In a move that combines innovation with philanthropy, the American Cancer Society (ACS) has embraced web3 technology by partnering with Gitcoin, a leading figure in open source finance, according to a statement shared with CryptoSlate.
This strategic partnership marks a milestone for the ACS as it enters the decentralized world of web3, leveraging Gitcoin’s expertise to power its ACS Cares program and the Crisis Response Fund.
The ACS round, different and independent from the regular seasonal Gitcoin Grants program, is designed to directly benefit the ACS Cares Program and the Crisis Response Fund. This initiative is critical as donations will be directed toward groundbreaking cancer research, advancing healthcare equity initiatives and strengthening patient support programs.
In addition, it will help provide essential housing for cancer patients undergoing treatment. This venture represents a critical intersection of technology and philanthropy, where the potential of blockchain is being harnessed for impactful outcomes in healthcare.
The initiative represents a continued interest in decentralized open source finance by a renowned nonprofit organization using Gitcoin technology. The first example was a major QF collaboration pilot with UNICEF in 2022.
Gitcoin and decentralized finance.
Gitcoin’s significance in the field of open source financing cannot be overstated. Since its inception, Gitcoin has played a crucial role in the web3 ecosystem, mainly through the use of Quadratic Funding (QF). This innovative funding mechanism has enabled Gitcoin to spread more than $50 million across more than 100 rounds, supporting organizations like UNICEF and now the ACS in their mission-driven efforts.
QF is central to Gitcoin’s strategy, a crowdfunding approach that values the number of contributors over the total donation amount. This method promotes widespread community involvement and ensures fair allocation of funds to projects that resonate most with the public. In the case of the ACS Round, this methodology promises to efficiently channel resources to cutting-edge cancer research, healthcare equity initiatives and patient support programs, all of which are crucial in the fight against cancer.
Azeem Khan, Head of Impact at Gitcoin, commented:
“By using Gitcoin, the American Cancer Society will gain access to a vibrant community of technologists and crypto 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 a powerful synergistic effect in the fight against cancer.”
Azeem Khan added: “Participating in the ACS round, powered by Grants Stack, is a unique opportunity for individuals and organizations to contribute to the fight against cancer using blockchain technology.”
Kyle Weiss, Executive Director at the Gitcoin Foundation, and Nicole d’Avis, Protocol Lead at the Public Goods Network (PGN), have both expressed their enthusiasm for these joint efforts. The PGN, an innovative project in the Gitcoin ecosystem, operates as a low-cost Layer 2 OP chain, directing the majority of its net sequencer fees to public goods. This initiative provides users and developers with a cost-effective alternative to the Ethereum mainnet while generating funds for public goods through transactions.
While open source finance may not have attracted mainstream media attention, entities like Gitcoin and PGN have quietly revolutionized the way public goods are supported. Their efforts are instrumental in creating sustainable and reliable sources of funding for initiatives that serve the greater good.
The American Cancer Society’s venture into web3 with Gitcoin is more than a fundraising initiative; it is a beacon of innovation in the philanthropic world. By adopting blockchain technology and harnessing the power of community-driven financing, the ACS is advancing its mission to fight cancer and setting a precedent for other nonprofits to explore the transformative potential of web3.