The Grantcoin Foundation, a U.S.-based nonprofit, announced the launch of Grantcoin, the first cryptocurrency to be distributed primarily as grants to reward socially and environmentally responsible businesses in communities around the world.
Grantcoin is based on similar technology as Bitcoin. But unlike Bitcoin, Grantcoin has a strong focus on sustainability, fair distribution, and local democratic participation. As founder Eric Stetson said in an interview on Let’s Talk Bitcoin, “Grantcoin is a way that people in their communities can participate in deciding where capital is going to flow.”
The Grantcoin Foundation released over 60 pages of documentation about the project on its website, including a white paper, business plan, currency distribution plan, bylaws, policies, ethics pledges by the founders, and more.
Grantcoin was founded by three socially and environmentally conscious entrepreneurs with diverse experience including in nonprofit management, business and project management, startups, organic and eco-friendly business, and cryptocurrency technology. The Grantcoin advisory board includes experienced leaders in entrepreneurship and business, back-end and front-end software development, IT security, nonprofits and the charitable sector.
Grantcoin co-founder Jon Frechin, an organic foods distributor, said that Grantcoin will tap into a booming sector of the economy by targeting conscious consumers. “Grantcoin will allow those same people who want to buy a product for its ethical and sustainable values to be able to use a currency that maintains those same values.”
Co-founder Brandon Venetta agreed: “When you associate value and values, I think this is the perfect storm for the next evolution of the monetary system.”
“Everything that human beings do in society is ultimately based on freedom,” said Eric Stetson. “Freedom of choice for people to decide ‘What are my values? What do I stand for? What am I going to do that’s based on what I believe in?’ Grantcoin gives people who believe in the values of economic fairness and environmental sustainability an opportunity to quite literally put their money where their mouth is.”
Jon Frechin highlighted the importance of connecting businesses and customers using alternative currency. “It’s so important in the world of cryptocurrency to be able to have true and effective consumer adoption, and it’s one of the biggest obstacles so many startup cryptos are facing today. One of the beauties of what Grantcoin can offer is a clear-cut map of how we plan to do it.”
To learn more about Grantcoin, visit grantcoin.org.
