2 years ago
Bitcoin Smart Contracts Are The New Frontier
When Elon Musk tweeted astatine the World Food Programme (WFP) to unfastened their books and supply readily accessible accounting to lick satellite hunger, the enactment utilized a batch of fancy words but did not grant his request. Why?
Why would an organization, whose ngo it is to “Solve Global Hunger,” not bash immoderate they could successful their powerfulness to judge an further $6 cardinal from the richest antheral successful the world? Are they hiding something? What if the enactment didn't rather unrecorded up to its ngo statement? I mean, however would we know? Are we expected to spot a fewer selling pictures and accounting tricks to disclose wherever donations really go?
This begs the question of transparency and its relation among different charitable organizations. The Red Cross. Doctors without Borders. Save the Children. My intent present is not to smear immoderate of these organizations. The question is: Do we judge charitable organizations person a work to beryllium that wealth and enactment really gets to the radical that request these resources the most? Are determination factors enforcing this benignant of accountability extracurricular of ngo statements and interior auditing? “Don’t trust, verify.”
https://twitter.com/elonmusk/status/1454809318356750337?s=20
https://twitter.com/elonmusk/status/1454921466500222977?s=20
What if we wanted to donate to a origin that we thought was conscionable and right? A origin similar the #FreedomConvoy of Canadian Truckers? We tin spot that centralized outfits similar GoFundMe and GiveSendGo enactment beauteous good astatine first. User interface is clean; idiosyncratic backing is speedy and easy. But what happens erstwhile these platforms deem your origin unjust? What pressures tin centralized powers enactment connected these crowdsourcing sites to warrant instant backing freezes, oregon worse yet, usage donations for thing wholly different? Who are they to determine what radical bash with their hard-earned money?
After venturing down the rabbit spread of “RARE PEPEs,” I started to recognize that adjacent aft being orangish pilled since 2016, I wholly missed the imaginable of Layer 2 protocols connected Bitcoin with bitcoin-backed NFT astute contracts.
Now earlier you go, “Whoa whoa G, are you gonna commencement shitcoining america with NFTs of bored apes?” I’m gonna inquire you to perceive maine out.
The archetypal astute declaration plus minted connected Bitcoin was backmost successful 2014. The plus trial is described here connected the BitcoinTalk forum. Yes, Bitcoin was really archetypal to the NFT and astute declaration abstraction good earlier the Bored Apes. NFTs are chill and all, but the powerfulness down the exertion of astute contracts connected Layer 2 Bitcoin is revolutionary. Why? Well, however tin millions of radical crowdsource backing for a conscionable and righteous origin like, let's say, satellite hunger, without centralized powers claiming that satellite hunger is nary longer a conscionable and righteous cause? What if we wanted to enactment Bitcoin City successful El Salvador adjacent if GoFundMe abruptly decides El Salvador is simply a blacklisted country? How tin we spot an planetary declaration that is casual for everyone to understand? If you are starting to recognize wherever this is going, you are opening to spot the overmuch larger picture.
The champion mode to experimentation with a caller strategy is to usage it. So, I enactment this caller “Counterparty” Layer 2 strategy to the test. Counterparty is not its ain blockchain, rather, it “rides connected apical of” the Bitcoin blockchain. Another mode to deliberation astir the narration is to usage the Russian nesting doll examination wherever the bigger doll would beryllium the Bitcoin transaction and the adjacent doll (located inside) would beryllium a Counterparty transaction. This embedding method is technically known arsenic “embedded consensus.”
I created my ain token called BTCTRUCKERS. I created immoderate creation with the volition of each proceeds sent to the truckers successful Canada. I wanted to spot if we could someway amusement open-source accounting to a charitable cause, transparently. I created immoderate creation and boom. I had my ain bitcoin-backed NFT astute contract. My creation adjacent made the RAREFAKE bid 5 Card 15 (kind of a large deal).
I acceptable up what Counterparty calls “dispensers” (think of a vending instrumentality transaction). In this exchange, you nonstop immoderate BTC and the Counterparty strategy automatically transfers the asset/NFT to the buyer's wallet, past sends you the BTC. Pretty cool, right?
“So, however tin we spot you, G? Why would radical bargain your NFT? How tin you beryllium to america that BTC was sent to the truckers?” Excellent question, I americium gladsome you asked!
First, let's find the asset: https://xchain.io/asset/BTCTRUCKERS
Next, we click connected the “dispensers” tab and spot that I person acceptable up aggregate assets; the archetypal who purchased got the cheaper price. Now, arsenic you tin see, the archetypal 3 dispensers sold retired and we lone request a fewer much to adjacent retired dispenser four. With immoderate elemental math, we tin spot that each of the dispensers that sold retired had 11 NFTs successful them earlier they moved to a higher price.
https://xchain.io/tx/70fd533e768eb050062ae0542756eabe36fd6ac30642a5435ab9903b8efc9896
To recap: The archetypal dispenser had 11 NFTs for the terms of 0.001111 which means 11 times 0.001111 equals 0.012221
We proceed the mathematics for dispenser 2 and 3 astatine the higher terms and get a combined full of 0.085547. (Another large tract that aggregates each the income data: https://dankset.io/assets/BTCTRUCKERS)
Below is the transaction of the NFT pieces priced successful bitcoin connected the Bitcoin blockchain sent to the Canadian truckers ... How bash we cognize for sure? The tallycoin (https://tallyco.in/s/lzxccm/) tract directed everyone to nonstop funds to the beneath Bitcoin address: bc1qlc2gpmzrr9gded07d9a40lt2lq7pp2v7h4c5jx
We tin besides spot that the funds came from the aforesaid wallet that created BTCTRUCKERS:
https://xchain.io/asset/BTCTRUCKERS, 1JJP986hdU9Qy9b49rafM9FoXdbz1Mgbjo and
https://blockstream.info/tx/f5a87236bdfe3adc7ae7c9ac82130cf89b679b1c6d4fcdf5dddc98497579577f.
So far, I myself person raised implicit 20 cardinal sats to day for the truckers with conscionable this 1 portion arsenic an illustration of transparency. Not lone tin I beryllium the transaction was sent to the Freedom Convoy, but the purchaser present has a scarce integer token representing that donation. If I tin bash it, wherefore can’t the WFP? The Red Cross?
To instrumentality this adjacent further, however tin we spot elected officials to walk wealth for definite projects we voted for without the transparency we conscionable witnessed done Layer 2 protocols connected Bitcoin? Accountability and spot by verification volition acceptable humanity connected a caller people for accountability from our leaders.
Like Elon Musk says, “Sunlight is simply a fantastic thing.”
Update: Since penning this article, arsenic of March 7, 2022, I inactive person 0.15 BTC successful the wallets to beryllium sent to the truckers, however, the Canadian government’s crackdowns forced them to halt utilizing the archetypal donation address. I personally spoke with Greg Foss connected March 5, 2022 astatine Unconfiscatable 2022, the 15 BTC remaining successful the wallets and immoderate aboriginal income volition beryllium going to the ineligible defence funds of the Canadian truckers arsenic the suit is present successful the hundreds of millions. All of my sats volition beryllium held until that caller code is revealed.
This is simply a impermanent station by PappyG45. Opinions expressed are wholly their ain and bash not needfully bespeak those of BTC Inc oregon Bitcoin Magazine.
English (US) 