impact certificates / hypercerts
Loading...ORIGINATED BY PROTOCOL LABS
Hypercerts is a use case that ensures onchain recording of contributions to facilitate transparent verification and auditing of impact-driven projects. This enhances efficiency in funding and evaluation processes. Hypercerts, an innovative implementation of Impact Certificates, was created in December 2022 by Protocol Labs and the Hypercerts Foundation. These Ethereum-based smart contracts are semi-fungible tokens representing impactful work and its outcomes, using NFTs to encode information about contributors, work performed, and resulting impact.
Hypercerts serve a diverse group in the impact ecosystem. Impact creators use them to claim and monetize work. Donors and funders track contribution effectiveness. Investors support and monitor impactful projects. Evaluators and researchers gain a standardized impact assessment format. Beneficiaries share their perspectives. Grant managers verify funded projects. Impact markets utilize them as an accounting unit.
Hypercerts utilize ERC-1155 semi-fungible tokens, storing data on IPFS. They offer two issuance methods: retroactive and proactive. Retroactively, tasks are completed, and then certificates are minted to represent the work. Funders purchase these, acknowledging the existing impact. Proactively, funders issue RFPs and allocate funds upfront. Upon task completion, certificates are minted for funders, recognizing their initiative. This dual approach allows Hypercerts to adapt to various funding scenarios, supporting both completed work and future impact investments.
Uses ERC-1155 tokens to create a universal format for impact claims.
Supports both retroactive and proactive funding approaches, adapting to various project timelines.
Enables multiple stakeholders to assess and verify impact claims independently.
