The Ekata platform is designed for individuals, communities, associations, and municipalities. It will include powerful tools such as profile pages, public posts, direct messaging, forums, group governance, and an e-payment system using Grantcoin. All Ekata users will be able to receive Grantcoin Basic Income on a regular basis in a web-based wallet on the platform.
In a Letter of Intent signed on September 12, Grantcoin Foundation Executive Director Eric Stetson and Ekata Social owner Mark Witham outlined the mutually desired integration of Grantcoin digital currency into the Ekata platform, and agreed to negotiate towards a formal partnership agreement between the entities.
Key points of the Term Sheet in the LOI include:
- Grantcoin will be the first included value token for the Ekata platform as a defaulted install.
- All distributions and transactions of Grantcoin within the Ekata platform will be recorded in the Grantcoin blockchain.
- All Ekata users will receive Basic Income in the form of Grantcoin through an automated system to be developed and implemented in the platform.
- New users will receive an immediate balance of Grantcoin upon verification of their Ekata account. This initial funding of a verified user’s account will come from a Grantcoin Foundation Growth Incentives Fund wallet.
- Ekata and the Grantcoin Foundation will work together to create a “web of trust” type of verification system with an algorithmic scoring system for becoming a trusted user, based on how many forms of identity information (cell phone number, social media accounts, photo IDs, etc.) a user has submitted and how many trusted users have provided a reference to confirm that a user is a real and unique person.
- The Grantcoin Foundation or a company organized by its founder(s) will use the Ekata platform to build and host a website for crowdfunding, promotion and sales by artists, musicians, bloggers and authors, nonprofit organizations and socially responsible businesses, using the Grantcoin currency. All people signed up for Grantcoin Basic Income will be automatically signed up for an account on that site, unless they choose to opt out.
Both parties also indicated an openness for other socially responsible alternative currencies to be included in the Ekata platform in the future.
Ekata plans to launch in beta by the end of October. During the beta testing phase, a dummy currency without market value will be used in place of real Grantcoin. Some other features may also be delayed until after the beta — see ekata.social for news and developments.
Ekata was formerly known as “Basic Income Project.” Founder Mark Witham noted that “ever since knowing about the blockchain and finding the basic income movement, I’ve believed the two could be combined toward something greater for society. The one thing I saw lacking was an interface for real world people to gain access and use in a meaningful manner. Joining Ekata and Grantcoin brings all these things together and I’m excited for the developments ahead.”
Eric Stetson, founder of Grantcoin, agrees. “Our team has always believed it’s very important to make Grantcoin more accessible and easy to use,” he said. “With the Ekata platform, average people, communities, businesses and organizations will be able to receive and spend Grantcoin in a user-friendly interface. We’re glad to be joining forces with Ekata and excited to see what develops!”
Grantcoin is an exchangeable digital currency powered by blockchain technology and distributed as Basic Income grants to people around the world. Grantcoin is the first cryptocurrency to be managed and distributed by a 501(c)(3) nonprofit organization. Grantcoin’s value is backed by charitable donations to the Grantcoin Foundation, which are tax-deductible in the United States.