Year: 2024
Type: article
Abstract: Impact innovation has progressed through three phases: 1.0, 2.0, and 3.0. Impact 1.0 introduced carbon credit trading, while Impact 2.0 added participatory grantmaking, impact measurement, and price competitions. Impact 3.0 incorporates Web3 community tools and impact certificate trading. This paper examines the evolution of these phases, focusing on Impact 3.0’s influence on philanthropic practices. Through an analysis of the literature and case studies, Web3 technologies and impact certificate markets are investigated for how these innovations affect transparency and efficiency in social impact initiatives. The information gathered indicates that Impact 3.0 facilitates decentralized impact verification and creates a marketplace aligning stakeholder interests. Consequently, leveraging the features of Web3 technologies can enable philanthropy to scale significantly and provide insights for impact-focused donors aiming to improve outcomes.
Source: Sustainability
DOI: 10.3390/su162411128
Author: Wulf Kaal
Institution: University of St. Thomas - Minnesota
Language: English
Subfield: Finance
Domain: Social Sciences
Open Access status: gold
Estimated APC paid: $2,728
OpenAlex ID: W4405591538