THE VIRTUAL COMMONWEALTH APP 1.0:
A STEP-BY-STEP GUIDE
The VCW app allows members to offset their unsustainable purchases through a series of externalities taxes – that money is then used to crowdfund sustainable companies in which VCW Members become equity partners.
STEP ONE
Members create a VCW account by using a payment method (debit or credit card).
Member purchases are imported into the app using PLAID, an industry-standard software application used by a number of major platforms, including but not limited to Venmo and Robinhood.
By selecting a transaction, members can then categorize and rate it based on its social and environmental impacts.
The development of the VCW app has been completed to this stage of functionality, representing the MVP (Minimum Viable Product).
Future versions of the app will include automated transaction categorization.
STEP TWO
STEP THREE
Once the member categorizes a transaction, the VCW app then applies the appropriate externalities tax.
The app is currently configured with five transaction categories:
Food/Beverage
Transportation/Utilities
Apparel
Personal/Home Care
Furniture and Electronics
A tax incurred in any category corresponds to a contribution to companies in the same category.
In this example, there is a 35 cent tax generated by the purchase of conventionally-grown coffee in a single-use cup.
When the member applies the tax, it goes into the Food/Beverage fund category for sustainable businesses. In this case, to Misfits Market, which sells organic produce with minor aesthetic flaws that would typically be thrown out and wasted at a grocery store.
