CODE OF ETHICS

Cryptomnia Foundation believes the key to building and maintaining a successful platform for change relies on strong moral and ethical responsibilities. The core ethics we strive to operate by are listed below.

Transparency

Cryptomnia pledges towards complete transparency in all of its operations and projects. Through this pledge to transparency, the community will bear the right to view all foundation financial information such as amount held in reserve, amounts awarded to projects & breakdowns of project expenditure etc. 100% transparency also reinforces our anti corruption policy by publishing project data for community members to review.

Our reporting practices will also be subject to our transparency pledge, ensuring all reported employee expenses & project expenses are recorded with accuracy and honesty. We also pledge to making all of our employee bonuses & awards public knowledge, to eliminate any room for secrecy in relation to the foundation paying its employees.

Cryptomnia is open to suggestions from the community on how we can improve our levels of transparency and what measures they feel would enhance their trust in the foundation.

Anti Corruption

Corruption is a big obstacle when it comes to the distribution of wealth, decreasing the wealth divide & the timeline of completion on a project. It also prevents a foundation from maximising its reach to those who need it the most. For example, if a corrupt official is looking for a bribe or a contract to allow work to commence on a project, it will take project funds away from the locals in that area.

Therefore we have implemented measures that will reduce the risk of encountering such issues. The first measure is to
assemble a task force locally in projects where this is possible; this will enable us to start making a positive economic impact in the initial stages of the project. However, we do understand that this may not be possible in all instances, i.e. where a specialist skill such as electrical infrastructure installations. In these scenarios, we would accept bids from qualified local personnel, consult community members or use foundation resources.

The second measure is to ensure the individuals/contractors working are Cryptomnia wallet holders. All registered wallet holders are required to go through KYC checks, which allow us to verify the government identity of each wallet holder. Authenticating individuals identities will prevent any contractors from overcharging the foundation by inflating employee numbers while ensuring each individual is earning the amount agreed by Cryptomnia.

Another added benefit of using cryptomnia wallets is that we can utilise a phased release of funds, combining this feature with our project verification bounties allows us to release funds upon completion of real & strategic project goals.

Equality

Equality is a very important ethical belief at cryptomnia. Through our research we have identified many inequalities in modern day society ranging from racial inequality to social class inequality. If we wish to solve this issue, we believe that we must look at the root of all inequalities. We believe the root of all inequality to be, the inherent desire to equal rights and access to services by any individual.

It is for this reason that the foundation seeks to invest in the sectors such as health care & education in economically deprived areas. This investment strategy will create new employment opportunities in that area for locals & it will also allow them access to those services once they are functioning, thus eventually creating a mini eco system within that neighbourhood.

This simple ethic of equality in our operations will help the world in closing the ever growing wealth gap, by offering the employment opportunities to the locals directly. Through this approach we will prevent large contractors/companies from carrying out the works through employees who are not residents of the project area & also promote equal access to employment opportunities to minorities.

Our anti corruption policy will also assist our pledge to equality by eliminating the chances of corrupt officials & organisations not paying employees a fair wage, inflating employee numbers & hours worked etc. To find out more about our anti corruption policy, please visit our anti corruption page.