I Gave is a new DAO (Decentralised Autonomous Organisation) that is centered around allowing users to donate Ethereum to a charitable organization. Its current implementation is open source and was launched in January 2018 and is in the form of a private testnet. I Gave’s underlying technology is Ethereum smart contracts, much like cryptokittes.
The Idea behind I Gave
I Gave allows donors to donate to charitable organizations using ethereum in exchange for a nonfungible token. This token represents a “need” for the organization. Its whitepaper gives the example of “1 bottle of water” as a need represented by a token. A specific number of the non-fungible tokens are available when a fundraising campaign is started. And the fundraiser ends either when there are no more non-fungible tokens left or when the end date of the fundraiser passes. Either way, at the end of the fundraiser, there will be no further tokens of that type issued. The whitepaper also mentions a fungible token to be used for voting on specific issues, such as marking specific ethereum addresses as ‘Partners’. Partners do not pay the fees involved in starting a fundraising campaign.
I Gave will begin with an Initial Coin Offering intended to raise at least 100,000,000 IGV (100 ETH), and at maximum 50,000,000,000 IGV (500,000 ETH). 20% of the ICO will go into a development fund, with the rest going to those that purchased the IGV. IGV owners will be able to withdraw their ETH if the ICO fails. The ICO has two failure conditions. The first failure condition is not reaching the 100,000,000 IGV goals within the timeframe of 12 months. And the second is up to the founder of I Gave, who can end the ICO at any time.
I Gave is an extremely interesting idea and seems to have a well thought out plan for rollout and long-term use. And if it succeeds, could be a great asset to charitable organizations everywhere.
Featured image from I Gave’s GitHub