Charity DAO

The DAO was a way people could fund projects by being stakeholders.  Unfortunately it ended because of  contract issues.  However, now, a new DAO has been created called Charity DAO which will run completely different than The DAO of the past.  Read more about this development in the article below.

The Developers Behind The DAO Are Launching a New DAO

(@DelRayMan) | Published on November 18, 2016 at 23:04 GMT

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The guys behind Slock.it are at it again.

The team that created the now-infamous ethereum-based funding vehicle known as The DAO have regrouped, and in a blog post published today, Slock.it CTO Christoph Jentzsch announced a new open-source initiative called Charity DAO.

The original DAO raised as much as $150m worth of ether by selling tokens that would be used by stakeholders to vote on projects to fund. Yet a then-unforeseen flaw in the DAO’s smart contract was exploited, resulting in a $60m loss and the collapse of the project.

Charity DAO, by contrast, is aimed at making charitable functions more transparent, and if everything works as planned, increasing the willingness of donors to give.

Jentzsch told CoinDesk:

“I want to see a truly decentralized autonomous organization being built on top of ethereum, and a charity DAO is a great application for many reasons.”

Unlike the for-profit DAO, which was intended to pay dividends to investors based on the success of its investments, this effort is intended as a nonprofit. But to prevent even the potential of such high-stakes losses like with The DAO, Jentzsch says this time around he’ll temporarily cap the amount raised and a so-called “security hatch” will be written into the code.

“But long term, I hope this can be removed to be truly decentralized and autonomous,” he told CoinDesk.

Conducted in partnership with a group identified as “Giveth” in the blog, Charity DAO will let donors control their funds and vote on which projects they want to fund.

While this is not formally a product of Slock.it, Jentzsch says some of the same people who contributed are still involved. Jentzsch is leading the project, but wants to open it up to outside contributors.

The model itself sounds remarkably similar to The DAO, except the recipients of the funds will ostensibly also be nonprofits.

“We want to use the knowledge and the experience learned from this experience to create a Charity DAO,” wrote Jentzsch in the post. “The Charity DAO will have a very narrow focus.”

A second chance?

In the aftermath of the collapse of The DAO, when an unknown perpetrator took advantage by moving $60m worth of funds into an account he or she controlled, the ethereum community suffered immensely.

Charity DAO, as a result, will likely face an intense amount of scrutiny.

In pitching the project in the blog post, Jentzsch argues that “trust in charities is at an all time low” and “charities have a public image problem,” both of which might be hard to swallow for investors who were temporarily burned in the fall-out surrounding the DAO collapse.

But in spite of a call from one member of cryptocurrency academia to ostracize the Slock.it team from the community, one cannot help but remember the old startup-maxim: fail fast and fail often.

In the end, all DAO investors were given a chance to receive a refund following a controversial hard fork that resulted in a schism in the community and the formation of ethereum classic.

Jentzsch said his involvement with The DAO was “a humbling experience” that highlighted previously unknown factors. He added that it is, perhaps, exactly this experience that helped improve the code used in this current incarnation.

He told CoinDesk:

“I think there is no other smart contract which got more reviews then theDAO contract, and we can use all of this knowledge and feedback to build a better one.”

 

Image via Shutterstock

 

Article sourced from: http://www.coindesk.com/dao-developers-launching-new-dao/

MasterCard’s Blockchain APIs

MasterCard is one of the first corporations that comes to mind when you think of credit cards.  But the company does so much more beyond providing you with credit.  Their latest venture?  Blockchain APIs.  Although this isn’t the first credit company to progress in the blockchain world, it is extremely forward thinking with this advancement.  Read more about this in the article below.

 

Credit Card Giant MasterCard Releases ‘Experimental’ Blockchain APIs

(@mpmcsweeney) | Published on October 31, 2016 at 14:01 GMT

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Visa isn’t the only credit card issuer moving fast on blockchain.

But while Visa is going it alone in releasing a B2B blockchain, MasterCard it seems is quietly developing a set of new blockchain APIs with more collaborative goals.

The credit card giant’s development site now features three APIs connected to its internal blockchain work, including offerings focused on smart contracts and payment settlement. The APIs were released by MasterCard Labs, its innovation outfit.

MasterCard blockchain lead Justin Pinkham said the company released its API platform last month in a bid to stoke interest among banks and merchant developers.

He told CoinDesk:

“This is part of our initiative to publish experimental APIs from Mastercard Labs and give developers the chance to work on emerging technologies that haven’t yet been commercialized by us.”

Pinkham went on to state that the company is continuing to pursue uses of the technology while at the same time advocating for collaborations that might apply to MasterCard’s businesses.

“We believe that there is a role of blockchain in the future of commerce. This future needs to be developed in partnership with banks, merchants and industry participants,” he continued.

The news is perhaps the most significant to date for MasterCard, which has criticized bitcoin (the longest-running public blockchain) in the past but expressed cautious enthusiasm about its underlying technology.

More in store

But with the launch of the APIs, MasterCard is beginning to push some of the work done by its internal teams out the door.

It won’t be the last, according to Pinkham, who said that the company is creating the foundation for blockchain tech that could focus on use cases including inter-bank payments and trade finance.

Applications focused on digital identity and the exchange of know-your-customer information are also being explored, according to Pinkham.

The work coincides with collaborative efforts between MasterCard and startups through its Start Path Global program, as well as the more than 30 blockchain-related patents Pinkham said the company has submitted to date.

Disclosure: MasterCard is an investor in CoinDesk’s parent company, Digital Currency Group.

Image credit: Valeri Potapova / Shutterstock.com

 

Article sourced fromhttp://www.coindesk.com/credit-card-giant-mastercard-releases-experimental-blockchain-apis/