RootProject is a
You’re walking down the street, and you see a run-down public park that could use some sprucing up, new benches, and some play equipment for neighborhood kids. Using the RootProject app you post the project online where your friends and neighbors agree to fund it.
When a community campaign reaches its goal, RootProject or a partner nonprofit steps in and completes the work, sourcing most of the labor from those below the poverty line. The workers get paid in ordinary U.S. dollars.
An amount equal to half of the workers’ wages gets deposited in RootProject cryptocurrency (ROOTS tokens) into an innovative pension-style program for the workers. Beginning 18 months after the work, the workers could receive disbursements from the fund – converted into U.S. dollars – provided they meet conditions designed to help them leave the streets. That cryptocurrency pension does two things – it incentivizes positive behavior by the workers, and it drives up the value of the cryptocurrency.”
THE MAIN FEATURES OF ROOTPROJECT INCLUDE:
A new crowdfunding model creates supply and demand for community projects. Project initiators don’t need to complete the project or know anything about cryptocurrencies. Donors get tax deductions. Socially visible projects enhance reputations.
A portion of a project’s crowdfunded proceeds go to token purchases, driving currency demand. The rest goes to material, one supervisor’s wages, and wages for those stuck in poverty to complete the project. The currency’s supply is hard capped, so each project reduces liquid token supply.
‘Pension’ Fund and Interest Alignment
In addition to hourly wages, paid in USD, cryptocurrency worth half of the day’s earnings is deposited into a medium-term pension fund-like entity – further reducing liquid token supply and aligning the interests of investors and society’s most vulnerable.
A boots-on-the-ground local program to help the homeless help themselves; a proven crowdfunding model plus the vast potential of cryptocurrencies. Those three ideas collided in Dr. Nicholas Adams Judge’s Manhattan living room to form the kernel of the RootProject, which harnesses crowdfunding and cryptocurrency for the social good, while offering investors a cryptocurrency with built-in growth and social capital. Read more about the theory underpinning our efforts.