Stellar Community Fund

By GiveCredit

GiveCredit

SCF #28

$64.0K

Legacy v5.0 Community Award

Awarded

GiveCredit is a platform for crowdfunding environmental impact using tax-deductible donations, built on Soroban.

Products & Services

GiveCredit is a platform for crowdfunding environmental impact, built on Soroban and already deployed on Soroban mainnet. GiveCredit's pilot initiative is offsetting the total carbon dioxide emissions from the Stellar blockchain ecosystem, partnering with SCF grantees StellarCarbon (who are providing carbon credits sourced from Verra, a leading carbon credit provider) and PublicNode (a 501(c)3 nonprofit providing blockchain infrastructure accepting donations to make Stellar fully carbon neutral).

GiveCredit solves different problems for different customer demographics. For donors: It allows them to reduce crypto-related tax fees such as capital gains by making tax-deductible donations for negligible fees, while also making a verifiable positive impact on the environment. For nonprofits: It opens a new source of funding, as well as enabling them to a positive impact on the environment (such as offsetting the emissions from their work). For blockchain carbon projects: it provides a stream of revenue- people to buy the tokenized credits they are offering! For interested third parties such as governments, corporations and foundations- it provides a way to crowdfund carbon dioxide removal (CDR) and other emissions offset initiatives, as well as a source of data about positive environmental impact being made by citizens and nonprofits. For the planet and humanity: Donations through GiveCredit help fund ecosystem preservation and other forms of positive environmental impact.

How GiveCredit Works: First, the user chooses a project in the GiveCredit app, and goes through the payment flow to send a cryptocurrency donation for the desired amount. At this point, the user can elect to mint an NFT containing the donation details in the metadata as well as to receive a receipt email for tax purposes. The NFT is minted on Soroban using a modified ERC-721 contract.

Second, the donation flows to the nonprofit, where it is then divided by Soroban smart contract. A portion, typically 10%, is retained by the nonprofit to cover administrative fees and overhead, and the remainder used to retire carbon credits. The remaining funds are sorted by Soroban smart contract into “buckets” corresponding to the price of one carbon credit, after which they are transmitted to the carbon credit provider (in this case, StellarCarbon).

Third, when funds are received by StellarCarbon, they retire carbon credits for the given amount and expose the retirement data in their API, to be accessed by GiveCredit. Finally, GiveCredit’s hook system retrieves retirement information and mints it automatically by Soroban smart contract as an NFT under the appropriate initiative, forming a verifiable connection between the donation and the emissions offset.

Donation, donor identity, NFT, and carbon credit data are stored in GiveCredit's registry database to create a full record of all behavior, display up-to-date data (e.g. carbon credit price, initiative progress) and ensure reliable and efficient performance within the GiveCredit app.

Requested Budget

$64.0K

Team

Evan Hudson, founder: Background in community organizing, nonprofit administration and fundraising, passionate about Web3's potential to support nonprofits and impact funding. Strong believer in regenerative systems and infinite games.

Julian Kingman, CTO: Full-stack engineer and ReactNative app developer with decade+ experience including project management and team leadership in healthtech

George Nava, backend engineer aka KuyawaKata: Web1 veteran with multiple decades of experience in corporate IT, specialized in database architecture and administration, transitioned to blockchain in 2017, early Stellar hackathon winner

Lawal Babatunde, smart contract dev and designer, community advocate: ConsenSYS smart contract-certified, Rust specialist, Stellar West African community advocate