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Bitcoin Good Contracts Are The New Frontier
When Elon Musk tweeted on the World Meals Programme (WFP) to open their books and supply readily accessible accounting to unravel world starvation, the group used a variety of fancy phrases however didn’t honor his request. Why?
Why would a corporation, whose mission it’s to “Resolve World Starvation,” not do no matter they may of their energy to just accept an extra $6 billion from the richest man on the planet? Are they hiding one thing? What if the group did not fairly dwell as much as its mission assertion? I imply, how would we all know? Are we anticipated to belief a number of advertising and marketing footage and accounting methods to reveal the place donations really go?
This begs the query of transparency and its function amongst different charitable organizations. The Purple Cross. Medical doctors with out Borders. Save the Kids. My intent right here is to not smear any of those organizations. The query is: Will we consider charitable organizations have an obligation to show that cash and assist really will get to the those that want these sources probably the most? Are there elements imposing this kind of accountability exterior of mission statements and inner auditing? “Don’t belief, confirm.”
https://twitter.com/elonmusk/status/1454809318356750337?s=20
https://twitter.com/elonmusk/status/1454921466500222977?s=20
What if we needed to donate to a trigger that we thought was simply and proper? A trigger just like the #FreedomConvoy of Canadian Truckers? We are able to see that centralized outfits like GoFundMe and GiveSendGo work fairly effectively at first. Consumer interface is clear; private funding is fast and straightforward. However what occurs when these platforms deem your trigger unjust? What pressures can centralized powers placed on these crowdsourcing websites to justify instantaneous funding freezes, or worse but, use donations for one thing fully completely different? Who’re they to determine what individuals do with their hard-earned cash?
After venturing down the rabbit gap of “RARE PEPEs,” I began to appreciate that even after being orange pilled since 2016, I fully missed the potential of Layer 2 protocols on Bitcoin with bitcoin-backed NFT sensible contracts.
Now earlier than you go, “Whoa whoa G, are you gonna begin shitcoining us with NFTs of bored apes?” I’m gonna ask you to listen to me out.
The primary sensible contract asset minted on Bitcoin was again in 2014. The asset check is described right here on the BitcoinTalk discussion board. Sure, Bitcoin was really first to the NFT and sensible contract house effectively earlier than the Bored Apes. NFTs are cool and all, however the energy behind the know-how of sensible contracts on Layer 2 Bitcoin is revolutionary. Why? Properly, how can thousands and thousands of individuals crowdsource funding for a simply and righteous trigger like, for instance, world starvation, with out centralized powers claiming that world starvation is not a simply and righteous trigger? What if we needed to assist Bitcoin Metropolis in El Salvador even when GoFundMe abruptly decides El Salvador is a blacklisted nation? How can we belief a world contract that’s straightforward for everybody to know? If you’re beginning to perceive the place that is going, you’re starting to see the a lot bigger image.
One of the simplest ways to experiment with a brand new system is to make use of it. So, I put this new “Counterparty” Layer 2 system to the check. Counterparty isn’t its personal blockchain, quite, it “rides on high of” the Bitcoin blockchain. One other method to consider the connection is to make use of the Russian nesting doll comparability the place the larger doll could be the Bitcoin transaction and the subsequent doll (positioned inside) could be a Counterparty transaction. This embedding technique is technically often called “embedded consensus.”
I created my very own token referred to as BTCTRUCKERS. I created some artwork with the intention of all proceeds despatched to the truckers in Canada. I needed to see if we might by some means present open-source accounting to a charitable trigger, transparently. I created some artwork and increase. I had my very own bitcoin-backed NFT sensible contract. My artwork even made the RAREFAKE sequence 5 Card 15 (type of an enormous deal).
I arrange what Counterparty calls “dispensers” (consider a merchandising machine transaction). On this trade, you ship some BTC and the Counterparty system robotically transfers the asset/NFT to the client’s pockets, then sends you the BTC. Fairly cool, proper?
“So, how can we belief you, G? Why would individuals purchase your NFT? How are you going to show to us that BTC was despatched to the truckers?” Wonderful query, I’m glad you requested!
First, let’s discover the asset: https://xchain.io/asset/BTCTRUCKERS
Subsequent, we click on on the “dispensers” tab and see that I’ve arrange a number of belongings; the primary who bought acquired the cheaper worth. Now, as you may see, the primary three dispensers offered out and we solely want a number of extra to shut out dispenser 4. With some simple arithmetic, we will see that every of the dispensers that offered out had 11 NFTs in them earlier than they moved to the next worth.
https://xchain.io/tx/70fd533e768eb050062ae0542756eabe36fd6ac30642a5435ab9903b8efc9896
To recap: The primary dispenser had 11 NFTs for the worth of 0.001111 which implies 11 occasions 0.001111 equals 0.012221
We proceed the mathematics for dispenser two and three on the increased worth and get a mixed complete of 0.085547. (One other nice web site that aggregates all of the gross sales information: https://dankset.io/belongings/BTCTRUCKERS)
Beneath is the transaction of the NFT items priced in bitcoin on the Bitcoin blockchain despatched to the Canadian truckers … How do we all know for positive? The tallycoin (https://tallyco.in/s/lzxccm/) web site directed everybody to ship funds to the beneath Bitcoin deal with: bc1qlc2gpmzrr9gded07d9a40lt2lq7pp2v7h4c5jx
We are able to additionally see that the funds got here from the identical pockets that created BTCTRUCKERS:
https://xchain.io/asset/BTCTRUCKERS, 1JJP986hdU9Qy9b49rafM9FoXdbz1Mgbjo and
https://blockstream.information/tx/f5a87236bdfe3adc7ae7c9ac82130cf89b679b1c6d4fcdf5dddc98497579577f.
Thus far, I actually have raised over 20 million sats to this point for the truckers with simply this one piece for instance of transparency. Not solely can I show the transaction was despatched to the Freedom Convoy, however the purchaser now has a scarce digital token representing that donation. If I can do it, why can’t the WFP? The Purple Cross?
To take this even additional, how can we belief elected officers to spend cash for sure initiatives we voted for with out the transparency we simply witnessed via Layer 2 protocols on Bitcoin? Accountability and belief by verification will set humanity on a brand new course for accountability from our leaders.
Like Elon Musk says, “Sunlight is a wonderful thing.”
Replace: Since writing this text, as of March 7, 2022, I nonetheless have 0.15 BTC within the wallets to be despatched to the truckers, nonetheless, the Canadian authorities’s crackdowns compelled them to cease utilizing the unique donation deal with. I personally spoke with Greg Foss on March 5, 2022 at Unconfiscatable 2022, the 15 BTC remaining within the wallets and any future gross sales shall be going to the authorized protection funds of the Canadian truckers because the lawsuit is now within the a whole lot of thousands and thousands. All of my sats shall be held till that new deal with is revealed.
It is a visitor put up by PappyG45. Opinions expressed are fully their very own and don’t essentially replicate these of BTC Inc or Bitcoin Journal.
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