In a move that combines innovation and philanthropy, the American Cancer Society (ACS) has partnered with Gitcoin, a leader in open source funding, to adopt web3 technology. CryptoSlate.
This strategic collaboration marks a milestone for ACS as it moves into the world of decentralized web3, leveraging Gitcoin’s expertise to drive its ACS Cares program and crisis response fund.
Distinct and independent from the regular seasonal Gitcoin grant program, the ACS round is designed to directly benefit the ACS Cares program and Crisis Response Fund. This initiative is critical because your donations will be used to advance groundbreaking cancer research, advance health equity initiatives, and strengthen patient support programs.
It will also help provide essential accommodation for cancer patients undergoing treatment. This venture represents an important intersection of technology and philanthropy, leveraging the potential of blockchain for impactful healthcare outcomes.
This initiative signals continued interest in decentralized open source funding from prominent non-profit organizations leveraging Gitcoin technology. The first example was a significant QF collaboration pilot with UNICEF in 2022.
Gitcoin and decentralized funds.
The importance of Gitcoin in the open source funding space cannot be overemphasized. Since its founding, Gitcoin has played a pivotal role in the web3 ecosystem, mainly utilizing Quadratic Funding (QF). This innovative funding mechanism has enabled Gitcoin to distribute over $50 million over 100 rounds, powering the mission-driven efforts of organizations such as UNICEF and now ACS.
QF is at the heart of Gitcoin’s strategy, a crowdfunding approach that values the number of contributors over the total donation amount. This approach promotes broad community involvement and ensures that funding is allocated equitably to projects that resonate most with the public. For the ACS round, this methodology promises to efficiently direct resources to groundbreaking cancer research, health equity initiatives, and patient support programs that are pivotal in the fight against cancer.
Azeem Khan, Head of Impact at Gitcoin, said:
“Using Gitcoin gives the American Cancer Society access to a vibrant community of technologists and cryptocurrency enthusiasts who are passionate about driving positive change.
“This partnership combines Gitcoin’s blockchain expertise with the American Cancer Society’s commitment to cancer research and prevention, creating powerful synergies in the fight against cancer.”
Azeem Khan added, “Participating in the ACS round presented by Grants Stack is a unique opportunity for individuals and organizations to contribute to the fight against cancer through blockchain technology.”
Kyle Weiss, Executive Director of the Gitcoin Foundation, and Nicole d’Avis, Protocol Lead at Public Goods Network (PGN), both expressed enthusiasm for this joint effort. PGN, an innovative project in the Gitcoin ecosystem, operates as a low-cost layer 2 OP chain, devoting the majority of its net sequencer fees to public goods. The plan presents a cost-effective alternative to the Ethereum mainnet for users and developers, while generating funds for public goods through transactions.
While open source funding may not have captured mainstream media attention, organizations like Gitcoin and PGN have quietly revolutionized the way public goods are funded. Their efforts play a critical role in creating a sustainable and reliable source of funding for initiatives that serve the greater good.
The American Cancer Society’s investment in web3 through Gitcoin is more than just a fundraising exercise. It is a beacon of innovation in the charity world. By embracing blockchain technology and harnessing the power of community-driven funding, ACS is furthering its mission to fight cancer and setting a precedent for other nonprofits to explore the transformative potential of web3.