The Generosity Protocol (‘GP’) is a decentralized philanthropy (GPRO) and generosity protocol where users can participate as givers, nonprofits, beneficiaries, and interface providers. Givers transmit donations via the GP to nonprofits and other beneficiaries. Givers that use supported tokens automatically receive GRPO governance tokens for each gift they make through the GP.
Why the Engiven Generosity Protocol?
We are committed to a vision of facilitating $1B in additive giving, unlocked by the promise of a decentralized blockchain, in support of philanthropic projects and needs throughout the world.
We believe that the gatekeepers commonly associated with traditional centralized finance also act powerfully to constrain and limit the access individuals have to philanthropic tools. Many of the people and organizations with the most acute needs in the world do not have access to basic fundraising tools and resources. Our intention with the deployment of the GP is to provide an immutable and autonomous protocol that is secure, open, simple, permissionless, and censorship resistant.
GRPO, the GP’s governance token, is designed to directly and tangibly incentivize generosity and enfranchise givers.
The GP has been audited by Brahmah Systems. The GP is completely open source, which allows anyone to interact directly with the smart contracts on the Ethereum network. Being open source means that you are able to build any third-party service or application to interact with our protocol and enrich your product. Our intention is that Third-party Interface Providers (‘TIPs’) will be incentivized to develop third-party services that are fitted to the needs of nonprofits, projects and other beneficiaries in their communities.
What is the GPRO token?
The GPRO token is the governance token for the GP. The GPRO token has no value outside of providing a right to the token holder to participate in governance if they so choose. Holders of the GPRO token can periodically vote to allocate the funds that have accumulated in the Project Grant Pool to eligible projects and campaigns. Token holders can vote or delegate their voting rights to protocol delegates. To incentivize token holders to participate in governance by voting or delegating their tokens, those who vote or delegate their votes will receive a reward distribution from the funds that have accumulated in the Governance Participation Reward Pool.
How do I get GPRO tokens?
GPRO tokens are acquired by generously giving to projects that are registered on the GP. The GP automatically distributes GPRO to givers who make gifts of supported tokens via the GP to nonprofits and beneficiaries. To view your GPRO token balance in your Ethereum wallet, be sure to add the GPRO token (contract address: 0x1d……..6n5b).
GPRO Token Allocation
No more than 1.1 Billion GPRO governance tokens will be minted and distributed. Those tokens will be minted and distributed over the coming years based upon an immutable schedule that ties the minting of the tokens to the volume of giving through the GP.
The allocation of tokens over the life of the GP is as follows:
- 700,000,000 GPRO to Givers
-
400,000,000 GPRO to Team Members and Investors
(300,000,000 GPRO to Team Members)
(100,000,000 GPRO to Engiven Investors)
Allocation and Distribution to Givers
With each gift of a supported token that is made via the GP to a nonprofits or beneficiary, GPRO tokens are automatically minted directly into the giver’s wallet. To view your GPRO token balance in your Ethereum wallet, be sure to add the GPRO token (contract address: 0x1d……..6n5b).
The number of GPRO tokens that are distributed with each gift is determined by a mint-ratio schedule utilizing the USD equivalent value that is added to the Project Grant and Governance Participation Reward Pools by the donation. The mint-ratio increases with each token minted.
The 1st GPRO token was allocated and distributed at a rate of 1 GPRO token per $.001 USD value equivalent added to the Governance and Project Grant Pools. The final token will be allocated and distributed at a rate of 1 GPRO per $10.00 USD value equivalent added to the Governance and Project Grant Pools.
The formula for the mint-ratio schedule is as follows:
DEFINITIONS
(MR) – Mint Ratio is the mint-ratio at which we are minting the CT for a particular donation.
(TT) – Total Tokens allocated to the protocol (700,000,000)
(FT) – The mint-ratio USD equivalent of the First Token. ($0.001)
(LT) – The mint-ratio USD equivalent of the Last Token. ($10.00)
(CT) – The current number of tokens which have been previously minted as a result of giving, at the given point in time (eg. Token # 12,678,909)
(LPI) – Linear Price Increase Per Token if the increase were linear from FT to LT, which is derived by the formula : LPI = ( LT – FT ) / TT
FORMULA
FT + ( CT x ( LPI x ( CT / TT ) ) ) = MR
Team, Shareholder, and Investor Member Allocation and Distribution
Team Member and Investor Tokens will be unlocked by the protocol and available to team members and investors over the life of the token minting schedule. The unlocking of the tokens is tied directly to the minting and distribution of the giver tokens, ensuring a constant and knowable rate of voting dilution that can never exceed 36.3636%.
What is the cost of the service?
A total of 3.5% is gleaned from every gift. The balance (96.5%) is immediately transmitted to the nonprofit or beneficiary. The 3.5% gleaning is automatically distributed by the GP as follows:
As an example, Giver Gavin makes a gift of 1 ETH via the GP to a clean water project he supports.
0.965 ETH is delivered to the project
.01 ETH is deposited in the Project Grant Pool
.01 ETH is deposited in the Governance Participation Reward Pool
.005 ETH is sent to Engiven
.01 ETH is sent to the TIP that hosted the clean water project campaign page (Engiven may act as the initial TIP).
Note: Gas fees required to transmit the gifts and interact with the GP will vary with gas prices and are in addition to the 3.5% gleaning.
Which tokens can I use to make a gift?
Any ERC20 tokens can be utilized to make a gift through the GP. The GP fee will be gleaned and the balance of the gift transmitted to the nonprofit or beneficiary.
However, for a giver to receive GPRO tokens from the GP as the result of a gift, the gift must be made in the form of a supported token. Givers who make gifts with unsupported ERC20 tokens will not receive GPRO tokens from the GP.
Which tokens are supported?
The following ERC20 tokens are currently supported by the GP, meaning that gifts made through the GP with these tokens will result in an automatic distribution of GPRO tokens to the giver’s wallet.
Governance
The GP’s governance token, GPRO, is intended to distribute a core responsibility within the GP to the community of givers - directing an aggregated portion of the gleanings to the most deserving projects, campaigns, and organizations.
Project Grant Pool (‘PGP’)
2% of every gift is gleaned by the GP and is split evenly (1% each) between the Project Grant Pool (‘PGP’) and Governance Participation Reward Pool (‘GPRP’). The balances in the PGP and the GPRP will grow and accumulate with each gift made through the GP.
- The Project Grant Pool balance can be viewed here and the Governance Participation Reward Pool balance can be viewed here.
- The Project Grant Pool and the Governance Participation Reward Pool be viewed on etherscan at: etherscan.io. (insert correct link)
At designated intervals, GPRO token holders will vote to determine which 10 projects that are registered on the GP will receive a share of the total PGP balance as an unrestricted grant. Any nonprofit organization or beneficiary (project, campaign, person) that received a gift through the GP during the interval between the prior voting period and the current is eligible to receive votes.
Once an interval triggering a vote is reached, the voting period will be opened and will last 7 days (168 hours).
At the end of the voting period the GP will transfer the balance of the PGP (the balance as of the beginning of the voting period) to the nonprofit organizations or beneficiaries which garnered the top 10 largest vote totals. The PGP funds will be awarded pro-rata according to relative % of votes received and will be available for claim by the winning project wallets at the Rewards page.
Voting Intervals
Voting periods will open every 365 days and the voting period will last for 7 days (168 hours).
What do I need to vote?
In order to vote you need to have GPRO tokens. 1 token is equal to 1 vote. You must delegate your votes to yourself (self-delegating) or to another delegate in order for your tokens to be voted. Token holders must delegate their tokens via the Voting Portal prior to the opening of a voting period in order to vote during that period.
How do I delegate my GPRO tokens?
Our desire is that a healthy community of high-quality, conscientious third-party protocol delegates will emerge and advocate for projects organized according to their expertise, ideology, geography, and interest.
- If you want to delegate your votes, go to the Voting section of the GP app and connect your wallet.
- Select ‘Delegate’ and follow the instructions to Self Delegate or enter a delegate address.
- Confirm your delegation transaction.
- Congratulations! You’ve delegated your votes.
It is important to understand that your delegated tokens will only be voted if the protocol delegate they are delegated to votes. If you delegate your votes to someone other than yourself, choose your delegate wisely!
How do I vote my GPRO tokens?
- In order to vote your GPRO tokens yourself, they must be self-delegated before a voting period begins. To vote your GPRO tokens, go to the Voting page GP app and connect your wallet during an open voting period.
- Follow the instructions and enter the GP address for the campaign, nonprofit, or beneficiary you wish to vote for. The GP address is the unique giving address givers use to make a gift to each GP campaign.
Governance Participation Reward Pool
2% of every gift is gleaned by the GP and placed into the Governance Pools (1% into the Project Grant Pool + 1% into the Governance Participation Reward Pool). The balances in the Project Grant Pool (‘PGP’) and the Governance Participation Reward Pool (‘GPRP’) will grow and accumulate with each gift made through the GP.
- The Project Grant Pool balance can be viewed here and the Governance Participation Reward Pool balance can be viewed here .
- The Project Grant Pool and the Governance Participation Reward Pool be viewed on etherscan at: etherscan.io. (insert correct link)
It is our desire to see maximum engagement in the GP and specifically engagement in deciding how the grant funds in the PGP are distributed to deserving nonprofit organizations and beneficiaries. The Governance Participation Reward Pool (‘GPRP’) is designed to incentivize GPRO token holders to vote or delegate their tokens.
At the end of the voting period, the GP will allocate the balance of the GPRP (the balance as of the beginning of the voting period) to those GPRO tokens that were voted by delegates (self or other). The GPRP funds will be allocated evenly across all eligible GPRO tokens that were voted or delegated during the period and available for claim by wallet at the Rewards page.
For a wallet holding GPRO to be eligible for the GDPR distribution the GPRO tokens must have been voted in the period.
What is a Third-party Interface Provider (‘TIP’)?
Third-party Interface Providers (‘TIPs’) will present givers with the interfaces that connect to the GP. Initially the Engiven will operate the first TIP at generosityprotocol.com.
TIPs call the GP smart contracts to create campaigns and they can host ongoing campaigns that they have created. TIPs will be able to allow givers to create campaigns, end campaigns, and make gifts to nonprofits and beneficiaries through campaign pages. TIPs can build additional functionality to enhance, focus, and customize the experience of their givers.
Anyone can become a TIP. Documentation for connecting to the GP as a TIP will be released shortly after the launch of the GP.
Besides a bit of code, all a TIP needs to begin hosting fundraising campaign pages and getting paid is an ethereum wallet address. Each campaign that is created through a TIP is registered with the GP to that TIP. The TIP fee (1.0%) of every gift made to a campaign is automatically transferred to the TIP that originally registered the campaign, providing a built-in trustless revenue stream for TIPs.
Is my gift tax deductible and will I receive a contribution receipt?
The GP does not require beneficiaries to be registered as nonprofit organizations and the protocol makes no determination or representation as to the activity of beneficiaries or as to the tax deductibility of any gifts.
However, currently the only TIP connected to the GP is the generosityprotocol.com and gifts made through the website are done in partnership with Patmos, an independent 501(c)3 DAF. The current giving interface restricts gift designations through the DAF to US-based registered 501(c)3 charities.
Future third-party Interface Providers (‘TIPs’), which provide connection to the GP, may choose to serve particular groups of beneficiaries and/or to design and enforce criteria regarding which beneficiaries and projects may utilize their product.