The American Cancer Society Teams Up with Gitcoin to Drive Cancer Research Funding Through Web3 Innovations

In its fight against cancer, the American Cancer Society (ACS) has teamed up with Gitcoin Gitcoin, a notable platform dedicated to funding open-source projects through blockchain technology, is taking significant steps into the web3 landscape.

Gitcoin facilitates the financing of open-source initiatives, offering transparent code that anyone can access and contribute to. This platform employs a distinct funding methodology known as Quadratic Funding (QF), which prioritizes the number of contributors over the total financial contributions, aiming for a fairer distribution of resources. Web3 platform As part of this collaboration, the ACS will leverage Gitcoin's cutting-edge technology to enhance its ACS Cares program and the Crisis Response Fund. These financial resources are earmarked for cancer research, promoting health equity, and supporting patients undergoing treatment by improving their living conditions.

This marks the second occasion that Gitcoin's technology has been harnessed by a prominent non-profit, with the first instance being a notable pilot project involving UNICEF in 2022 that focused on QF. raise funds According to Azeem Khan, Gitcoin’s head of impact, 'Through this partnership, the American Cancer Society will tap into a vibrant network of tech professionals and cryptocurrency advocates who are dedicated to making a positive impact. Combining Gitcoin’s blockchain expertise with the ACS’s dedication to cancer research creates a powerful alliance in the battle against cancer.'

'Engaging with the ACS initiative powered by Grants Stack offers a remarkable opportunity for individuals and organizations to aid in the fight against cancer using blockchain technology. Donors can significantly influence cancer research, patient care, and advocacy programs with their contributions,' he continued.

Utilizing DeFi Strategies for Cancer Research Funding

Gitcoin implements QF to distribute over $50 million across more than 100 funding rounds, empowering entities like UNICEF and now the ACS. This approach emphasizes the participation of numerous contributors, ensuring a fair allocation of funds to projects that connect with the public.

Kyle Weiss, Executive Director of the Gitcoin Foundation, along with Nicole d’Avis, Protocol Lead at the Public Goods Network (PGN), express their excitement about this collaborative endeavor.

Operating on a cost-efficient Layer 2 OP Chain within the Gitcoin framework, PGN allocates most of its sequencer fees towards public goods. This offers a budget-friendly alternative to the Ethereum mainnet for both users and developers. widespread community Furthermore, the American Cancer Society's foray into web3 with Gitcoin transcends mere fundraising; it represents a significant leap in the philanthropic landscape. By adopting blockchain technology and tapping into community-driven funding, ACS sets a pioneering example for other non-profits, illustrating the remarkable transformative power of web3 in the fight against cancer.

Please remember that the information presented here does not constitute legal, tax, investment, or financial guidance. Always invest within your means, and if you have any uncertainties, it's wise to seek independent financial counsel. We also recommend reviewing the terms and conditions as well as the help and support sections provided by the issuer or advertiser. MetaversePost strives to deliver accurate and unbiased reporting, although market conditions may change without notice.

Kumar is a seasoned Tech Journalist with a focus on the engaging intersections of AI/ML, marketing tech, and emerging sectors such as cryptocurrency, blockchain, and NFTs. With over three years of industry experience, Kumar has a solid reputation for weaving compelling narratives, conducting insightful interviews, and offering deep insights. Their expertise includes producing impactful content, from articles to research reports for leading industry platforms. With a fantastic blend of technical know-how and storytelling prowess, Kumar effectively demystifies complex technological topics for a wide range of audiences in a captivating way.

Bitcoin, Ethereum, Toncoin: A Thorough Recap and Outlook on Last Week’s Crypto Surge