The Problem We Are Solving

94% of young people want to use their skills for good, but only 10% are able to do so. Socious is on a mission to change this. We are building our own ecosystem to help people contribute to impact projects by visualizing and rewarding their efforts. By leveraging this untapped potential, we aim to accelerate social and environmental impact.

Young people struggle to use their skills for good because it’s difficult to find impact projects that allow them to visualize their impact and get rewarded for their contributions. Socious removes these barriers and facilitates young people to join impact projects through our community app.

Here at Socious, we take the phrase “no good deed goes unrewarded” literally. Using blockchain and AI technologies we are building a world where good people are consistently recognized for the contributions they make. Unlike credit ratings that record bad behaviors and limit the actions of certain people, Socious empowers people by making a permanent record of positive impact on the blockchain, to deliver value to those people that deserve it the most.

The value of recognizing good deeds is evident, but its implications go far beyond encouraging people to do well. With Socious’ “Impact Score”, we aim to solve a major problem in the impact sector. Impact organizations cannot find the talent they need and aspiring change-makers are unable to get the compensation they deserve. This human resources skills gap results in staffing shortages, technological ineptitude, and most of all, an inability to take action. And when people are determined to do good, they are expected to receive less. This creates an employment system that makes it difficult for impact seeking individuals to join impact projects. Talented people are forced to leave low-paying roles in the impact sector. It does not have to be this way.

We believe in a world where technologies and data can be leveraged to create an impact ecosystem where people are consistently recognized and rewarded for their efforts to make a positive difference. The world has enough brilliant people and ample resources to solve wicked problems such as climate change, poverty, and gender inequality. But these resources are allocated to for-profit projects instead of impact projects. The world’s best and brightest are working to make the rich richer instead of solving social and environmental problems, and who can blame them? Socious offers a new incentive system for the next generation of leaders, placing altruism and impact at the forefront. Through the platform, organizations can acquire and retain top talent in the impact ecosystem, allowing organizations to make a positive impact and increase revenue - the virtuous cycle continues.

Impact Score

Our objective is to develop an algorithm that recognizes the good deeds of our users and make a record of them on the blockchain, motivating people to fulfill their positive impact potential. Our proprietary algorithm tracks and monitors a wide range of behaviors to generate an Impact Score for each user. This rating will inform the decisions of our users, offsetting the risk associated with engaging in business activities with other netizens and effectively increasing trust and the availability of resources in our impact ecosystem. Users will be incentivized to build their Impact Score with tangible rewards, such as period airdrops of THANK tokens and access to exclusive economic opportunities such as financial products and discounted ethical goods.

Context on Credit Rating Systems

Credit rating systems are not new, the first point of call for a mortgage lender or credit card company is a credit check. Credit ratings allow people to access a variety of financial services such as loans, mortgages, and credit cards. Unfortunately, these financial services are not available to the unbanked. Whereas existing systems use ratings to identify individual creditworthiness and risk, the Socious Impact Score will be used to offer recognition and reward where it is deserved. In both purpose and function, it will build on the strengths of conventional credit rating processes by increasing efficiency and improving resilience to manipulation. Currently, individuals cannot see the exact criteria used to determine their ratings, and agencies lack tools to determine the accuracy of the data they collect about borrowers. Given that these platforms are primarily based on trust, the system is fallible. By developing a blockchain-based system, Socious aims to increase the accuracy, speed and efficiency of evaluation. Our strategy decreases reliance on the subjective and costly process of manually evaluating applicant data, due diligence underwriting. Instead Socious relies on distributed ledger technologies as an immutable source of data. By storing the entire transactional history of users in an openly accessible public ledger, we will be able to evaluate users creditworthiness better than ever before.

Impact Score on the Blockchain

Distributed ledger technology will bring transparency to the impact scoring process whilst simultaneously ensuring data privacy and efficiency. Decentralization allows users to control their own data without the need to depend on a centrally organized agency deciding their status based on subjective and obscure processes. People who might otherwise be bankless or ineligible for loans would demonstrate their creditworthiness through sustained good deeds, enabling them to access the resources they need to scale their impact.  Another attractive feature of blockchain technology is the security that proof of stake (PoS) offers from hacks and data manipulation. Socious’ open-source and peer-to-peer platform will be subject to rigorous checks and audits allowing users to rest assured that they and their data are safe. To date, there have been numerous examples of hacking incidents, with upwards of 100 million Americans’ personal data being exposed. With the Socious Impact Score, this is a problem of the past.

Impact Score and Socious

The Impact Score will be implemented on our community application to offer a wide range of advantages to our users. Each user and organization profile will have a record of their score with awards for achievement in specific impact issues. In addition to visually highlighting users/organizations’ efforts, the Impact Score is the cornerstone of the impact ecosystem. It allows people to access unique economic opportunities such as financial products and discounted ethical goods. Those members who achieve a higher than average score will also gain access to exclusive communities of like-minded changemakers. Screening for loans and risk-adjusted financial instruments will be delivered to users in real time, and those who have accrued a good reputation will have access to highly competitive rates allowing them to scale their impact further.

Framework

General

The Socious Impact Score draws on conventional credit rating systems in its design, measuring both single and ongoing events. An amalgamation of on-chain and off-chain features will be automatically incorporated into the data layer to allow the score to be calculated efficiently and accurately. This score will be derived from a number of subcategories, each reflecting a different sphere of impact activities. By adjusting the weightings of these impact spheres, ranging from historical achievements to daily activities, we will be able to offer customized data solutions to fit our clients’ needs.

Data Sources

One of the key metrics shaping the score is the amount of time that individuals spend working on impact projects. The value of this activity will be calculated based on a variety of features such as the nature of the work, the individual’s level of experience and the location where it takes place. Individuals who are willing to work pro bono or at discounted rates will receive additional recognition for their efforts. Similarly, both donations and responsible investments will be reflected in the Impact Score. These transactions of time and money will all be actionable within Socious’ native app, and all data will be made readily available on-chain for posterity. Points will also be awarded for a variety of aspects of users’ personal records of achievement. Examples of these are the number of impact organizations founded and employees hired. Likewise, key changemakers who have created open source technologies, been published or taken products to market get additional credit. Users who have a strong credit history of timely lending and borrowing on Socious are given recognition for this. Nevertheless, for those users who have borrowed money but are late to repay it, penalties will be awarded until the arrears are met. This balanced system will offer a high level of confidence for all parties seeking to work together. This reduces risk, increases opportunities and maximizes our users' potential to make lasting change.