New York, Dec. 14, 2017 (GLOBE NEWSWIRE) -- A boots-on-the-ground local program to help the homeless help themselves; a proven crowdfunding model plus the vast potential of cryptocurrencies. Those three ideas collided in Dr. Nicholas Adams Judge’s Manhattan living room to form the kernel of the RootProject, which harnesses crowdfunding and cryptocurrency for the social good, while offering investors a cryptocurrency with built-in growth and social capital.
The engine behind RootProject, a cryptocurrency called ROOTS, will launch Q1 of 2018 with the exact dates to be announced at the Davos World Economic Forum Annual Meeting in late January. Months before they become available, public and private purchasers of ROOTS have already reserved online millions of dollars worth of the cryptocurrency.
Judge, who grew up around Boston in the 1980’s, has seen the growth of homelessness in American cities, and was looking for a way to harness the power of entrepreneurship to help. He and his partner Chris Place, like many tech entrepreneurs, were excited by the trend of initial coin offerings, or ICOs, in which companies sell equity in cryptocurrency instead of stock.
After catching up with an old friend who works with the homeless as a psychologist, Judge was reminded of the local program in Albuquerque, New Mexico—There’s A Better Way which consists of city workers who find people who are panhandling and offer them day labor for projects. Place raised the idea of a virtual pension fund for the homeless which could form part of the basis of a crypto currency.
And RootProject was born.
“What’s so cool about this is that these are people totally knocked down off their feet,” Judge says. “They feel alienated and that nobody cares about them. This is an opportunity for them to get back on their feet by actively being good members of the community.”
Here’s how it works:
You’re walking down the street, and you see a run-down public park that could use some sprucing up, new benches, and some play equipment for neighborhood kids. Using the RootProject app, launching just before the upcoming initial coin offering, you post the project online where your friends and neighbors agree to fund it.
When a community campaign reaches its goal, RootProject or a partner nonprofit steps in and completes the work, sourcing most of the labor from those below the poverty line. The workers get paid in ordinary U.S. dollars.
An amount equal to half of the workers’ wages gets deposited in RootProject cryptocurrency into an innovative pension-style program for the workers. Beginning 18 months after the work, the workers could receive disbursements from the fund – converted into U.S. dollars – provided they meet conditions designed to help them leave the streets.
That cryptocurrency pension does two things – it incentivizes positive behavior by the workers, and it drives up the value of the cryptocurrency.
The idea immediately took off in cryptocurrency circles. At a pre-sale earlier this year, 300 different buyers from around the world participated. The RootProject’s documents have been translated into 15 different languages.
RootProject will launch pilots with nonprofits and community organizations in as many as five cities, most likely including New York, where Judge is based and the idea was born. Most of RootProject’s employees will be on the ground, and will include social workers and local artisans. The project plans to be an active member of local nonprofit communities, working closely with city officials.
“People take pride in changing the neighborhood. That’s what I find so beautiful about this, this notion of getting back up on their feet by being a better citizen than most people.”
RootProject is currently run by Co-Founders Chris Place and Dr. Nicholas Adams Judge who are two tech-startup and crowdfunding gurus. As the company has grown from the concept and coding phase to a pre-ICO and then into legal incorporation and the official ICO in Q1 2018, it has combined the best minds in the virtual and real worlds.
To learn more about the team and RootProject go to: https://www.rootproject.co.
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