WEMADE

• Korea’s leading social finance organization to create values by improving vulnerable social structure
• Enhancing transparency by applying Wepublic’s proof of balance protocol to the social financial system
• Scheduled to launch in 2024 and will be expanded to web3 sponsorship business where sponsors participate directly in gov

The WEMIX Foundation signed a Memorandum of Understanding (MOU) with Social Solidarity Bank to build a transparent sponsorship ecosystem that utilizes blockchain technology. Social Solidarity Bank will be onboarding Wepublic, a transparent social platform based on WEMIX.

Social Solidarity Bank is Korea’s leading organization in social finance. By improving vulnerable social structures through microfinance and alternative finance, it creates various values and provides opportunities to those suffering from economic difficulties to become more independent.  

Under this MOU, Wepublic’s proof of balance protocol will be applied to the social finance system run by Social Solidarity Bank. Proof of balance protocol will mint mirror tokens that are linked one-to-one with the actual account.

Mirror tokens utilizes blockchain technology to help understand the flow of donations and social values realized through donations. Sponsors can check the status and usage of donations at any time through token deposit and withdrawal times and execution details.

The official service will launch in 2024 and will expand to a web3 sponsorship business where sponsors participate directly in governance voting.

Wepublic is a transparent blockchain platform that operates and manages all activities of DAO. Currently, political parties, religious groups, and non-profit organizations have joined Wepublic to build a transparent social ecosystem.

More information on Wepublic can be found on the official website.