Web3Re Technologies Pte Ltd, a Singapore-based blockchain-as-a-service (BAAS) solutions company, has launched the country’s first curated metaverse ecosystem – Goya Universe, premised on demonstrating how blockchain can be used for good.
“I believe we often hear about projects pledging a percentage of funds raised to charity or social impact causes. more often than not, however, information is rather scarce as to how funds are deployed and how much of each dollar reaches the beneficiary or intended cause,
“We want to be able to use blockchain to enhance the accountability of our eco-system partners. This increases the trust from a user’s perspective and benefits the entire philanthropic pursuit,” Web3re Technologies Chief Executive Officer Soon Ying Lim said in a statement on Tuesday.
The Goya eco-system was conceptualised during the “crypto-winter” period when the public had already witnessed numerous scams and crypto crashes, wiping out billions in crypto market value and, with it, fortunes and savings.
With that negativity surrounding cryptocurrencies, Web3re Technologies noted it is important to go back to the basics.
It said technology in all forms should be used as a force for good with fundamental underlying businesses that benefit society.
It was also a timely reset and allowed Web3re Technologies to demonstrate how blockchain and Web3 technologies available today could be applied to day-to-day activities and businesses, ranging from philanthropy, social impact, education, and E-commerce.
A typical example of one of the social impact projects that Goya supports, which is ideal to be tracked in a Web3 environment, is a blue carbon project premised on mangrove reforestation.
Goya Universe uses blockchain technology, Web3, and the metaverse to give an immersive and transparent account of how funds are deployed in planting mangrove plants and calculating carbon offsets based on global standards.
All mangrove plants are individually tagged with radio-frequency identifications (RFIDs) and tracked individually over a year or more.
With 2500 mangrove trees planted a hectare, the technology allows donors transparency, accountability, and actionable recourse should the plant fail to grow and are required to be replanted.
The platform also demonstrates how users, by way of smart contracts, can automate the distribution of proceeds to beneficiaries and social impact causes on the Goya platform.
The platform is also a complete rethinking of contributions with the goal of turning contributors and donors into collaborators to help fuel a regenerative future.
Grounded on five initial pillars of philanthropy, education, E-Commerce, incubation, and social gamification, Goya Universe is aimed at guiding businesses attempting to transition from Web2.0 to Web3 and beyond and demonstrating how blockchain can be used for good.
By creating a safe and trusted ecosystem within the metaverse for businesses and consumers worldwide to interact, Goya is intended to be the go-to platform for future social and commercial interactions.