Why did the United Nations High Commissioner for Refugees award Cardano a grand prize?
Cardano has really hit it big this time. Just a few days ago at the Reshape Fundraising Summit, their project called CASL won the first prize in the Innovation Challenge, with judges being top global NGO leaders.
This project essentially means donating all the staking rewards from ADA to the United Nations High Commissioner for Refugees. It sounds simple, but it is actually quite clever in execution. Investors can continue to hold their ADA without selling it; just the annual staking rewards of about 3% can continuously help refugees. Eighty percent of it goes directly to on-the-ground relief efforts, while the remaining twenty percent supports internal blockchain innovation research within the United Nations.
What's more impressive is that this product was officially listed on the Swiss Stock Exchange in May this year, which means traditional financial institutions can also participate. In the past, charity might have just been about making simple donations, but now, through this method, institutional investors can neither lose their principal nor fail to generate social impact, which is simply a win-win situation.
Standing out from over 160 global projects to win first place indicates that this model has indeed impressed the judges. Blockchain technology was often criticized as hype, but it has finally found a solid application scenario in the humanitarian field.
