Making tokenized impact the asset class of the future.
Making tokenized impact the asset class of the future.

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Greetings from Erin & Chris, and welcome to Change Code’s inaugural newsletter! We’re truly grateful for every person in our community 🙌
In each newsletter, we’ll provide a short summary of a topic that helps you get to know Change Code’s mission, technology, or approaches to impact tokenization. In line with our first community call, here we address the basic problem Change Code seeks to address: the impact capital problem.
🌍 Currently, the global impact funding market, ranging from development aid and philanthropy to ESG-oriented funding and impact investing, totals approximately $2.6 trillion. This capital flows to and through large players like UN agencies, millions of NGOs, and for-profit social enterprises. Despite what might seem like an immense amount of impact funding, experts estimate that we face an annual $4 trillion gap in reaching the Sustainable Development Goals by 2030. At Change Code, we believe that a small part we can play in bridging the growing financing gap is to create solutions to unlock further sources of capital.
💵 Change Code also aims to address the access gap resulting from a relatively opaque, inefficient, and highly centralized impact funding paradigm. The most innovative and respondent models, such as smaller-scale social enterprises or community-based organizations, are often constrained by high costs of debt, selection biases in grant-making or investment diligence processes, arduous manual reporting requirements, and low levels of liquidity. We seek to engender a more impact-maximizing capital deployment paradigm by providing a platform for smaller, lesser-known, or perceptively ‘higher-risk’ organizations to present and verify their impact track records.
🤝 Finally, let’s talk about what Change Code calls the impact discount. When seeking capital, be that calls for proposals, grant applications, or social venture pitches, employees or founders of impact organizations are often forced to present budgets with razor-thin operating margins or below-market salaries to be competitive with other organizations. There’s an expectation that an impact organization can operate without the infrastructure that any functioning organization requires. This hollowing out results in a distorted valuation of the impact they are producing by not capturing the true cost of achieving it. Change Code aims to correct this discount on impact by helping organizations capture and communicate the true costs of achieving outcomes, enabling them to secure more appropriate funding and build the requisite infrastructure.
📰 Community Updates
Giveth’s GIVEarth QF Round: We are honored that Change Code’s application to this quadratic funding round was accepted! If you’d like to support us by donating or just circulating our Giveth page on socials, we would be so grateful.
Community Call: Thank you to those who joined our first community call on 25 June! Co-hosted by Drew Simon of CryptoAltruism and ReFi legends, Tereza Bízková and Civil, in addition to some "Hello, World!" content, we took a closer look at the impact capital problem briefly outlined above. To stay updated, pencil us in for the next community call on 16 July (10 am ET), where we'll be talking all things hypercerts (tokenized claims toward positive impact). 🙌
Come Hang!
Thursday, 4 July: Susie K's Web3 Thursdays presenting a special GIV-Earth Showcase (10:00 ET/14:00 UTC)
Tuesday, 16 July: Community Call #2: Diving into Hypercerts; Drinking Water Access in East Africa (Co-hosted by CryptoAltruism, 10:00 ET/14:00 UTC)
📚 Knowledge Base
If you’d like to learn a bit more about Change Code, please feel free to check out our evolving Knowledge Base.
Greetings from Erin & Chris, and welcome to Change Code’s inaugural newsletter! We’re truly grateful for every person in our community 🙌
In each newsletter, we’ll provide a short summary of a topic that helps you get to know Change Code’s mission, technology, or approaches to impact tokenization. In line with our first community call, here we address the basic problem Change Code seeks to address: the impact capital problem.
🌍 Currently, the global impact funding market, ranging from development aid and philanthropy to ESG-oriented funding and impact investing, totals approximately $2.6 trillion. This capital flows to and through large players like UN agencies, millions of NGOs, and for-profit social enterprises. Despite what might seem like an immense amount of impact funding, experts estimate that we face an annual $4 trillion gap in reaching the Sustainable Development Goals by 2030. At Change Code, we believe that a small part we can play in bridging the growing financing gap is to create solutions to unlock further sources of capital.
💵 Change Code also aims to address the access gap resulting from a relatively opaque, inefficient, and highly centralized impact funding paradigm. The most innovative and respondent models, such as smaller-scale social enterprises or community-based organizations, are often constrained by high costs of debt, selection biases in grant-making or investment diligence processes, arduous manual reporting requirements, and low levels of liquidity. We seek to engender a more impact-maximizing capital deployment paradigm by providing a platform for smaller, lesser-known, or perceptively ‘higher-risk’ organizations to present and verify their impact track records.
🤝 Finally, let’s talk about what Change Code calls the impact discount. When seeking capital, be that calls for proposals, grant applications, or social venture pitches, employees or founders of impact organizations are often forced to present budgets with razor-thin operating margins or below-market salaries to be competitive with other organizations. There’s an expectation that an impact organization can operate without the infrastructure that any functioning organization requires. This hollowing out results in a distorted valuation of the impact they are producing by not capturing the true cost of achieving it. Change Code aims to correct this discount on impact by helping organizations capture and communicate the true costs of achieving outcomes, enabling them to secure more appropriate funding and build the requisite infrastructure.
📰 Community Updates
Giveth’s GIVEarth QF Round: We are honored that Change Code’s application to this quadratic funding round was accepted! If you’d like to support us by donating or just circulating our Giveth page on socials, we would be so grateful.
Community Call: Thank you to those who joined our first community call on 25 June! Co-hosted by Drew Simon of CryptoAltruism and ReFi legends, Tereza Bízková and Civil, in addition to some "Hello, World!" content, we took a closer look at the impact capital problem briefly outlined above. To stay updated, pencil us in for the next community call on 16 July (10 am ET), where we'll be talking all things hypercerts (tokenized claims toward positive impact). 🙌
Come Hang!
Thursday, 4 July: Susie K's Web3 Thursdays presenting a special GIV-Earth Showcase (10:00 ET/14:00 UTC)
Tuesday, 16 July: Community Call #2: Diving into Hypercerts; Drinking Water Access in East Africa (Co-hosted by CryptoAltruism, 10:00 ET/14:00 UTC)
📚 Knowledge Base
If you’d like to learn a bit more about Change Code, please feel free to check out our evolving Knowledge Base.
Project Spotlight: We are excited to highlight our work with BCarbon, a science-first registry and research body incubated at Rice University. Since initiating our work with BCarbon in March of this year, we’ve helped them tokenize 38K tons of web3-native carbon credits. To date, all credits represent soil and forest-based sequestration, with methane capture and blue carbon programs on the roadmap.
GG20 Roundup: In May, we completed our first Gitcoin Grants run in the Climate Action, Hypercerts, and Token Engineering Commons rounds. Through the support of the ReFi community, we raised approximately $12K, critical resources for onboarding our first cohort of non-carbon impact projects and for continuing to build out our hypercerts and EAS integrations. Feel free to check out Susie K's GG20 Showcase, where we had a chance to speak alongside other projects like AgroforestDAO and The Solar Foundation.
Project Spotlight: We are excited to highlight our work with BCarbon, a science-first registry and research body incubated at Rice University. Since initiating our work with BCarbon in March of this year, we’ve helped them tokenize 38K tons of web3-native carbon credits. To date, all credits represent soil and forest-based sequestration, with methane capture and blue carbon programs on the roadmap.
GG20 Roundup: In May, we completed our first Gitcoin Grants run in the Climate Action, Hypercerts, and Token Engineering Commons rounds. Through the support of the ReFi community, we raised approximately $12K, critical resources for onboarding our first cohort of non-carbon impact projects and for continuing to build out our hypercerts and EAS integrations. Feel free to check out Susie K's GG20 Showcase, where we had a chance to speak alongside other projects like AgroforestDAO and The Solar Foundation.
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