American Cancer Society Partners with Gitcoin for Web3-Driven Cancer Research Funding
In Brief
The American Cancer Society (ACS) has teamed up with Gitcoin to mark its entry into the world of web3 technology.
In its fight against cancer, the American Cancer Society (ACS) has teamed up with Gitcoin – a platform known for supporting open-source projects using blockchain technology – to mark their entry into the world of web3 technology.
Gitcoin is a platform that helps fund open-source projects and share their code openly for anyone to see and contribute to. The Web3 platform uses a unique funding approach called Quadratic Funding (QF), which values the number of contributors more than the total donation amount. This aims to make funding fairer and more inclusive.
Under the partnership, ACS will use Gitcoin’s technology to raise funds for its ACS Cares program and the Crisis Response Fund. These funds will go towards cancer research, promoting health equity, supporting cancer patients and providing accommodations for those undergoing treatment.
This is the second time Gitcoin technology has been used by a well-known non-profit organization, the first being a powerful QF collaboration pilot with UNICEF in 2022.
“By using Gitcoin, the American Cancer Society gains access to a vibrant community of technologists and crypto enthusiasts who are passionate about driving positive change. This partnership combines Gitcoin’s expertise in blockchain with the American Cancer Society’s commitment to cancer research and prevention, creating a powerful synergistic effect in the fight against cancer,” said Gitcoin’s head of impact, Azeem Khan.
“Participating in the ACS round powered by Grants Stack is a unique opportunity for individuals and organizations to contribute to the fight against cancer with blockchain technology. Donors have the chance to make a significant impact on cancer research, patient support, and advocacy programs,” he added.
Leveraging Defi for Cancer Research Funding
Gitcoin deploys QF to disperse over $50 million across more than 100 rounds, empowering organizations like UNICEF and now, the ACS. QF values the number of contributors over the total donation amount, ensuring widespread community involvement and equitable allocation of funds to projects that resonate with the public.
Kyle Weiss, Executive Director at the Gitcoin Foundation, and Nicole d’Avis, Protocol Lead at the Public Goods Network (PGN), express enthusiasm for the collaborative efforts.
PGN, operating as a low-cost Layer 2 OP Chain in the Gitcoin ecosystem directs most of its net sequencer fees towards public goods, providing a cost-effective alternative to the Ethereum mainnet for users and developers.
Moreover, ACS’s venture into web3 with Gitcoin is not just a fundraising initiative; it stands as an important innovation in the philanthropic world. By embracing blockchain technology and harnessing the power of community-driven funding, ACS sets a precedent for non-profits, highlighting the transformative potential of web3 in their mission to combat cancer.
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Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
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Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
