WeTrust launches CryptoUnlocked platform for milestone-driven fundraising

WeTrust, a decentralized platform for financial apps built on the Ethereum blockchain, has announced the release of CryptoUnlocked, a new platform for milestone-driven (aka Proof of Impact) fundraising.

By leveraging the decentralized oracle powers of Augur, CryptoUnlocked allows for crowdfunding pools to be awarded to developers or organizations according to the outcome of real-world events. It is a fundraising platform that enables accountability to be built-in to the grant making and funding of public goods/non-profit/open-source initiatives.

Conditional contribution, or the ability to fund aspirational goals with the condition of being refunded if the goal is not met, is a vital missing piece in the puzzle of funding for a diverse array of projects. Metamask acts as the bridge for interacting with CryptoUnlocked.

The mechanics of CryptoUnlocked

An Augur market arbitrates the resolution of a publicly verifiable milestone, such as the release of Prysmatic Labs’ Beacon Chain testnet. In this case, the Augur market serves as an oracle for whether or not Prysmatic Labs has delivered Beacon Chain testnet, a highly anticipated milestone for the Ethereum community.

In order to incentivize a timely and determined delivery of the Beacon Chain testnet by Prysmatic Labs, Ethereum stakeholders of all stripes may want to contribute Ether to the Prysmatic campaign. Upon contribution to the campaign, the Ether is locked in a smart contract address until the Augur market is resolved YES or NO.