 43% of participants observed an increase in smartphone usage.

• An internet connection has been described by a refugee from Sierra Leone as a life-changing development, enabling business transactions and communication with family members through WhatsApp. Another significant finding from the study is that 20% of the beneficiaries used the funds for education, surpassing expenditure on clothing (13%) and transportation (17%).

• Access to a recurring amount to cover basic needs also had a direct effect also in a higher percentage of students being able to attend school (from tuition fees to supplies) and having more focus thanks to improved nutrition. Being that education is one of the key factors to breaking the cycle of poverty and unlocking access to better professional opportunities and living conditions, UBI has the potential to cause a long-lasting and intergenerational positive impact.

• Women especially benefited from UBI not only by supporting their families, mainly their children, but they could invest in personal feminine supplies.

Psychosocial Case for impactMarket’s UBI

While the economic impact of UBI might be clearly expected at first, the psychological effect is tremendous and was analyzed in the second part of the report. The diagram below shows the frequency of the usage of words during the interviews, reflected through the size of the font.

• The report explains that the changes can be analyzed from a family dynamics perspective, examining the role of women, or in terms of individuals’ evolving dreams and goals as daily stress is alleviated.

• The report’s data indicates a 63% increase in optimism among Krisan residents, accompanied by a 17% reduction in anxiety levels.

• One pastor living in Krisan mentioned that prior to the implementation of UBI, residents were too frustrated to interact with each other.

• Another testimonial from a woman in the community reveals that her family has “found happiness” after receiving UBI, as they can now feed their children when previously they struggled to feed them.

• impactMarket’s UBI program brought meaningful changes to people’s lives and their relationships in the camp. It instilled a sense of resilience, despite ongoing anxieties about their stateless condition.

The full report is available here.

The Context

Credit is an essential financial service that helps people invest in their businesses, education, and homes. However, traditional credit institutions often exclude those who are financially underserved, as they lack collateral or records of credit history. Additionally, microfinance institutions often charge high-interest rates to compensate for the higher risk associated with lending to the poor. These high rates can sometimes make it difficult for borrowers to repay their loans, leading to default and further impoverishment.

Microcredit is a financial inclusion strategy that focuses on providing small loans to those who are excluded from traditional credit markets. The microcredit approach was pioneered by Muhammad Yunus, who founded the Grameen Bank in Bangladesh in the 1980s. The goal of microcredit is to empower the unbanked and underbanked by providing them with access to credit, allowing them to invest in their businesses, improve their living conditions, and escape poverty.

The microcredit market has grown significantly in recent years, with microfinance institutions (MFIs) serving over 140 million people worldwide. Microcredit has become a critical driver of financial inclusion, enabling millions of people to access credit, savings, and other financial services. According to a recent report by the World Bank, MFIs have disbursed over $130 billion in loans to low-income individuals and small businesses globally.

One of the significant advantages of microcredit is its scalability. Unlike traditional lending institutions, which require collateral and extensive credit histories, microcredit providers use a group-lending model that leverages social capital to manage risks. This allows MFIs to serve millions of people who are excluded from traditional credit markets. Additionally, MFIs provide financial literacy training and other support services to help borrowers manage their loans effectively.

Microcredit has proven to be a transformative strategy for financial inclusion, providing economic opportunities and empowering underserved communities. For example, a study by the Grameen Bank found that microcredit programs have a significant impact on poverty reduction, increasing the income of borrowers by 43% over two years. In India, a microcredit program targeted at women entrepreneurs helped increase their income by 80%.

The Concept

Blockchain-based microcredit platforms leverage smart contracts, which are self-executing agreements that enable lenders and borrowers to interact directly without intermediaries. This eliminates the need for traditional financial institutions and reduces the cost of borrowing, making credit more accessible to those who need it most. Smart contracts on blockchain can automate the loan application process, verification, and disbursement of funds, thereby reducing the time and costs involved in the manual processing of loans. Smart contracts can eliminate the need for intermediaries, such as banks or other financial institutions (who typically charge high fees for their services), resulting in reduced overhead costs. By eliminating intermediaries and streamlining the distribution and repayment of loans, there are fewer steps involved in the lending process and lower transaction fees for borrowers.

One of the key benefits of blockchain-based microcredit is that it provides a more efficient and secure way to manage the lending process. Blockchain technology enables lenders to verify the identity of borrowers, assess creditworthiness, and track loan repayment in real time. This eliminates the need for manual verification, reducing the time and cost of processing loans. Additionally, blockchain technology provides an immutable record of transactions, ensuring that all lending activities are transparent and secure. Another advantage of microcredit on-chain is that it can be used to incentivize borrowers to repay their loans on time. For example, some microcredit platforms use tokenization to reward borrowers for timely repayment. Tokens can be used to access additional credit or other financial services, creating an incentive for borrowers to repay their loans and build a positive credit history.

However, there are also some challenges associated with blockchain-based microcredit. One of the main challenges is ensuring that the technology is accessible to those who need it most. Many of the unbanked and underbanked may not have access to smartphones or other devices needed to use blockchain-based microcredit platforms. Additionally, there is a need for more education and awareness about blockchain technology and how it can be used to improve financial inclusion.

Despite these challenges, blockchain-based microcredit has the potential to transform the microcredit industry and empower millions of people around the world. By leveraging the benefits of blockchain technology, microcredit providers can increase efficiency, reduce costs, and improve access to credit for the unbanked and underbanked.

Mujeres2000 joined the program at the beginning of 2021 and have added beneficiaries from vulnerable neighborhoods in the north of Greater Buenos Aires. The UBI is claimed by young people and is used to cover the cost of education (books, transport, basic necessities).

A married couple, both refugees from Sierra Leone, living in the Krisan camp since 1999 with their four children, joined impactMarket program in early 2021. Since becoming beneficiaries, the couple has been able to start trading small products. This brought them enough savings to build the first hair salon in the camp as well as covering medical expenses to support their oldest child, suffering from Retts Syndrome.

Born in the Krisan Refugees Camp in Ghana, Mawuli joined the program 6 months ago. He claimed his UBI daily but didn’t cash out until June as he saved up to start driving classes. He just got his license last week.

Testimonials from Refugees in the Krisan Camp. In partnership with the Refugee Integration Organisation

UBI is provided to support domestically abused women and girls helping them to support their families. Before receiving the UBI, women victims of domestic violence could not financially afford to leave their oppressor. Thanks to the UBI, women are now able to financially support themselves and their children through basic necessities, allowing them to not return to the conditions of abuse. Since then, two of them - Rose and Kigere - started a small shop, selling fruits and vegetables in their village.

To facilitate transactions within the community, Rose and Kigere are now accepting Celo dollars.

Most Kunzwana members are drawn from former farmworkers who lost their livelihood and homes during the government-led Commercial Farm confiscations in 2002. Four thousand (4000) large-scale farms were forcefully and violently taken over by the government, leaving 2 million farmworkers homeless and without jobs throughout Zimbabwe. Kunzwana facilitated the integration of former farm workers into nearby villages. Those registered with Kunzwana have been offered new skills at the Mationesa Skills Training Centre in Macheke. They have been assisted in starting a new life, different from the farming community. They also received psychological support and information on family laws.

Several women have now procured seeds, fertilizers, garden tools, knapsacks, and fencing to increase their horticulture businesses’ productivity. Some women are exploring venture into Ware-Housing since retail shops are far away in urban centers. Given the pandemic, women have included cultivating immune-boosting herbs since COVID-19 vaccines are not available to everyone in Zimbabwe. Currently, only 3% of the population has been vaccinated against COVID-19, including those who are mainly in urban areas and front-line workers.

YOTU is a group of youth (between 16 to 30 years old) on a mission to inspire and set a better today for themselves and for other youth in their community by creating work opportunities. They are using their UBI to support their educational training (buying materials, saving for computers etc...

In their third week of receiving UBI, some recipients started donating to the Montalban Action Group’s Community Kitchen, a purely volunteer-operated endeavour that cooks free meals. Some beneficiaries shared their weekly UBI so that more hungry children and families can also enjoy it. Their group is able to make more than 100 breakfast meals every day.

In Peru, our partner Agape Hands delivered hundreds of food baskets to the beneficiaries living in the region of Huaycán. They could buy the food using part of the UBI received by the beneficiaries and part of the funds from the organization. The current economic and political crisis in Peru increased a lot the prices of all supplies and the UBI is being an essential help to provide basic items to these families.

This family is investing the UBI in their plantation since they first started to receive it. Their plantation being their only source of income and food for themselves.

After only 4 weeks of joining the program, the family was already able to buy a Goat and rent some oxen to do the plow.

"Midjora nha vida" project supported by Fundação Smart City Cabo Verde has for mission to empower financial independence for women.

Does a community have a limit on the number of beneficiaries?

Backers are the persons responsible for determining how many people they want to benefit over the course of the project, but these numbers can always change from the moment new investors start to invest in the community. Always inquire about the community manager so that he can inform you regarding the number of vacancies.

What causes a community to be closed?

Any type of fraud within a community can cause it to be terminated at any time

My community has run out of funds

If your community has run out of funds, you will not be able to claim. The only way to start claiming again is when the community gets additional funds through donations.

My community will run out of funds soon

If your community runs out of funds soon, it means that the community funds are almost empty, and no one will be able to claim until additional funds are added to the community.

When will you activate new people in the community?

First, look for the community manager closest to you so that he can analyze if you meet the criteria required by the project and that he check if there are vacancies available.

Libera is a crypto wallet built by impactMarket, for the purpose of enabling a modern and inclusive gateway for financial services for disempowered and low-income people globally. It is a crypto wallet that is easy to use, it is secure, lightweight, and transacts with low fees.

Libera, the crypto wallet launched by impactMarket on the Celo blockchain, aims at providing unbanked and unserved communities with access to financial systems through DeFi. Libera’s DeFi features allow users and UBI beneficiaries to perform transactions without any intermediaries, breaking down barriers of finance by granting them full management and control over their assets.

Available on the Play Store or App Store, Libera allows its users to claim, send, and receive funds globally, regardless of their location. This crypto wallet is designed as a one-stop financial tool that provides those who are not in the banking system with cash-in and cash-out methods.

This plays a key role in the bigger goal of financial inclusion as it enables the unserved and underserved communities to access their UBI and other financial services, in addition to learning material through efficiency and transparency.

We believe that blockchain doesn’t need to be complicated. Blockchain holds the potential to empower those financially underserved and unserved all over the world, and this is Libera's role as a key solution related to impactMarket. Libera enables you to safely keep and manage your crypto assets and do different transactions such as send and receive crypto, with a special highlight on the exclusive mechanism of claiming Unconditional Basic Income (UBI) for impactMarket beneficiaries. Soon other features will be implemented, including easy access to cash-in and cash-out options, and staking of PACT tokens, among others.

Financial literacy is a key element to achieving independence and security by providing the awareness and skills needed to make informed decisions about budgeting, saving, investing, and more financial activities that guide through solid financial citizenship. As financial behavior and interaction shift to a more digitized world, understanding fin-tech and blockchain is increasingly necessary. As there is no financial inclusion without financial literacy, this product is part of the financial inclusion mission to empower underserved communities with relevant financial knowledge and learning.

What this program offers is easily understandable courses in the shape of educational content lessons to all of our beneficiaries which will soon be available to all Libera users as it enables financial literacy surrounding blockchain for women, children, and low-income underbanked communities. This content allows them to better understand impactMarket’s partners’ projects contributing to their financial independence.

Learn & Earn is a great opportunity for mission-aligned partners to expand their reach, awareness, and engagement to a global scale in markets with an impressive potential for growth. It’s also a gateway for users from developing countries to discover new opportunities, technologies, and useful knowledge to have a more prosperous life.

Learn & Earn delivers short educational content presented in courses to impactMarket beneficiaries and, soon, to all Libera users. It’s conceived in response to the users’ need and interest in gaining financial literacy, aiming to better manage the amount of cryptocurrency received as UBI while leveraging the use of the Libera wallet.

impactMarket’s Learn & Earn stands out in several significant ways. Firstly, mission-aligned partners can access a rapidly expanding audience of individuals eager to learn about a financial system that is accessible to them. With more than 40,000 beneficiaries worldwide, impactMarket is currently the most widely used dApp on the Celo network. As a result, partners can access an audience that is often overlooked, directly contributing to bringing DeFi to the next billion while driving financial literacy and human empowerment.

Secondly, Learn & Earn courses are available to all impactMarket's beneficiaries through the dApp, which can be accessed on smartphones and desktops. Rewards can be easily redeemed via the crypto wallet Libera.

Finally, based on two years of experience operating in emerging markets, impactMarket's Learn & Earn is grounded in a user-centric approach, enabling impactMarket to help other projects craft the right message to engage a new and thriving audience.

Users are incentivized by earning rewards when successfully completing the courses. New engaging lessons are released every week, and new partnerships expand the possibilities of learning relevant topics in Web3 and other fields, always bringing useful knowledge that is applicable to their lives.

For more information and partnership inquiries, contact the impactMarket team at hello@impactmarket.com.

As the target audience expands, impactMarket supports more than 40,000 people daily, making it the most used dApp on the Celo network and providing the partners with an ever-growing audience that is not necessarily considered by other projects.

$PACT is impactMarket's governance token. It acts as a global medium of governance that empowers participants through decision-making and comprehensive incentive mechanisms.

Token holders will be granted the ability to influence the protocol's future health, direction, growth, and impact:

• Voting power delegation: Any token holder can delegate voting power to themselves, someone they trust, or key protocol participants. You can vote with any amount of tokens; you don't need to stake them, only hold them in your wallet.

• Communities´ verification and validation: Each new UBI community will be submitted as a proposal and reviewed by token holders, who can vote for its approval. Verified communities can request funding directly from the DAO.

• Manage/Update: key parameters, calculation formulas, treasury allocation, and incentives.

Tokenomics

• Total Supply: 10 Billion PACT over the next 10+ years (starting from 2021).

• Distribution: 40% to the community, 30% to impactLabs, 20% as DAO reserve, and 10% to early participants.

Impact Farming: Donate cUSD and earn $PACT as a reward

Impact farming is an incentive mechanism set up to reward contributors for their support on a regular basis. It allows anyone to claim $PACT tokens as rewards for their cUSD contributions to back UBI in vulnerable communities.

New $PACT tokens will be available every epoch (24h) and can be claimed 15 epochs after each contribution. The rewards calculation and allocation will happen based on how much $cUSD each contributor has donated vs the total raised on 30epochs.

Get a full view of how it works here.

$PACT Staking: Get extra rewards!

Stake your $PACT tokens and get extra rewards by earning interest after 24 hours of allocation.

Here is everything you need to know about our Staking and check our FAQs for more information.

A powerful way to support our mission is by sharing about impactMarket, our impactful stories and use cases, and our products. You can find useful resources here in order to communicate about impactMarket ensuring consistency and the correct use of our brand assets.

impactMarket Protocol

• Brand kit

• Logos and symbol

Libera Crypto Wallet

• Brand kit

• Logos and symbol

• Product screenshots

Impact Leadership

• Meet our impact Leaders

• Leaders' headshots

If you have a proposal to create a UBI community in your country or region, please, read it carefully and fill in this form.

As a Community Manager, you can apply to your community (tap the blue button "Apply Community"). If approved, you can immediately start adding the community beneficiaries who will have access to the funds deposited in that community, equally for everyone.

Apply Community

The process of applying is extremely simple as you just need to fill out a form with: Community

• Name

• Short description

• Cover image

• Manager profile photo

• City

• Country

• Email

Contract Details ( Rules for accessing funds. As an example, each beneficiary can request $1 / day until they accumulate a maximum of $ 500)

• Amount per claim

• Claim Frequency (Daily or Weekly)

• Total claim amount per beneficiary

• Total increment after each claim (Minutes or Hours)

Accepted Communities

After a community gets accepted by impactMarket, a contract is created and submitted on the Celo blockchain with the data we get from the form. After this, the community manager will be notified by email and push notification on the impactMarket app and can immediately start managing the community and doing things like

• Adding or Removing beneficiaries;

• Adding or Removing Managers;

• Edit the public information about the community like Name, Short Description, Cover image, City, Country.

• Ensure there are funds available for the community.

You can check the entire methodology in this article.

Leadership

William Le - Chief Executive Officer

Marco Barbosa - Co-founder and Chief Product Officer

Bernardo Vieira - Co-founder and Chief Technology Officer

Afonso Barbosa - Co-founder and & Chief Design Officer

Jessica Gaubert - Chief Operations Officer

Susanne Zapelão - Chief Marketing Officer

Mariana Vilaça - HR Manager

Ana Catarina Neves - Community Success Manager

Careers

Impact measurement is the process by which impactMarket quantifies and assesses the effects, outcomes, or changes resulting from each of its interventions, protocols, and projects. The purpose of establishing a department for impact measurement is to determine whether impactMarket’s intended goals and objectives have been achieved, and to what extent. The processes involve collecting and analyzing data to evaluate the social, economic, psychosocial, or other effects of each intervention or action.

The outcomes we expect for communities benefiting from our financial tools is that their lives are enriched, sustainably, and to the extent of progressing out of poverty. We study this progress in our communities by using these measures on individual and community levels:

1. Financial independence for women and children

2. Increased financial literacy and inclusion for every community member, directly or indirectly

3. Increased access to opportunities, skills, and income

4. The degree to which ‘quality of life is enriched by increased access to basic facilities and services

5. The degree of progress out of multidimensional poverty

6. Socio-economic development

When measuring the impact of a technological intervention on people living in poverty, it's important to impactMarket to consider a range of social, economic, and well-being indicators. The goal is to assess how our multifaceted protocol is affecting their lives, addressing their needs, and contributing to their overall economic improvement. In addition to being guided by some of the core SDGs, the specific areas of an individual and community that we pay close attention to, and evaluate results from, are:

1. Income and Employment

2. Access to Basic facilities

3. Skill Development and Education

4. Adoption of Technology

5. Financial Inclusion

6. Gender Equality

7. Health and Nutrition

8. Family & Gender Dynamics

9. Social Capital and Community Development

10. Local Economy and Value Chain

11. Natural & Environment Impact

12. Resilience to Disasters

It's essential that the Impact Measurement Department chooses indicators that are relevant to the specific goals of each of impactMarket’s products, involve the participation of the communities, and use a combination of quantitative and qualitative methods to provide a comprehensive understanding of its impact on people in poverty. When employing these indicators to produce evidence-based results and reports, using in-app surveys, on-ground data collectors, and stored information, the type of data that the department relies on are:

1. On-chain data (transactional, savings, financial patterns)

2. Quantitative data from the protocol’s system (activity, interactions with the app)

3. Qualitative (from interviews, previous studies)

4. Ethnographic elements

5. Observational data from Ambassadors and Community Leaders (eg. increased use of technology)

6. KYC - Age, Gender, Number of children, Location)

Combining internal studies, learnings, and results with partnerships with world-renowned universities and research experts, impactMarket enables the exploration of its own products on global communities and area-specific impact, such as financial inclusion, at a global scale. This allows impactMarket’s products to be introduced and transparently evaluated on a platform that works towards global development and often contributes to discussions around using blockchain for social impact and development.

impactMarket's methodology to measure impact follows an internal ethical code, as well as obtains all necessary ethical approvals as per the country and community being studied. All research activities are centered around participatory methods, ethnographic understanding, and compassionate learning. We use innovative tools to derive the most honest and in-depth assessments, so as to transparently inform all stakeholders, gain credibility as a tool for development, and eventually influence policy decisions in the impactMarket ecosystem of our combined impact.

1. IDENTIFICATION OF THE PERSON RESPONSIBLE FOR THE APP

1.1. These Terms and Conditions of Use (hereinafter the "Terms and Conditions") govern the use of the "impactMarket App" for mobile devices, compatible with the iOS or Android system (hereinafter the "App") managed by impactLabs, with registered office in Rua Irmãs Missionárias do Espírito Santo, n°37, 4715-213 Braga, Portugal, bearer of the Portuguese tax payer number 516228293, email: hello@impactmarket.com (hereinafter "impactLabs").

2. OBJECT

2.1. These Terms and Conditions are directed at Users who are part of a vulnerable community and intend to benefit from the Unconditional Basic Income System.

2.2. The impactMarket App allows anyone in a vulnerable community registered as a beneficiary, to receive an Unconditional Basic Income. For that purpose, a community manager must create a community in the platform and register each beneficiary of the specific community in the App. Afterwards, the beneficiaries may start claiming their Celo Dollars and receiving the amount in their Valora’s account (Celo’s digital wallet, a different App).

2.3. By using the impactMarket App, the User accepts the present Terms and Conditions and declares for all due purposes that he/she has the legal capacity to contract and to assume all the obligations associated to such contracting.

3. USE OF THE APP

3.1. Access to and navigation of the App is free and does not require registration. However, to benefit from the Unconditional Basic Income, it is necessary to be registered as a beneficiary on the App.

3.2. Access to and browsing on the App implies the express and unreserved acceptance of these Terms and Conditions.

3.3. The acceptance of and compliance with the Terms and Conditions will be compulsory for any User accessing, browsing or using the App. If you do not agree with these Terms and Conditions, please do not use the App.

4. USER CONDITION

4.1. In order to be able to use the App and, therefore, benefit from the Unconditional Basic Income, it will be necessary to register the Beneficiary’s Valora account number.

4.2. To create a User account on the Valora App, please refer to the requirements specified directly by Valora. The impactMarket App doesn’t have access to the User’s personal information included in Valora.

5. PROCEDURE FOR RECEIVING THE UNCONDITIONAL BASIC INCOME

5.1. As previously stated, in order to become a beneficiary and receive the Unconditional Basic Income, it is necessary to be registered by a community manager in an existing community on the App. For that purpose, please note that the inclusion is up to the community manager according to the specific strategy and requirements of each community. Only individuals can benefit from the UBI.

5.2. Being a valid Beneficiary, if you wish to receive the monetary amount that you are entitled to, you should inform your Valora’s account number, where the UBI designated is deposited every time you claim through the impactMarket’s App. The smart contract parameters amount per claim, frequency of claiming, total amount per beneficiary and time increment per claim are predefined when the community is created and can’t be changed after all. When you are a beneficiary, what you will receive is exactly what was defined when the community you are part of was created.

5.3. Once you become a beneficiary, you can benefit from the UBI until you claim the total amount designated to you in the community’s smart contract. After receiving the total amount, you can’t be added again as a beneficiary of any community in impactMarket’s App. The community manager has the right to remove you as a beneficiary from the community, and if so, you won’t have the right to benefit from the UBI related to the community's smart contract anymore.

6. PRICES & OTHER FEES

6.1 In order to benefit from the Unconditional Basic Income distributed by the impactMarket APP, the beneficiary will not have to incur any costs.

7. RIGHT TO WITHDRAW

7.1. The website and app User acknowledges and assumes, for all legal purposes, that the contract will be executed immediately. Accordingly, the User consents and recognizes he/she does not benefit from the right to withdraw from the contract concluded through the App or Website.

8. RULES OF USE OF THE APP

8.1. Access to or use of the App for illegal or unauthorized purposes is not permitted and, because of this, the consequences will be the exclusive responsibility of the User; more specifically, the following are prohibited, on an enunciative but not limitative basis:

• The use of the App for the transmission, installation or publication of any virus, malicious code or other harmful programs or files.

• Accessing, without authorization, any section of the App, other connected systems or networks or the services offered through the App, by means of hacking, forgery, password extraction or any other illegitimate means.

• Violating or attempting to bypass the security or authentication measures of the App or any connected network, or the security and safety measures inherent in the content offered on the App.

• Perform any action that causes a disproportionate, unwarranted and unnecessary saturation in the infrastructure of the App or the App’s network systems, or prevent the normal development of an event, contest, promotion or any other activity available through the App or any of its functionalities, either by altering or attempting to alter, illegally or otherwise, access, participation or operation, falsifying the result and/or using fraudulent participation methods, by any procedure, and/or by any practice that violates these Terms and Conditions in any way.

8.2. The User who does not comply with the conditions set out in this clause will be liable for any claim for damages that may occur as a result. Even if there is no third party claim, impactLabs reserves the right to prevent access to the App to Users who violate these conditions.

9. INTELLECTUAL PROPERTY

9.1. The User acknowledges and accepts that all trademarks, commercial names or logos, as well as any other intellectual property rights on the content, products and/or any other elements concerning the App are the exclusive property of impactLabs (hereinafter "impactLabs Intellectual Property").

9.2. The App as a whole and multimedia artistic work is protected as copyright under applicable law.

9.3. It is also prohibited to remove, ignore or manipulate the copyright or other notices of impactLabs, as well as the technical protection devices or any information/ protection mechanisms that may contain the content.

9.4. Except as otherwise agreed upon, we hereby grant you a limited, nonexclusive, non-sublicensable license to access, install, and use the App solely for personal and noncommercial purposes, conditioned on your compliance with these Terms.

9.5. You will not use, copy, adapt, modify, decompile, reverse engineer, disassemble, decrypt, attempt to derive the source code of, prepare derivative works based upon, distribute, license, sell, rent, transfer, publicly display, publicly perform, transmit, stream, broadcast or otherwise exploit the Software and Content, except as expressly permitted by us or as permitted under applicable law.

9.6. Any unauthorized use of the App is strictly prohibited and will terminate the license granted in these Terms.

9.7. No licenses or rights are granted to you by implication or otherwise, except for the licenses and rights expressly granted to you.

10. PERSONAL DATA

The processing of personal data carried out by impactLabs complies with current data protection legislation, namely Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of individuals with regard to the processing of personal data and on the free movement of such data ("General Data Protection Regulation") and other applicable EU and national legislation. For further information, please consult our Privacy Policy.

11. LIABILITY

11.1. The parties undertake to fulfil their legal and contractual obligations generated by virtue of this contract. If one party fails to fulfill any of its obligations or prevents the fulfillment by the other party, the other party will have the right to claim damages, both for damages and consequences for loss of profits.

11.2. The parties shall be liable for any breaches that may have occurred intentionally, the other party being indemnified for any error, fault or negligence not attributable to it, and for any damage arising from said breaches or errors attributable to the other party. 11.3. You acknowledge and agree that impactLabs does not warrant or is otherwise liable for, including, but not limited to, the following:

• Continuity of the content of the App;

• Absence of viruses and/or other harmful components on the App or the server that hosts it;

• The invulnerability of the App and/or impossibility of violating the security measures adopted;

• Bad transmission and/or reception of any data and/or information on the internet;

• Failure of any receiving material or communication lines;

• Any dysfunction in the internet network, which prevents the correct functioning of the App and/or the correct development of the services;

• The lack of usefulness or performance of the App;

• Damage caused to you or any third party, by any person infringing the conditions, rules and instructions impactLabs sets out on the impactMarket App or through the violation of its systems;

• Any consequences in the performance of the App’s services derived from false or incomplete information provided by the user;

11.4. impactLabs will not be responsible for any damage caused to the User's computer software or equipment during the use of the App, nor for any damage or loss of any kind produced to the user that is derived from failures or disconnections in telecommunications networks, which produce the suspension, cancellation or interruption during the provision of the service.

11.5. impactLabs will use all commercial and technical efforts at its disposal to keep its services available through the App, which is an obligation that, however, does not apply to any lack of availability or performance caused by causes beyond impactLabs’ control, force majeure, internet access problems, technological problems.

11.6. In any case, impactLabs reserves the right to suspend, modify, restrict or interrupt, temporarily or permanently, access, navigation, use, hosting and/or downloading of content and/or use of the App’s services, with or without prior notice, for Users who violate any of the provisions detailed in these Terms and Conditions, without the User being able to claim compensation for this cause.

12. CANCELLING A USER'S ACCOUNT

12.1 .impactLabs has no access to manage users (which includes adding or removing users), community managers and beneficiaries, from any community.

12.2.Beneficiaries can be removed at any time from a community’s smart contract by the community managers in charge and impactLabs has no influence or action in this decision.

12.3. A community manager can be removed by other community managers from the same community, and impactLabs can’t influence it or control it as well.

13. MODIFICATION OF CONDITIONS

impactLabs reserves the right to make changes to the Terms and Conditions at any time. Such changes will be communicated to the customer via e-mail 20 days before the new Terms and Conditions come into force. If you do not accept the new terms you should delete your user account and your continued use of the App will be considered as acceptance of the new Terms and Conditions.

14. APPLICABLE LAW AND JURISDICTION

14.1. These Terms and Conditions, as well as the pre-contractual relationship are governed by Portuguese Law.

14.2. Any dispute that may arise between the contracting parties regarding the interpretation or execution of these Terms and Conditions of Use will be under the responsibility of the Courts of Lisbon.

14.3. The User may resort to the entities for alternative resolution of consumer disputes listed at the Consumer Portal at http://www.consumidor.pt/, where the User may consult the identification of said entities and their respective contacts in a dynamic and updated manner, or the European Online Dispute Resolution Platform, available at http://ec.europa.eu/consumers/odr/s. The User may submit complaints and report errors submitting a ticket through the dedicated page https://impactmarket.uvdesk.com/en/customer/create-ticket/ .

This data privacy policy will explain how our impactMarket uses the personal data we collect from you when you use our website or our mobile applications. Words and terms used in this privacy policy unless otherwise defined shall have the meanings given to them in the European Union's General Data Protection Regulation ("GDPR"), the Brazil Lei Geral de Proteção de Dados ("LGPD") and the California Consumer Privacy Act of 2018 ("CCPA"), all as amended from time to time. References to the GDPR shall be deemed to include the GDPR as incorporated into UK law under the Data Protection Act 2018 (DPA 2018).

Topics:

• What data do we collect?

• How do we collect your data?

• How will we use your data?

• How do we store your data?

• Record Keeping

• Marketing

• What are your data protection rights?

• What are cookies?

• How do we use cookies?

• What types of cookies do we use?

• How to manage your cookies

• Privacy policies of other websites

• Changes to our privacy policy

• How to contact us

• How to contact the appropriate authorities

What data do we collect?

impactMarket collects the following data:

• Personal identification information (First Name and Last Name (both optional), age, gender, email address, bio, number of dependents, phone number, photograph)

• Device information

• Browser Information

• Information as to your Location

• Account Controls

• Account Settings

• Cookies Data

• Log Data

• Data from advertisers and other ad partners

• Developer Data

• Public Information you provide including your Profile Information & Photo

How do we collect your data?

You directly provide impactMarket with most of the data we collect. We only collect such Personal Information on our Site or in our App when you voluntarily provide it to us. We collect data and process data when you:

• Register online or create a Profile and an account to subscribe for any of our services.

• Upload a photo and create a username and password.

• Post materials on our Site or App.

• Perform searches on our Site or App.

• Voluntarily subscribe to communications or contact us on any of our message boards or via email.

• Use or view our website via your browser's cookies.

• Provide any other information voluntarily when using our Site and our App.

Our Company may also receive your data indirectly from the following sources:

• Information about your computer or device and internet connection, including operating system and browser type.

• Details of your visits to our Site and to our App, including traffic logs and data.

How will we use your data?

Our Company collects your data so that we can:

• Create your account, create your Profile and manage your account.

• Store information as to your Profile and user preferences.

• Email you with special offers on our products and services we think you might like.

• Send push notifications alerting for new features or to perform an action, like updating the app.

• Track your visits to our Website and our App for advertising and analytics.

• Provide personalized advertising and sharing data with third party web clients or applications.

• Track audience size and usage patterns.

• Recognize you as a returning user to our Site or our App

For data collected, the primary legal bases/basis we rely on for such processing is contractual necessity or consent.

How do we store your data?

Our Company securely stores your data at centralized secure locations. We secure your data through encryption in transit and at rest. Your data will be stored in accordance with the applicable record retention requirements of impactMarket, any other applicable laws.

Our Company will keep your personal data for as long as your account and Profile is active. Once you de-activate your account and Profile, we will delete your data within 30 days. Our Company will keep log data for 18 months Once that time has expired, we will delete your data.

Record Keeping

Our Company keeps a record of when and how we received your consent for data collection and processing. Our Company keeps a record of exactly what and where you were told at the time of your consent. We regularly review consents to check that their relationship, the processing and their purposes have not changed.

Marketing

Our Company would like to send you information about products and services of ours that we think you might like, as well as those of our partner companies.

• None at this time

If you have agreed to receive marketing, you may always opt out at a later date.

You have the right at any time to stop impactMarket from contacting you for marketing purposes.

If you no longer wish to be contacted for marketing purposes, please email us at hello@impactmarket.com.

What are your data protection rights?

impactMarket would like to make sure you are fully aware of all of your data protection rights. Every user is entitled to the following:

The right to access -- You have the right to request Our Company for copies of your personal data. We may charge you a small fee for this service.

The right to rectification -- You have the right to request that Our Company correct any information you believe is inaccurate.

The right to erasure -- You have the right to request that impactMarket erase your personal data, saved on our servers, under certain conditions. All data recorded on the Celo blockchain is immutable and impactMarket cannot change it..

The right to restrict processing -- You have the right to request that impactMarket restrict the processing of your personal data, under certain conditions.

The right to object to processing -- You have the right to object to impactMarket processing of your personal data, under certain conditions.

The right to data portability -- You have the right to request that impactMarket transfer the data that we have collected to another organization, or directly to you, under certain conditions.

If you make a request, we have one month to respond to you. If you would like to exercise any of these rights, please contact us at our email: hello@impactMarket.com

Cookies

Cookies are text files placed on your computer to collect standard Internet log information and visitor behavior information. When you visit our websites, we may collect information from you automatically through cookies or similar technology

For further information, visit allaboutcookies.org.

How do we use cookies?

Our Company uses cookies in a range of ways to improve your experience on our website, including:

• Keeping you signed in

• Understanding how you use our website

What types of cookies do we use?

There are a number of different types of cookies, however, our website uses:

• Functionality -- Our Company uses these cookies so that we recognize you on our website and remember your previously selected preferences. These could include what language you prefer and location you are in. A mix of first-party and third-party cookies are used.

How to manage cookies

You can set your browser not to accept cookies, and the above website tells you how to remove cookies from your browser. However, in a few cases, some of our website features may not function as a result.

Privacy policies of other websites

impactMarket website contains links to other websites. Our privacy policy applies only to our website, so if you click on a link to another website, you should read their privacy policy.

How to contact us

If you have any questions about impactMarket privacy policy, the data we have collected, or you would like to exercise one of your data protection rights, please do not hesitate to contact us.

Changes to our privacy policy

Our Company keeps its privacy policy under regular review and places any updates on this web page.

👉 In English Crypto Altruism Podcast https://open.spotify.com/show/32CPn7AWJLfB58O1VcOGPm Basic Income https://basicincome.org/news/2021/09/the-long-march-to-basic-income-begins-with-a-single-step-the-unusual-story-of-kowiti-a/ Yahoo Finance https://finance.yahoo.com/news/impactmarket-raises-2-1m-launches-140000511.html GlobalFintech https://globalfintechseries.com/blockchain/impactmarket-raises-2-1-million-and-launches-pact-token-to-empower-millions-out-of-extreme-poverty/ Market Watch https://www.marketwatch.com/press-release/impactmarket-raises-21m-and-launches-pact-to[…]-empower-millions-out-of-extreme-poverty-2022-01-26-9183035 Business Insider https://markets.businessinsider.com/news/stocks/impactmarket-raises-2-1m-and-launches-pact[…]n-to-empower-millions-out-of-extreme-poverty-1031131203 Coindesk https://www.coindesk.com/business/2022/01/27/mobile-first-blockchain-celo-launches-stablecoin-tied-to-brazilian-real/

Invezz https://invezz.com/news/2022/01/27/celo-launches-stablecoin-pegged-to-brazilian-real/ Bitcoin Ethereum News https://bitcoinethereumnews.com/economy/celo-launches-stablecoin-pegged-to-brazilian-real/ Blockchain24 https://www.block-chain24.com/news/novosti-steyblkoinov/mobile-first-blockchain-celo-zapuskaet-steyblkoin-privyazannyy-k -------------------------------------------------- 👉 In Portuguese

Podcast "O ar é de todos" https://open.spotify.com/episode/2rcil9wd5tT01kuny9dJQl?si=TWzeMxOBSxeC08Am1Vwa4g&nd=1 Forbes Brazil https://forbes.com.br/forbes-money/2022/03/fundacao-aposta-em-criptomoedas-para-promover-inclusao-financeira/ Jornal Económico https://jornaleconomico.pt/noticias/startup-portuguesa-ambiciona-tirar-milhoes-da-pobreza-extrema-ate-2030-845027 Sidrolandia em Foco https://www.sidrolandiaemfoco.com.br/2022/01/27/blockchain-celo-lanca-nova-stablecoin-creal-que-tem-paridade-com-moeda-brasileira/

Bloomberg Linea Brasil https://www.bloomberglinea.com.br/2022/01/27/dois-de-maio-um-caso-de-excelencia-no-uso-das-criptomoedas/ Bitpinas https://bitpinas.com/feature/celo-ilocos-norte/ ECO https://eco.sapo.pt/2022/01/10/abreu-advogados-assessora-impactmarket-em-ronda-de-investimento-e-ido/ Iberian Lawyer https://iberianlawyer.com/news/news/14831 Sidrolandia em Foco https://www.sidrolandiaemfoco.com.br/2022/01/27/blockchain-celo-lanca-nova-stablecoin-creal-que-tem-paridade-com-moeda-brasileira/

Bloomberg Linea Brasil https://www.bloomberglinea.com.br/2022/01/27/dois-de-maio-um-caso-de-excelencia-no-uso-das-criptomoedas/ Bitpinas https://bitpinas.com/feature/celo-ilocos-norte/ ECO https://eco.sapo.pt/2022/01/10/abreu-advogados-assessora-impactmarket-em-ronda-de-investimento-e-ido/ Iberian Lawyer https://iberianlawyer.com/news/news/14831 PCGUIA https://www.pcguia.pt/2022/01/pact-o-novo-token-da-startup-nacional-impactmarket-que-da-capacidade-de-decisao-nas-accoes-da-empresa/ -------------------------------------------------- 👉 In French Cryptonaute https://cryptonaute.fr/crypto-monnaie-humanitaire-ukraine/

Hi, we are so happy that you are interested in contributing to making dreams come true! Please, for marketing and business proposals reach out hello@impactmarket.com

ImpactLabs (hereinafter referred to as "impactLabs" and further identified below), owner and operator of the "impactMarket App" for mobile devices compatible with the iOS or Android system (hereinafter the "App") and the “impactMarket website” (hereinafter the "Website"), is determined to ensure to the users and potential users of the App, not only full compliance with all legal obligations but also the maximum privacy of your personal data and the security of the transactions performed through the App, in accordance with the best practices available in the market.

For due and legal purposes, you can find the full identification and contact details of the entity in charge of processing personal data below:

• Name: Marco Paulo da Silva Barbosa;

• Company's registration number: NIPC 516228293;

• Headquarters and postal address: Rua Irmãs Missionárias do Espírito Santo, n°37, 4715-213 Braga, Portugal Commercial Registry Office;

• Company's email address: hello@impactmarket.com;

• Contact details of the Data Protection Officer: marco@impactmarket.com.

The processing of personal data through the website will be carried out under the following terms:

1. Data controller

ImpactLabs is the entity Responsible for the Prossessing of the personal data provided by the App users, hereinafter referred to as “the Controller”.

2. Purposes and legal grounds of the personal data treatment

Depending on the App functionalities you use, your personal data may be processed for different purposes. These purposes and the applicable legal grounds are set out below:

• Marketing communications;

• Within the scope of the operation of our App, and in order to be able to provide you with our services, we will process the personal data that you decide to provide us with for the following purposes:

- Execution of the service provision contract concluded with the data subject;

- Creation of your user profile;

- Subscription upon reception of a donation. (...)

- In relation to the purposes mentioned herein, the legal basis applicable to the procesing of your personal data is the execution of a contract to which the data subject is party and the fulfilment of legal obligations to which we are bound, since the processing of such personal data is essential for the execution of the contract in question.

• For the purpose of responding to requests, enquiries or complaints, we process your personal data on the legal basis of our legitimate interest in providing you with a personalised, quality service, managing complaints and, where applicable, carrying out the necessary pre-contractual procedures at your request.

Our App uses Blockchain technology, and as such your personal data will be stored in interconnected blocks. For this reason, such data will necessarily continue to be processed even after the expiry of the legal basis applicable in each case, based on our legitimate interest in maintaining the integrity of the platform. However, we have no intention of accessing or using your personal data after the expiry of the legal basis that gave us the legitimacy to process it in the first place. We will not attempt to use your personal data to inform any decision in respect of any individual or in a manner that affects the individual in any way. We will not intentionally give access to such data to any third party and we undertake to delete such data as soon as possible, provided that this does not compromise the integrity of the platform.

3. Time for which we store your personal data

The time for which we store your personal data may vary depending on the purpose for which it is processed. We will keep your personal data for the following periods:

• Sending marketing communications: until you exercise your right to object or revoke your consent, whichever is applicable.

• For purposes associated with the App:

- for as long as necessary to ensure full performance of the contract entered into with you;

- during the applicable legal time limits.

• For the provision of technical assistance and for the purpose of responding to requests, enquiries or complaints:

- for as long as necessary to ensure full performance of the contract concluded with you;

- during the applicable legal time limits.

Such data will necessarily continue to be processed, even though in a very restrictive manner, after the expiry of the legal basis applicable in each case, based on our legitimate interest in maintaining the integrity of the platform.

4. Transmission of personal data

We may communicate your personal data to third parties for the purpose of complying with the legal obligations applicable in each case or where necessary to provide the services to be contracted. Where the processing of personal data is carried out through external service providers, who act as processors, we follow strict criteria in the selection of service providers in order to comply with their data protection obligations and we undertake to sign a data processing agreement with them.

5. Rights of the data subject

As a data subject you have the following rights in relation to the processing of your personal data:

• Access: You may obtain information on whether we are processing your personal data, as well as consult your personal data included in files of this company.

• Rectification: You may change your personal data when it is incorrect as well as complete those that are incomplete.

• Erasure: You may request the erasure of your personal data when, among other reasons, the personal data is no longer necessary for the purposes for which it was collected.

• Objection: In certain situations you may request that your personal data is no longer processed. We will stop the processing of your personal data unless there are legitimate reasons or for the establishment, exercise or defense of rights in an administrative, judicial or extrajudicial procedure.

• Limitation of processing: You may request the limitation of the processing of your personal data in the following situations: (a) while contesting the accuracy of your personal data; (b) when the processing is unlawful and you have objected to it and requested the limitation of the use of your personal data; (c) when we no longer need to process your personal data, but you need it for the exercise or defense of rights in an administrative, judicial or extrajudicial procedure; (d) when you have objected to the processing of your personal data for compliance with an obligation of public interest or for the fulfilment of a legitimate interest, as long as these legitimate grounds for the processing are found to outweigh your grounds.

• Portability: In certain situations you will be entitled to receive, in a structured, commonly used and machine readable format, the personal data you have made available to us and those obtained from your relationship with us, as well as to transmit them to another entity.

If you have any questions or wish to exercise these rights, you may contact us at hello@impactmarket.com. To exercise your rights, if necessary, we may ask you to provide proof of identity. You should also indicate the right you wish to exercise. The exercise of your rights is free of charge, except in the case of a manifestly unfounded, excessive or repeated request.

Finally, we note that you may lodge a complaint with the competent supervisory authority (Comissão Nacional de Proteção de Dados) through the website www.cnpd.pt.

Voting

Voting works with $PACT tokens.

To vote you need to first delegate votes to yourself or have others delegating to you. To do so, go to https://commonwealth.im/impactmarket/delegate.

You can vote with any amount of tokens, and you don't need to stake them, only hold them in your wallet.

To open proposals is necessary to have at least 100 million $PACT tokens.

How to vote using Metamask

In order to use your Metamask to vote on Commonwealth, you will first need to add Celo Network to your Metamask. Proceed with the following steps:

1. Open MetaMask, click your profile image on the top right corner, and then click "Settings". Next, scroll down to "Networks" and click. Finally, press the "Add Network" button.

2. Fill in the following values depending to add the Celo Network Mainnet:

• Network Name: Celo (Mainnet)

• New RPC URL: https://forno.celo.org

• Chain ID: 42220

3. Press "Save". The Celo network you just configured should now show up under MetaMask's "Networks" dropdown list.

How to use 24-word seed phrase wallets on Metamask.

Celo and Ethereum use different derivation paths for generating seed phrases meaning, Metamask does not support 24 seed phrases. It is, therefore, not possible to import an existing Celo account into the MetaMask wallet using its seed phrase, as you'd get the Ethereum version of it. Instead, you have to import it using the associated private key. To get the private key, you will need to go through the Celo extension.

1. Click on Celo Extension Wallet within your browser, click on the triple dots next to the name of the account you wish to export, and then select "Account details" from the drop-down.

2. From the pop-up that appears, select "Export Private Key".

3. Enter your password for Celo Extension Wallet and click "Confirm" to reveal your private key. Copy the private key and store it securely.

4. Click on the MetaMask extension within your browser, click on the account selection within MetaMask, and then select "Import Account" from the drop-down.

5. Select "Private Key" for import type, paste in the private key you copied from Celo Extension Wallet, and click "Import".

You should now see your account from Celo Extension Wallet within MetaMask enabling you to vote on Commonwealth. Verify that you've imported the correct account onto the Celo network and that your private key plus passphrase are stored securely before uninstalling Celo Extension Wallet.

Governance configurable parameters

Following the chart above, there's a list of governance parameters that can be edited. See the list below for more details.

delay

• the time that must pass until someone can trigger the execution of a proposal

• can be edited by the DAO (by making a proposal)

• must be between MINIMUM_DELAY and MAXIMUM_DELAY

MINIMUM_DELAY and MAXIMUM_DELAY

• cannot be edited after deployment

• MINIMUM_DELAY is 2 days and MAXIMUM_DELAY is 30 days

GRACE_PERIOD

The maximum period that a voted proposal can be executed after the delay. After that period the proposal is expired and cannot be edited after deployment. GRACE_PERIOD is 14 days

proposalThreshold

• the number of votes required in order for a voter to become a proposer

• can be edited by the DAO (by making a proposal)

• must be between MIN_PROPOSAL_THRESHOLD and MAX_PROPOSAL_THRESHOLD

MIN_PROPOSAL_THRESHOLD and MAX_PROPOSAL_THRESHOLD

• cannot be edited after deployment

• MIN_PROPOSAL_THRESHOLD is 1% of the total voting tokens and MAX_PROPOSAL_THRESHOLD is 5% of the total voting tokens

votingPeriod

• the duration of voting on a proposal, in blocks

• can be edited by the DAO (by making a proposal)

• must be between MIN_VOTING_PERIOD and MAX_VOTING_PERIOD

MIN_VOTING_PERIOD and MAX_VOTING_PERIOD

• cannot be edited after deployment

• MIN_VOTING_PERIOD is 17280 (~ 24 hours) and MIN_VOTING_PERIOD 241920 (~ 2 weeks)

votingDelay

• the delay before voting on a proposal may take place, once proposed, in blocks

• can be edited by the DAO (by making a proposal)

• must be between MIN_VOTING_DELAY and MAX_VOTING_DELAY

MIN_VOTING_PERIOD and MAX_VOTING_PERIOD

• cannot be edited after deployment

• MIN_VOTING_DELAY is 1 (~ 5 seconds) and MAX_VOTING_DELAY 120960 (~ 1 week)

quorumVotes

• the number of votes in support of a proposal required in order for a quorum to be reached and for a vote to succeed

• cannot be edited after deployment

• quorumVotes is 1% of the total voting tokens

proposalMaxOperations

• the maximum number of actions that can be included in a proposal

• cannot be edited after deployment

• proposalMaxOperations is 10

Microcredit

UBI

Annual Report

Omniscia performed a security audit on the autonomous community management by impactMarket featuring asset management, a merkle claim system, and almost every contract deployed behind a proxy pattern.

"Overall, the codebase quality is relatively high and contains thoroughly documented code throughout. "

v1 audit reports

v2 audit reports

Smart contracts are what make the impactMarket protocol work. And this page is dedicated to that, where we started (alpha), until where we are and the functionalities of the latest version, in this case, v2.

v2

What's new

Two new entities: ambassadors and council.

Communities have a limit of beneficiaries.

Managers will only be able to add/remove/lock/unlock beneficiaries and request funds to the community.

Staking! Stake your PACTs, get more on donations by staking.

The most relevant changes

Ambassadors

Each community has an ambassador. The ambassador is responsible for adding and removing managers. The ambassador can also lock and unlock a community. A locked community only allow managers to remove beneficiaries. A removed manager can be re-added. Can also define the limit of number of beneficiaries in a community.

The ambassador is assigned to a community at the moment that it claims the community using ambassadors' dashboard. The community can later be transferred to another ambassador if necessary or an ambassador can be fully replaced. Only the entity responsible for that ambassador, or the council can do that.

Community approvals

Communities are now Council's responsibility. The Council works pretty much the same way as the DAO does, with two differences. It doesn't own anything, unlike the DAO that owns the protocol. And the voting is 1:1, not requiring PACT delegation or anything. Also there are not limit of proposals one can open, nor a limit of time to wait until approving a proposal.

It has the power to control most UBI features. Accepts new communities, remove communities, change UBI parameters and tranches. It can also do most of ambassadors' activities.

Staking

v1

What's new

impactMarket is now a DAO.

The DAO is controlled by a set of contracts, the Delegator, the Delegate, and the Timelock. It also has a Treasury.

Communities now are much more controllable through the Community Admin contract which is owned by the DAO. Any change requires a new proposal.

On v1 we've also deployed a Donation Miner contract, which is what calculates rewards for donors.

All these contracts are migratable, controlled through proxies, all owned by the DAO.

The contracts are fully documented. Please visit the repository here.

The most relevant changes

DAO

The DAO is a set of three contracts. The Delegator, the Delegate, and the Timelock. It is responsible for everything happening on the protocol. Every change will go through a proposal that will receive votes from PACT token holders.

Treasury

Treasury is where all the assets are. The treasury holds the donations from which communities will be able to request funds. as well as any other asset.

Community Admin

The Community Admin is the contract responsible for all communities. It's a factory and an admin at the same time. It has the capability of deploying new communities, migrating, removing, changing community implementations, changing community parameters such as the UBI parameters and the tranches (min and max). And it can also add and remove managers.

The Community Admin actions can only be executed by the owner and it's owned by the DAO. Meaning that each action mentioned above needs to be included in a proposal.

Community

The most relevant change to the community contract is the possibility to request funds from the DAO treasury. Communities have a min and max tranche, which defines the limit to what they can get from the treasury. When a proposal to create a community is executed, the community receives the min tranch amount from the DAO. The first manager also receives $0.05 to pay for fees.

Besides that, a community is now upgradable, meaning that, it's possible to change the implementation of a community through a proposal without the need to migrate its beneficiaries.

Previously the intervals (such as base interval and increment interval) were calculated in second, using block timestamp, as an opposite to now, where intervals are counted in blocks. Together with this change comes a fix on changing parameters (previously it was not possible to change the base interval).

There's also a new parameter called "decrease step", which, if set to a value higher than zero, decreases that amount from the max claim amount. For example, if it's $0.01, then every time a beneficiary is added, $0.01 will be decreased on the max claim for every beneficiary in that community.

Alpha

During the alpha version, smart contracts were divided into three. ImpactMarket, CommunityFactory, and Community.

ImpactMarket

Its only role is to accept new communities. This will be replaced by a mechanism (already under development) with voting for new communities.

CommunityFactory

Its only role is to deploy new Community contracts. One contract per community. This contract is controlled by ImpactMarket.

Community

This is the contract used by communities. There's one contract per community. This allows individual donations to communities.

Below are listed the public methods that can be called to get information from the contract.

Functions

This page explains how you can integrate your app with impactMarket contracts.

All of our codebase is open source (available on GitHub).

How to integrate with communities

First, it's necessary to understand the flow.

1. Anyone opens our app, creates a request to create a community. That is simply an entry on our database, with community name, description, UBI contract parameters, address of who's requesting to create the community, and a few more details. All pending communities are then listed to ambassadors on a specific page within the app.

2. Ambassadors then claim a community. They can edit all information. Once it's all ready, approve community.

3. When approved , the council see a request to deploy the community. To do so, a proposal needs to be generated. This is very similar to a DAO proposal, with the difference that, only the council members vote and there are not limits. Council member are selected by the DAO. See move on v2 changes here.

4. Once voting ends, if the proposal is accepted, it can be executed.

5. Once executed the community contract is deployed (calls this) adding the first manager (the person who requested to create the community) and after that everything happens within the community. The ambassador that claimed the community is responsible for that community, and add managers. A manager adds beneficiaries. Beneficiaries claim.

You don't need to integrate steps 1-4, only 5.

So, to find out if a given address is a beneficiary or manager in a community, you can use our subgraph (source code here) running the following query

{
  beneficiaryEntity(id: "lower-case-user-address-here") {
    community {
      id
    }
  }
  managerEntity(id: "lower-case-user-address-here") {
    community {
      id
    }
  }
}

It either returns null or an object. Feel free to test it. See documentation on the yaml file on source code.

PLEASE NOTE that this is a self-hosted service from TheGraph. While we recommend using it (as we also use it) this is a free (and reliable service), it will eventually change in the future are TheGraph migrates to the decentralized network and start being a paid service. Learn more here.

And finally, let's suppose the community was just deployed, and the manager is now found through the query above so it will be shown accordingly on the app. The next steps are to add more managers and add beneficiaries so they can start to claim. All of those actions are on the community contract. Now, all it's needed to do is to call those methods accordingly. First addBeneficiary, then the beneficiary enters the app, and using the subgraph query above it's possible to know it's a beneficiary so we allow to claim.

That's all it's needed for the base integration. Don't hesitate to go to our discord and ask any questions you might have.

1. GENERAL TERMS AND CONDITIONS of IMPACTMARKET’s $PACT Token IDO

1.1. These Terms and Conditions govern the impactMarket’s $PACT Token IDO, i.e. the execution of the buyer’s orders in relation to the purchase $PACT Tokens and the rights and obligations of the buyer and impactMarkets arising from the acquisition of $PACT Tokens.

1.2. Furthermore, these Terms and Conditions define the rights and obligations of the impactMarkets and the buyers of $PACT Tokens in relation to the access, use or other interactions with the Platform, including for the purpose of performing certain functionalities using the $PACT Tokens.

1.3. In these Terms and Conditions, and unless the context clearly indicates otherwise, the terms indicated below shall have the meanings that are attributed to them hereunder. Expressions used in the singular include the plural, and vice-versa.

Accompanying Documents: means other documents issued by impactMarkets and provided to the Token Holder in connection with the impactMarket’s $PACT Token IDO.

Affiliates: means, with respect to any specified person, any director, officer, partner, member, authorized representative, agent or employee of such person and any other Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such specified person, and for purposes of this definition "control” (including, with correlative meanings, the terms, "controlled by” and "under common control with”), as used with respect to any person, means the possession, directly or indirectly, of the power to direct or cause the direction of this management or policies of such person, whether through the ownership of voting securities, by contract or otherwise.

Applicable Law: means all laws, rules, regulations and guidance, codes and requirements applicable, as appropriate, to the Token Holder, to impactMarket, to these Terms and Conditions, to the $PACT Tokens and any and all relations between the Token Holder and impactMarkets;

IDO: the initial sale in Polkastarter of 150M $PACT tokens (1.5% of total supply) to Token Holders under the present Terms and Conditions.

impactMarket: impactLabs, with registered office in Rua Irmãs Missionárias do Espírito Santo, n°37, 4715-213 Braga, Portugal, bearer of the Portuguese tax payer number 516228293, email: hello@impactmarket.com.

$PACT Token: a cryptographic utility token that is designed to be used on the Platform, under these Terms and Conditions and the Terms & Conditions of the Platform.

Platform: i.e., a decentralized financial infrastructure (DeFi) available for web and app (iOS and Android), for projects and causes of social impact and individuals without access to banking institutions and few financial resources. The objective is to empower people, social solidarity institutions, and impact companies through UBI (Unconditional Basic Income) contracts to manage and distribute monetary funds based on blockchain technology, greater transparency, efficiency, and access finance, intending to end extreme poverty by 2030.

Token Holder (or buyer): a person participating in the IDO in order to become a buyer and thus an owner of the $PACT Token as provided for under these Terms and Conditions;

Terms and Conditions: means these Terms and Conditions, as may be amended from time to time.

2. PURCHASE LIMITATIONS

2.1. Not all persons are permitted to participate in the impactMarket’s $PACT Token IDO. Besides, the rules and regulations of the country in which the Token Holder resides, of which the Token Holder is a citizen, or in which the Token Holder has tax residency, as such country or territory may not permit the Token Holder to invest in cryptocurrencies of any kind and/or particularly the initial offerings of cryptocurrencies.

2.2. The impactMarket’s $PACT Token IDO is only intended for sophisticated purchasers who are knowledgeable and experienced in cryptocurrencies, blockchain and protocols. By purchasing, holding, or using the impactMarket’s $PACT Token IDO, the buyer acknowledges that transactions using cryptocurrencies (including cryptographic tokens) may be inherently unstable and agrees to accept all risks in connection therewith, and agrees that impactMarkets shall not liable for any loss that the Token Holder may suffer or incur, and further acknowledges, accepts and assumes the risks mentioned in clause 6 of these terms and Conditions and in the Accompanying Documents.

2.3. $PACT Tokens are intended to be marketed, offered and sold to persons only in those jurisdictions and to those persons where and to whom they lawfully may be offered for sale and for use (but excluding any prohibited jurisdiction, as further described below) (the "Permitted Jurisdictions”).

2.4. The marketing, issuance, offering and sale of $PACT Tokens is expressly being made in the permitted jurisdictions on the basis that $PACT Tokens do not constitute a security, financial instrument or other regulated investment or financial product in those jurisdictions such that a prospectus or other disclosure requirements and other investor safeguards and regulatory documents or licensing that are typically required in connection with a securities offering will not apply to the marketing, issuance, offering and sale of $PACT Tokens in the permitted jurisdictions. ImpactMarket is not licensed, registered or otherwise regulated in the permitted jurisdictions in relation to the marketing, issuance, offering and sale of $PACT Tokens.

2.5. The $PACT Tokens do not represent an equity, commodity or any other investment instrument. $PACT Tokens are not securities and shall not in any case be considered as such and the offer of $PACT Tokens has not been registered with any government entity or regulatory authority. The Token Holder acknowledges and agrees that $PACT Tokens do not represent any share, stake, debt or security or equivalent rights in impactMarkets. Holders of $PACT Tokens are only entitled to a limited and functional right to use them in connection with the Platform developed and/or operated in accordance with its Terms and Conditions.

2.6. ImpactMarket reserves the right to cancel any $PACT Tokens purchase at any time in impactMarkets’s sole discretion and without prior notice and without any liability or further obligation of any kind whatsoever to the Token Holder or any other party, in the event impactMarkets finds such measures reasonable and/or necessary in a particular situation, including, but not limited to, change of regulatory requirements, or upon suspicion or detection that the Token Holder does not primarily reside or is not domiciled in a permitted jurisdiction or are engaged in fraud.

2.7. Certain jurisdictions expressly prohibit or restrict the offer, sale and/or purchase of cryptocurrencies and/or cryptographic tokens, while other jurisdictions may require impactMarkets and/or the $PACT Tokens to be licensed, registered, authorised or otherwise regulated. Some other jurisdictions have or may have been excluded from the impactMarket’s $PACT Token IDO for other reasons, as determined by impactMarkets in its sole discretion. Persons (natural or legal) who are a resident or tax resident, have a domicile in, hold a green card of, or otherwise have a relevant connection with Belarus, the Central African Republic, the democratic republic of Congo, the Democratic People’s Republic of Korea, the Crimea Region of Ukraine, Cuba, the People’s Republic of China, Iran, Libya, Somalia, Sudan, South Sudan, Syria, the United States of America, Yemen, Zimbabwe or any other jurisdiction in which such activities is prohibited are excluded from participating in the impactMarket’s $PACT Token IDO and possessing and using a $PACT Tokens (each such territory, a "Prohibited Jurisdiction”).

2.8. $PACT Tokens may not be marketed, offered or sold directly or indirectly to any residents in or citizens/nationals of the Prohibited Jurisdictions and neither these Terms and Conditions nor any Accompanying Documents may be supplied to any residents in or citizens/nationals of the Prohibited Jurisdictions, or used in connection with the offer or sale of $PACT Tokens to residents in or citizens/nationals of the Prohibited Jurisdictions. The information contained in these terms and/or any Accompanying Documents will not constitute an offer to sell or an invitation, advertisement or solicitation of an offer to buy any $PACT Tokens within a Prohibited Jurisdiction. For the avoidance of doubt, the list of prohibited jurisdictions may be changed from time to time, irrespective of the awareness of impactMarkets and relevant amendments may be made to these terms. The Token Holder is only permitted to use the Platform and to purchase $PACT Tokens if the Token Holder primary residence or domicile is not in one of the Prohibited Jurisdictions. To the extent a resident from a prohibited jurisdiction attempts to enter into these terms, such purported participation is void and of no force or effect. Persons without legal capacity (notably, under the age of eighteen (18)) are not permitted to participate in the impactMarket’s $PACT Token IDO.

3. OBJECT

3.1. These Terms and Conditions and the Platform Terms and Conditions are effective and binding on the Token Holder, and the covenants, representations and warranties provided for in these Terms and Conditions and repeated, each time the Token Holder uses $PACT Tokens or use or access the Platform, or use or access any software impactMarkets provides access to on or through the Platform.

3.2. The Token Holder shall not participate in the IDO or access or use the Platform if the Token Holder is prohibited from participating, using or accessing it under the Applicable Law and/or law of the Token Holder country of residence (or tax residence) or country of nationality. If the Token Holder is in any manner limited or prohibited from the purchasing, possessing, transferring, using or otherwise conducting a transaction involving any amount of $PACT Tokens under Applicable Law or country of nationality, the Token Holder is prohibited from accessing, referencing, engaging, or otherwise using the Platform, including for the purchase of any $PACT Tokens.

3.3. ImpactMarket may change, modify, amend, alter or supplement these Terms and Conditions (each an "Amendment”) at any time in order to reflect (i) changes to any laws or regulations that may be, or which may otherwise become, applicable to the $PACT Tokens, (ii) any developments that may otherwise reasonably be capable of making a materially adverse effect on the $PACT Tokens or their offering by impactMarkets; or (iii) as impactMarkets may in good faith deem advisable to protect the reputation of impactMarkets or the effective operation of the Platform.

3.4. The Token Holder continued use of the Platform and of the $PACT Tokens after any such Amendment shall constitute the Token Holder consent to such Amendment and acceptance of the amended Terms (including the Accompanying Documents). If impactMarkets changes, amends, modifies, alters or supplements these Terms and Conditions (including any of the Accompanying Documents), impactMarkets shall publish on its website such amended version of these Terms and Conditions and/or the Accompanying Documents reflecting such Amendment to the Platform. The date of the most recent Amendment will be indicated at the top of the Terms or the relevant Accompanying Document. The revised Terms and Conditions will be effective upon the Token Holder subsequent use of the Platform after date of such posting. The Token Holder waives any right the Token Holder may have to receive specific notice of such changes or modifications. If the Token Holder does not agree to the Terms and Conditions in effect when the Token Holder access or use the Platform, the Token Holder must stop using the Platform.

3.5. These Terms and Conditions, the Platform Terms and Conditions, the Platform, and all content herein, therein or thereon, do not constitute an offer or solicitation to sell shares, securities or any other regulated financial product. None of the information or analyses presented herein, therein or thereon are intended to form the basis for any investment decision, and no specific recommendations are intended, and the Platform are not, do not offer, and shall not be construed as an investment or financial product.

3.6. Subject to Applicable Law, impactMarkets reserves the right, in its sole discretion, to refuse to deliver the $PACT Tokens the Token Holder has purchased, and/or modify or to temporarily or permanently suspend or eliminate the Platform (or any part thereof) and/or disable any access to the Platform (including via use of the $PACT Tokens), including disabling or terminating access to the Token Holder Account or for any Person attempting access to the Platform from the Token Holder internet protocol address (for example, where there is a change in Applicable Law or where impactMarkets suspects that the Token Holder is engaging in illegal activities in connection with the Token Holder use of the Platform).

3.7. Where impactMarkets (i) makes any material Amendment to the Terms and Conditions prior to the delivery to the Token Holder of the $PACT Tokens that the Token Holder has purchased pursuant to the $PACT Tokens Sale; (ii) cancels or terminates the agreement prior to the delivery to the Token Holder of the $PACT Tokens that the Token Holder has purchased pursuant to the $PACT Tokens Sale; or (iii) refuses to deliver to the Token Holder the $PACT Tokens the Token Holder has purchased pursuant to the $PACT Tokens Sale, the Token Holder may request impactMarkets to provide a refund to the Token Holder. Upon such written request, impactMarkets will, subject to Applicable Laws endeavor to provide a refund to the Token Holder as soon as practicable. Where the Token Holder request is made pursuant to the circumstance in (i), impactMarkets is only obliged to provide a refund if such request is made prior to applicable Amendment taking effect.

4. PURCHASE OF $PACT TOKENS

4.1. In order to purchase the $PACT Tokens through impactMarkets’ Polkastarter IDO, the purchaser shall comply at all times the terms and conditions of Polkastarter and the requirements, including whitelisting, price and period of sale, disclosed in Polkastarter website and any Accompanying Documents.

4.2. 9By acquiring the $PACT Tokens, the Token Holder acquires the ownership of token recorded in the blockchain, and the right to assign such token to a subsequent acquirer, which, under the Terms and Conditions of the Platform, shall entitle the owner to certain utilities when interacting with the Platform, such as: (i) Voting power delegation. Any Token Holder can delegate voting power to themselves, someone they trust, or key participants of the protocol impactMarket, with the ability to influence the future direction and growth of the impactMarket protocol. Those with the most delegated voting power can be considered impactMarket Ambassadors.

(ii) Communities’ verification and validation. Each new UBI community will be submitted as a proposal and reviewed by Token Holders, who can vote for its approval. Verified communities are able to request funding directly from the DAO (Decentralised Autonomous Organisation);

4.3. In any case, the Token Holder acknowledges that $PACT Tokens shall have no intrinsic economic value associated and do not represent any financial claim against the issuer, such as a right to income (for example, profit or interest).

5. REPRESENTATIONS, WARRANTIES AND UNDERTAKING

5.1. The Token Holder represents and warrants that:

(iii) The Token Holder has legal capacity in the jurisdiction where the Token Holder is a resident and is able to agree and enter into these Terms voluntarily and meet all other eligibility and residency requirements, including:

a. the Token Holder has full power, authority and capacity to comply with these Terms; and the

b. Token Holder enters into these Terms and Conditions based on the Token Holder own independent judgement and on advice from independent advisers (as applicable).

c. the Token Holder is fully able and legally competent to access and use the Platform and as well as to enter into and comply with these Terms and Conditions;

d. the Token Holder will not violate any Applicable Law or any other agreement to which the Token Holder is a party by entering into these Terms and Conditions or to comply with these Terms and Conditions, including all conditions, obligations, affirmations, representations and warranties set forth herein;

e. the Token Holder has all necessary and relevant experience and knowledge to interact or transact with cryptocurrencies, cryptographic tokens, the Platform, and blockchain-based systems, has a full understanding of the relevant frameworks of the foregoing, and has obtained sufficient information about impactMarkets, the Platform and $PACT Tokens to enter these Terms, and in particular the Token Holder has carefully and thoroughly read these Terms and Conditions and the Accompanying Documents;

f. the Token Holder is aware of all the merits, risks and any restrictions associated with cryptocurrencies, cryptographic tokens, blockchain-based systems, and accept responsibility for evaluating purchasing or using the foregoing;

g. neither the Token Holder nor any of the Token Holder Affiliates is a Prohibited Person, nor have the Token Holder or any of the Token Holder Affiliates engaged in any dealings or transactions with any Prohibited Persons;

h. the Token Holder is not at any time during the period of sale a citizen or permanent resident of and do not make the Token Holder transactions from the United States or any of its territories, including Puerto Rico, the U.S. Virgin Islands and other possessions of the United States (including, for the avoidance of doubt, a Person of dual or multiple nationalities who holds a U.S. passport);

i. the Token Holder is not a resident or tax resident of, is not domiciled in, and does not otherwise have any relevant connection with a Prohibited Jurisdiction or any jurisdiction in which entry into or performing the Token Holder obligations under these Terms or the delivery, holding, use or exchange of $PACT Tokens is unlawful or restricted in any material way or requires licensing, registration or approval of any kind (irrespective of whether use of a virtual private network or other technical workaround to effect such transaction and avoid detection within a Prohibited Jurisdiction enabled the Token Holder to obtain a $PACT Tokens);

j. neither the Token Holder nor any Person who controls the Token Holder or any Person for whom the Token Holder is acting as an agent or nominee, as applicable, resides in, is a national or agent of, or transfers funds from or through an account in a Non-Cooperative Jurisdiction, including but not limited to Cuba, Crimea, Iran, North Korea, Pakistan, Sudan, Syria, Vietnam, or any other country to which the United States, the United Kingdom or the European Union embargoes goods or imposes similar sanctions;

k. the Token Holder will not access or use the Platform if any Applicable Laws prohibit the Token Holder from doing so in accordance with these Terms;

l. the Token Holder is not using and will not use the Platform or $PACT Tokens for any illegal or unlawful activity, including, but not limited to, money laundering and the financing of terrorism;

m. the Token Holder has not entered or agreed to enter into these Terms in reliance of any warranty or representation except those specifically set forth in these Terms;

n. the funds the Token Holder uses to purchase $PACT Tokens are not the proceeds of any criminal, unlawful or illegal activity or money laundering or terrorist financing activity, each as interpreted in the broadest terms;

o. the $PACT Tokens the Token Holder purchase will not be used to facilitate any criminal, unlawful or illegal activity or to perform any money laundering or terrorist financing activity, each as interpreted in the broadest terms or otherwise in contravention of any Applicable Laws; and

(iv) and the Token Holder does not seek to purchase $PACT Tokens for any unlawful purpose, and in particular that:

a. the Token Holder purchases the $PACT Tokens only for the purposes expressly set out and permitted by these Terms and Conditions;

b. the Token Holder purchases the $PACT Tokens without any expectation of profit, dividend, capital gain, financial yield or any other return, payment or income of any kind;

c. the Token Holder participation in connection with any initiatives with the $PACT Tokens Sale, such as bonuses or air drops (if these are implemented at impactMarkets’s sole discretion), is lawful;

d. and all information given by the Token Holder is true, complete, valid and not misleading in any respect.

(v) Within the scope of the Terms and Conditions, impactMarkets does not act as a financial consultant of the Token Holder, and nothing in the relationship established by this agreement or in any communication of impactMarkets in this regard can be interpreted as configuring the obligation to provide, or the provision of, investment advice or recommendations.

5.2. The Token Holder undertakes and agrees not to:

(i) violate or assist any Person or entity in violating any law, statute, ordinance, regulation or any rule of any self-regulatory or similar organization;

(ii) provide false, inaccurate, incomplete or misleading information to impactMarkets;

(iii) take or attempt to take any action or claim ownership of any property that infringes or would infringe upon: (A) impactMarket’s intellectual property interest in and to the Platform, or (B) any third party’s copyright, patent, trademark, or other intellectual property rights;

(iv) distribute unsolicited or unauthorized advertising, promotional or marketing material or any junk mail, spam, or chain letters;

(v) reverse engineer or disassemble any aspect of the Platform for any purpose, including but not limited to, in an effort to access any source code, object code, underlying ideas and concepts, and algorithms;

(vi) take any action that imposes an unreasonable or disproportionately large burden or load on impactMarkets’s infrastructure (including, but not limited to, servers, networks, data centers and related or like equipment), or detrimentally interfere with, intercept, or expropriate any system, data, or information of impactMarkets;

(vii) transmit or upload any material to the Platform that contains viruses, Trojan horses, worms, or any other harmful or deleterious programs;

(viii) attempt to gain unauthorized access to the Platform, other systems of impactMarkets, computer systems or networks connected to the Platform, including through password mining or any other means;

(ix) or transfer any rights granted to the Token Holder under these Terms.

5.3. The Token Holder further represents and warrants that any funds the Token Holder use to purchase $PACT Tokens in the $PACT Tokens Sale are in each case the Token Holder own property.

5.4. The Token Holder acknowledges and agrees that impactMarkets enters into these Terms with the Token Holder in reliance on the representations and warranties provided for in this Section.

6. RISKS OF $PACT TOKENS AND LIMITATIONS OF LIABILITIES

6.1. The Token Holder understands and acknowledges that $PACT Tokens, blockchain-based technologies and other associated and related technologies are not exclusively (or, as appropriate, at all) controlled by impactMarkets and adverse changes in market forces or the technology, broadly construed, may prevent or compromise impactMarkets’s performance under these Terms. As such, the purchase of $PACT Tokens carries with it a number of risks. Prior to purchasing $PACT Tokens, the Token Holder should carefully consider the risks listed herein and, to the extent necessary, consult an appropriate lawyer, accountant, or tax professional. If any of the risks associated with purchasing and holding of $PACT Tokens is unacceptable to the Token Holder, the Token Holder should not purchase $PACT Tokens.

6.2. ImpactMarket is subject to all of the business risks and uncertainties associated with any new business, including the risk that impactMarkets will not achieve its technological or operational objectives, which could result in a substantial decline in the utility of the $PACT Tokens. Before deciding to purchase the $PACT Tokens, the Token Holder should consider the risks and difficulties frequently encountered by early-stage companies that are similar to impactMarkets and operate in new and rapidly evolving markets, particularly those companies whose businesses depend upon developing new technologies and that rely on the internet and blockchain-based technology. These difficulties include, among others, the ability to:

(i) generate or increase revenues and manage costs;

(ii) increase awareness of impactMarkets;

(iii) offer compelling products or demonstrate utility;

(iv) secure adoption and/or market saturation;

(v) maintain current and develop new strategic relationships;

(vi) respond effectively to competitive pressures;

(vii) develop and upgrade technology;

(viii) attract, retain and motivate qualified personnel; and

(ix) raise additional capital.

6.3. ImpactMarket may be subjected to a variety of cyberattacks from time to time. Such attacks could result in the disruption of hardware and software systems, loss, misuse, misappropriation and corruption of data and information, including proprietary information or personal data, interruption of Seller operations, and lost competitive advantages, any of which could have a material adverse effect on impactMarkets’s business and ability to meet its strategic, operational and technological objectives. Any breach of data security that exposes or compromises the security of impactMarkets, the Platform and its assets, including any private digital keys linked to funds generated through this Offering could result in significant losses that materially impair impactMarkets’s ability to operate on a go-forward basis and adversely impact the value and utility of the $PACT Tokens.

6.4. Information that the Token Holder store or transfer through the Platform may become irretrievably lost or corrupted or temporarily unavailable due to a variety of causes, including software failures, protocol changes by third party providers, internet outages, force majeure events, or other disasters, including third party distributed denial of services attacks, scheduled or unscheduled maintenance, or other causes either within or outside of impactMarkets’s control. The performance of impactMarkets is subject to the following uncertainties, among others:

(i) worldwide growth in the adoption and use of blockchain technologies;

(ii) government and quasi-government regulation of blockchain assets and their use, or restrictions on or regulation of access to and operation of blockchain networks or similar systems;

(iii) the maintenance and development of the open-source blockchain protocols and networks, and the effectiveness of the informal groups of (often uncompensated) developers that contribute to the protocols that underlie the networks;

(iv) disputes among the various developers or validators of the networks;

(v) the effectiveness of network consensus mechanisms to effectively secure the networks against confirmation of invalid transactions;

(vi) the failure of cybersecurity control or other security breaches of the networks;

(vii) the existence of undiscovered technical flaws in the networks;

(viii) the costs associated with performing transactions on different networks or using different protocols;

(ix) the development of new or existing hardware or software tools or mechanism, including advances in quantum computing;

(x) changes in consumer demographics and public tastes and preferences;

(xi) the availability and popularity of other forms or methods of buying and selling goods and services, or trading assets including new means of using fiat currencies or existing networks;

(xii) general economic conditions and the regulatory environment relating to cryptocurrencies;

(xiii) hacking and theft of cryptocurrencies and tokens;

(xiv) popularity or acceptance of the cryptocurrency networks and the emergence of new cryptocurrencies and blockchain networks;

(xv) and unfavorable developments in any of the above circumstances, or like circumstances, could adversely affect impactMarkets’s business and the value or utility of the $PACT Tokens.

6.5. It is possible that due to a number of reasons outside of impactMarkets’s control, including but not limited to, changes in regulatory or intellectual property law, technological advancements, decreases in token or cryptocurrency or cryptographic token utility, social or economic reforms, the failure of commercial relationships, or the malfunction, breakdown or abandonment of the protocol, impactMarkets, blockchain-based technology and other related technologies may dissolve, disappear, be abandoned or otherwise no longer operate, or operate with material impairments.

6.6. The market value of cryptocurrencies (and, therefore, the potential market value of $PACT Tokens) may go up or down, and the market value of cryptocurrencies have demonstrated extreme volatility. Any cryptographic tokens may not have market value. The Token Holder should expect fluctuations, both down and up, in the market value (if any) of $PACT Tokens that the Token Holder purchase, if any, and such fluctuations may be extremely volatile, including price crashes (including to zero value) that may occur in the event of political or economic crises that cause a large-scale sell-off of $PACT Tokens. In addition, there may not be a market for resale of $PACT Tokens or exchanging $PACT Tokens for fiat currencies, and impactMarkets cannot and does not guarantee market liquidity for $PACT Tokens or the ability to exchange $PACT Tokens for fiat currencies by purchasers of $PACT Tokens. In the event that the $PACT Tokens are listed on an exchange or may be transferred through other means in accordance with applicable law, the potential market value of the $PACT Tokens may be subject to drastic fluctuations and extreme volatility. Therefore, the price at which the Token Holder purchase the $PACT Tokens may not represent an accurate valuation of the $PACT Tokens. Further, there is no guarantee of market liquidity for the $PACT Tokens or the ability to exchange the $PACT Tokens for equal value in fiat currency. If the $PACT Tokens are permitted to be bought, sold, or transferred in accordance with applicable law, several factors may cause a decrease in the price and value of the Token Holder $PACT Tokens, including, but not limited to:

(i) global cryptocurrency supply;

(ii) global cryptocurrency demand, which can be influenced by the growth of retail merchants’ and commercial businesses’ acceptance of cryptocurrencies as payment for goods and services, the security of online cryptocurrency exchanges and digital wallets that hold cryptocurrencies, the perception that the use and holding of cryptocurrencies is safe and secure, and the regulatory restrictions on their use;

(iii) any software "fork” initiated by third party groups or individuals involved in blockchains related to cryptocurrencies to create a new version of such cryptocurrencies, which may alter the economics of the cryptocurrencies and affect the value of the cryptocurrencies in the market;

(iv) $PACT Tokens holders’ expectations with respect to the rate of inflation;

(v) changes in the software, software requirements or hardware requirements underlying a blockchain network;

(vi) changes in the rights, obligations, incentives or rewards for the various participants in a blockchain network;

(vii) interest rates;

(viii) fiat currency withdrawal and deposit policies of cryptocurrency exchanges and liquidity on such exchanges;

(ix) interruptions in service from or failures of major cryptocurrency exchanges;

(x) investment and trading activities of large investors, including private and registered funds, that may directly or indirectly invest in cryptocurrencies;

(xi) the existence and popularity of cryptocurrency derivative products;

(xii) monetary policies of governments, trade restrictions, currency devaluations and revaluations;

(xiii) regulatory measures, if any, that affect the trading of cryptocurrencies;

(xiv) the maintenance and development of the open-source software protocols for cryptocurrencies and related networks;

(xv) global or regional political, economic or financial events and situations;

(xvi) and expectations among market participants that the value of cryptocurrencies will soon change and the willingness of market participants to continue to acquire, own, hold, and trade cryptocurrencies and convert fiat currencies to cryptocurrencies.

6.7. The $PACT Tokens are a new issue of cryptographic tokens for which there is no established public market, and an active trading market may not develop.

6.8. The regulatory landscape with respect to cryptocurrencies and cryptographic tokens, including $PACT Tokens, is fast evolving. There may be uncertainty in the regulatory treatment of $PACT Tokens and the $PACT Tokens Sale in jurisdictions where the $PACT Tokens Sale is conducted. Although impactMarkets does not believe that $PACT Tokens are securities in any jurisdiction where the $PACT Tokens Sale is conducted, there is no assurance that relevant competent government or regulatory authorities (“Relevant Authorities”) would take a similar view, either now or in the future. Similarly, although impactMarkets does not believe that the offer, purchase and sale of $PACT Tokens are subject to any securities, commodities, derivatives or other financial law and regulation (collectively, "Regulations”), there is no guarantee that the Relevant Authorities may not subsequently determine that the $PACT Tokens Sale is subject to Regulation and is or was not in compliance with certain Regulations. Any such different view or determination by Relevant Authorities may adversely affect the legality of the $PACT Tokens Sale, or impose restrictions on the transfer of $PACT Tokens and other regulatory requirements, which may affect the market value and transferability of $PACT Tokens.

6.9. As blockchain networks and blockchain assets have grown in popularity and in market size, government agencies and regulatory authorities have begun to take interest in, and in some cases regulate, their use and operation. Jurisdictions, such as, but not limited to, the European Union, the People’s Republic of China, South Korea, and Japan, are currently considering, or may in the future consider, laws, guidance or other actions, which may severely impact the utility of the $PACT Tokens, and the interoperability of blockchain-based protocols generally. The many jurisdictions and regulatory frameworks that govern all or part of the ownership, holding, issuance, purchase, sale, or use of cryptocurrencies or cryptographic tokens (such as the $PACT Tokens) are likely to rapidly evolve and are subject to significant uncertainty. Failure by impactMarkets or its representatives to comply with any laws, some of which may not exist yet or are subject to interpretation and may be subject to change, could result in a variety of adverse consequences for impactMarkets and the value and utility of the $PACT Tokens.

6.10. Certain jurisdictions restrict the holding, use, ownership, sale and purchase of cryptocurrencies and/or cryptographic tokens, including outright prohibition or requiring that the sale or purchase must take place on a regulated exchange or trading venue. These restrictions may become more prohibitive over time and adversely impact the Token Holder ability to access a regulated exchange or trading venue in the Token Holder jurisdiction, or any other jurisdiction that permits the sale or purchase of the $PACT Tokens, and the Token Holder may, therefore, find it difficult or unlawful to sell the Token Holder $PACT Tokens or any alternative cryptocurrency or cryptographic token the Token Holder hold as a substitute for the $PACT Tokens. There are additional risks presented by any potential token exchange service provider, if any, which might be subject to poorly understood regulatory oversight.

6.11. Unlike certain accounts with financial institutions, $PACT Tokens are not insured by any governmental or regulatory entity. In the event of loss, or the loss of utility value, the Token Holder may not have recourse (and shall never have recourse against impactMarkets in accordance with these Terms) unless the Token Holder obtain private insurance for the Token Holder $PACT Tokens at the Token Holder own cost.

6.12. $PACT Tokens are irredeemable, and except as otherwise set forth in these Terms and Conditions, the Token Holder will not have the right to any refund or exchange or otherwise force impactMarkets to redeem the Token Holder $PACT Tokens for any value (monetary or in-kind).

6.13 In making a decision to participate in this IDO, it is the Token Holder obligation to consult the Token Holder own tax advisors regarding tax considerations relating to the purchase, ownership and sale or disposition of the $PACT Tokens, including, for example, sales, use and value added taxes, as well as income and withholding taxes. In addition, the Token Holder is responsible to withhold, collect, report and remit any taxes that apply to the purchase of the $PACT Tokens and remit such taxes to the appropriate taxing authorities. The Token Holder is also responsible for reviewing all current and future tax considerations that may be relevant to the Token Holder in connection with purchasing the $PACT Tokens with the Token Holder own tax advisers. The Token Holder may experience adverse enforcement or other consequences in connection with purchasing $PACT Tokens.

6.14. Upon a liquidation, bankruptcy or other dissolution of impactMarkets, the Token Holder will not be entitled to liquidation rights under any insolvency or bankruptcy Applicable Law.

6.15. Without prejudice of the utilities of the tokens provided for in these Terms and Conditions, the Token Holder, by holding $PACT Tokens, is not entitled to voting rights or other management or control rights in or with respect to impactMarkets. Accordingly, until such time that impactMarkets shall determine otherwise, impactMarkets will control in its sole discretion all decisions and actions of impactMarkets, including with respect to the Platform and impactMarkets’s operations, affiliations, corporate activities and investments. Further, any and/or all decisions made by impactMarkets’s executive team may conflict with the Token Holder interests.

6.16. The Token Holder acknowledges that information transmitted over the Internet (including communications by e-mail) or blockchain may be susceptible to unlawful access and monitoring. Further, the Token Holder acknowledges that the transmission of data or information over the Internet may result in loss, interception or alteration while in transit and that all such information shall not be deemed confidential and impactMarkets does not have any fiduciary obligation with respect to such transmitted information.

6.17. The Token Holder acknowledges there may be risks associated with $PACT Tokens and/or the Platform not being regulated in the jurisdictions in which $PACT Tokens may be purchased, including the risks of retroactive regulatory applicability. ImpactMarket aims to be made aware of material and relevant changes to Applicable Law and Regulation in the most relevant jurisdictions in the world and shall act accordingly in the event changes to Applicable Law and Regulation impact operations of impactMarkets or the Platform. None of impactMarkets or any Affiliates is a financial institution or currently under supervision of any financial supervisory authority. ImpactMarket does not provide any licensed financial services, such as investment services, fund management or investment advice. The $PACT Tokens Sale is not a public offering of equity, debt or units in a collective investment scheme and consequently does not fall under the securities or any prospectus or similar disclosure regulations in the Permitted Jurisdictions.

6.18. By holding $PACT Tokens, the Token Holder acknowledges that the Token Holder understands that while every effort will be made to further develop the Platform, it is possible that proposed post-launch developments or enhancements will never be realized.

6.19. The $PACT Tokens will be stored in a wallet, which can only be accessed with a password selected by the Token Holder. If the Token Holder does not maintain an accurate record of the password, this may lead to the loss of the Token Holder tokens. If the Token Holder password protection is weak and is cracked or learned by somebody else, this may also lead to the loss of the $PACT Tokens.

6.20. 7There may be additional risks that cannot be anticipated or foreseen due to the incipience of cryptographic token technology, blockchain-based technology and related technologies.

7. DISCLAIMER OF WARRANTIES

7.1. The purchased $PACT Tokens and the Platform are provided to the fullest extent legally permissible to the Token Holder "as is” and on an "as available” basis with no warranty of any kind either, statutory, expressed or implied, including, but not limited to, the implied warranties of title, non-infringement, merchantability, and fitness for a particular purpose. the Token Holder assumes all responsibility and risk with respect to the Token Holder use of the platform, receipt of the services and purchase of $PACT Tokens.

7.2. None of impactMarkets or any of their affiliates make any warranty or representation with respect to the completeness, security, reliability, quality, accuracy, or availability of the Platform, including that the platform, its content, or any services or items obtained through the platform will be accurate, reliable, error-free, or uninterrupted, that defects will be corrected, that the platform or impactMarkets’s server are free of viruses or other harmful components. The Token Holder access to or use of the Platform, including cryptocurrency services, assets, and any information, images or audio contained or related to the platform or services is at the Token Holder own risk.

7.3. The Token Holder understands and expressly agrees that impactMarkets does not represent, warrant or guarantee in any way that $PACT Tokens might be sold or transferred, or be saleable or transferable, or there is an ability or will be a platform to exchange $PACT Tokens for fiat currencies, cryptocurrencies or cryptographic tokens, during or after the $PACT Tokens sale. ImpactMarket further does not make any representations or warranties with respect to the regulatory oversight or the use or security of any such exchange.

7.4. ImpactMarket does not guarantee that the platform and services it provides cannot be duplicated (either in part or in full) by a third party without impactMarkets’s prior written consent. ImpactMarket hereby expressly warns the Token Holder that the Token Holder should not enter, use or purchase any $PACT Tokens or tokens similar to $PACT Tokens from any sources (other than via impactMarkets).

7.5. If applicable law does not permit all or any part of the above exclusion of warranties or disclaimer of implied terms in contracts to apply to the Token Holder, the limitations, exclusions and disclaimers will apply to the Token Holder only to the extent permitted by applicable law.

7.6. If any guarantee, warranty, term or condition is implied or imposed in relation to these terms or any applicable law and cannot be excluded (a "non-excludable provision”), and impactMarkets is able to limit the Token Holder remedy for a breach of the non-excludable provision, then the liability of impactMarkets for breach of the non-excludable provision is limited to the following at impactMarkets’s option, in the case of services, the supplying of the services again, or the payment of the cost of having the services supplied again.

8. LIMITATION OF LIABILITY

8.1. ImpactMarket shall in no event be liable, even if impactMarkets has been advised of the possibility of such damages, losses or expenses, for any damages, loss or expense, including direct, indirect, special, or consequential damage, or economic loss, arising from or in connection with:

(i) the $PACT Tokens;

(ii) any system, server or connection failure, error, omission, interruption, delay in transmission, computer virus or other malicious, destructive or corrupting code, agent program or macros;

(iii) or any images, services, products, information, data or other material made available by impactMarkets.

8.2. Without prejudice to the generality of the foregoing and covenants provided in this agreement, the Token Holder will not hold impactMarkets or its related corporations and their officers, employees or agents responsible or liable, in contract, tort (including ordinary negligence or breach of statutory duty), equity or otherwise, for any damages, losses, expenses or costs (whether direct or indirect, or whether foreseeable or not) suffered or incurred by the Token Holder arising out of or in connection with the purchase or the use of the $PACT Tokens by the Token Holder or other third party.

8.3. For the avoidance of doubt, this limitation of liability provision shall survive the termination of these Terms and shall apply, with full force and effect, in perpetuity for the benefit of impactMarkets and any other entity that is or becomes the owner of the Platform, whether such ownership occurs through a sale, merger, other transaction or by the operation of Applicable Law.

8.4. If Applicable Law does not permit all or any part of the above limitation of liability in contracts to apply to the Token Holder, the limitations, exclusions and disclaimers will apply to the Token Holder only to the extent permitted by Applicable Law.

9. INDEMNITY

9.1. To the extent permitted by Applicable Law, the Token Holder shall indemnify, defend and hold harmless impactMarkets and its Affiliates, directors, officers, employees, agents, successors, and permitted assignees (each, an "Indemnified Party”) from and against any and all claims, damages, losses, suits, actions, demands, proceedings, expenses, and/or liabilities (including but not limited to reasonable attorneys’ fees incurred and/or those necessary to successfully establish the right to indemnification), including but not limited to all claims arising from any breach of the representations and warranties and covenants in these Terms, asserted by any third party against or incurred by an Indemnified Party.

9.2. Subject to Applicable law, the Token Holder expressly waive any rights the Token Holder may have under Applicable Law as well as any other statute or common law principles that would otherwise limit the coverage of this release, except with respect to any claim for which the underlying action or omission giving rise to such claim has occurred prior to the first date in which the Token Holder accessed or used the Platform, such date being when the Token Holder agreed to be legally bound by these Terms.

9.3. ImpactMarket makes no representations concerning the tax implications of the sale of $PACT Tokens or the possession or use of them. The Token Holder bears the sole responsibility to determine if the purchase of $PACT Tokens with cryptocurrency or the potential appreciation or depreciation in the value of $PACT Tokens over time has tax implications for the Token Holder in the Token Holder home jurisdiction. By purchasing $PACT Tokens, and to the extent permitted by law, the Token Holder agrees to be solely responsible for any applicable taxes imposed on, and agree not to hold the impactMarkets liable for any tax liability associated with or arising from the purchase, possession, or transfer of $PACT Tokens. All fees and charges payable by the Token Holder to the impactMarkets are exclusive of any taxes, and shall certain taxes be applicable, they shall be added on top of the payable amounts. Upon the impactMarkets’ request, the Token Holder will provide it any information it reasonably requests to determine whether it is obligated to collect VAT from the Token Holder, including the Token Holder VAT identification number. If any deduction or withholding is required by Applicable Law, the Token Holder will notify the impactMarkets and will pay impactMarkets any additional amounts necessary to ensure that the net amount that the impactMarkets receives, after any deduction and withholding, equals the amount impactMarkets would have received if no deduction or withholding had been required. Additionally, the Token Holder will provide impactMarkets with documentation showing that the withheld and deducted amounts have been paid to the relevant taxing authority. To the extent impactMarkets is responsible for remitting any withholding taxes or value added or similar taxes, the Token Holder allocation of $PACT Tokens shall be reduced to the extent such taxes are required to be remitted by impactMarkets. impactMarkets wishes to make the Token Holder aware that future use of the $PACT Tokens by the Token Holder when transacting with impactMarkets may result in withholding taxes, value added tax and/or similar taxes being imposed. The Token Holder will be responsible for such taxes, however, where impactMarkets is responsible for remitting taxes, the amount of taxes shall be deducted from the fees otherwise due and payable by the Token Holder in connection with the transactions with impactMarkets.

10. APPLICABLE LAW AND JURISDICTION

10.1. These Terms and Conditions, as well as the pre-contractual and contractual relationship, are governed by Portuguese Law.

10.2. Any dispute that may arise between the contracting Parties regarding the interpretation or execution of these Terms and Conditions will be subject to and finally resolved by arbitration under the Arbitration Centre of the Portuguese Chamber of Commerce and Industry (“Arbitration Centre”). The appointing authority shall be the Arbitration Centre. The Arbitration Centre shall administer the case in accordance with its Rules. The place of arbitration shall be Lisbon, Portugal.

Useful URLs

• dApp - https://app.impactmarket.com/

• website - https://impactmarket.com/

• API - https://impactmarket-api-production.herokuapp.com/api/

• API (swagger docs) - https://impactmarket-api-production.herokuapp.com/api-docs/

• main subgraph - https://thegraph.com/hosted-service/subgraph/impactmarket/subgraph

• secondary subgraph - https://thegraph.com/hosted-service/subgraph/impactmarket/ubi-management

• microcredit subgraph - https://thegraph.com/hosted-service/subgraph/impactmarket/microcredit

• smart-contracts - https://github.com/impactMarket/impact-market-smart-contracts#contracts

All API endpoints are documented using swagger. For each environment (alfajores testnet and mainnet), there's one API and a swagger URL available. Please, see the next section regarding the environment you want to use to know more.

Useful URLs

• dApp - https://app-alfajores.impactmarket.com/

• website - https://alfajores.impactmarket.com/

• API - https://impactmarket-api-staging.herokuapp.com/api/

• API (swagger docs) - https://impactmarket-api-staging.herokuapp.com/api-docs/

• main subgraph - https://thegraph.com/hosted-service/subgraph/impactmarket/alfajores-subgraph

• secondary subgraph - https://thegraph.com/hosted-service/subgraph/impactmarket/ubi-management-alfajores

• microcredit subgraph - https://thegraph.com/hosted-service/subgraph/impactmarket/alfajores-microcredit

• smart-contracts - https://github.com/impactMarket/impact-market-smart-contracts/tree/main/deployments#alfajores

Decentralized Autonomous Organization, that means no central leadership.

Useful links