impak Coin is a cryptocurrency dedicated to supporting the growth of the social impact economy. By combining the advantages of blockchain technology, complementary currency principles and the attributes of loyalty programs, impak Coin has coded rules of use that supports the growth of a socially and environmentally responsible economy.
Bitcoin has been the first decentralized cryptocurrency ever. As a precursor Bitcoin launched the world of cryptocurrencies. However, today many consider it purely as a speculative instrument and as a mean to do money laundering and finance criminal activities. With impak Coin we made the choice to keep the advantages brought by decentralization and use a centralized governance. impak Coin will thus avoid being used for money laundering. It will also ensure better accessibility, higher security and a non-speculative value. impak Coin is designed for the growth of a socially and environmentally conscious economy. Finally, the impak Coin's protocol was built with energy-efficiency in mind, which is not the case for Bitcoin's Proof-of-Work.
At its launch, yes. Over time though, the price of impak Coin will be established on a quarterly basis by its Governance body in correlation with the evolution of transaction volumes on impak.eco. It's now demonstrated that social impact economy is more stable and less risky than the traditional economy on a medium and long-term perspective.
They will be kept on your impak Coin account. When the impak ewallets become available, you will be invited to transfer them from your impak Coin account to your impak ewallet.
Conversion of impak Coin to CAD will be possible by using the e-wallet, in real time, subject to a 2% fee. Contrary to other currencies traded on speculative secondary markets, impak Coin conversion will be done through the e-Wallet, at a rate determined by the MPK Governance Body. Come spring 2018, the impak Coin will be at parity with CAD. The exchange rate will be reviewed and set on a quarterly basis by the MPK Governance body to maintain its stability.
Contrary to national currency creation based on debt creation, the impak Coin will be generated when there is value creation on the impak.eco ecosystem. New MPK will be created to reward the user at each transaction made on impak.eco.
One would use their impak Coin either through the purchase of products or services from an accredited merchant within impak.eco, or by exchanging them with other users on the platform.
The ewallet will keep track of a business's transactions in its national currency, thus allowing the business to use MPKs without having to use 2 different accounting systems. Paying taxes is the individual responsibility of each of the businesses.
Funds received during the autumn 2016 crowdfunding campaign were used to hire the team responsible for the selection process criteria, the technological platform impak.eco, find the first companies that will populate this ecosystem, and finance the setup of the impak Capital investment fund.
Indeed, impak Coin is a decentralized cryptocurrency, however its governance is centralized. impak Finance issues the MPKs but will be one of the voting members of the impak Finance Foundation governing the MPKs, along with other independent members that are part of the impact economy. Co-creation is core to our values and to the projects we make. The price of the impak Coin will be established every semester in by this governing body.