A wallet that keeps on giving

Imagine you had a magic wallet. One where the content could only be spent on others, not on your self. What would you spend it on? Perhaps not as magical as a wallet that keeps replenishing itself, and hopefully a less dangerous magic as folklore tells us this rarely ends well, but magic in its limitation nonetheless. This is the Altruistic Wallet in a nutshell.

How selfish soever man may be supposed, there are evidently some principles in his nature, which interest him in the fortune of others, and render their happiness necessary to him, though he derives nothing from it, except the pleasure of seeing it.”

Adam Smith

The Altruistic Wallet was born out of the need to distribute any surplus made by Crowdpol. As this is not a project that aims to make a profit to be directed into the private pockets of shareholders but instead aims to recycle any and all surplus back into change making, a democratic means to achieve this had to be designed. The simple but powerful solution is the Altruistic Wallet.

The concept is pretty straight forward. At the end of each fiscal year, any and all surplus not needed to sustain the platform is distributed back to the individual members through their Altruistic Wallets. From here, each member gets to select the projects in the network that they think are most valuable or important or urgent and deploy the contents of the wallet there.

This creates a solid foundation of economic democracy within the network and also serves as a prototype for a new kind of business model, the double service model, as it were. In the first instance, the business provides goods and services to the community, in the second instance the business provides funding that can be used by the community to procure other goods and services needed.

Though the original intent of the Altruistic Wallet was as a means to solely deploy profits in the most democratic way possible, the concept has grown. We are looking to design the wallet as a stand alone feature that can be hosted on any website and used to raise funds for projects. To make sure these funds do not fall pray to scams, an all too common phenomena in the charitable field and on the internet in particular, access to and deployment of funds will only be possible through the network and into vetted projects with verified project managers. 

The method we are prototyping is a simple token based transaction system where the value of each token will be decided by the surplus at any given point that deployment of funds into projects is going to be made. Until the tokens are given a real, tangible value and are deposited into projects, they can be sent feely between different wallets as “tips” or rewards for appreciated content or to gain access to specific services. Basically, we will be experimenting with an altruistic token economy to see what we can learn from this. The only caveat is that should you want to be part of this experiment, you’ll need to become a supporting member of the platform. After all, we cannot distribute any funds at all unless we raise them to begin with. 

If you are keen to dive in deeper into the nitty-gritty of the proposed ecosystem, this is you can read more about the Altruistic Wallet here and about the financial model of the network here.

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