From the beginning of the cryptocurrency movement, the social potential of Bitcoin (Bitcoin) Has always been one of the basic selling points. The decentralized design of encryption-based systems introduces the possibility of bringing individuals together to achieve a common goal, and enables them to concentrate resources while remaining free from external control. Many cases occurred in 2021, which can be used as evidence of the liberating force of digital assets.
Constitutional DAO: Raised $49 million in a few days
It can be said that the most compelling case in the large-scale fundraising activities promoted by decentralized autonomous organizations in 2021 is ConstitutionDAO.The group was established in November with the sole goal of Purchase the original copy of the U.S. Constitution, Auctioned at Sotheby’s.
DAO is very close to its goal. The artifact was sold at a bid of $43.2 million, and DAO managed to raise approximately $47 million in ether (Ethereum), its bid was ultimately limited by Sotheby’s to 43 million U.S. dollars to consider the costs of taxation and protection, insurance, and the promotion of the constitution. After the auction ends, DAO will provide a full refund to any donor. Those who did not accept the refund kept the PEOPLE governance tokens they exchanged for their contributions.
As a statement of ConstitutionDAO Say, “Although this is not the result we hoped for, we still made history tonight.” It is difficult to argue about this because it only took a week to raise funds from 17,437 supporters.
BlockbusterDAO: Empowering decentralized streaming
In December 2021, the founder of BlockbusterDAO announced the formation of a new decentralized autonomous organization Aim to buy Blockbuster — An American brand that was originally a video rental company. In its heyday, Blockbuster had 6,000 stores worldwide, valued at more than US$8 billion. It closed almost all operations in 2014 and currently only operates one store in Oregon. Strictly speaking, the initiative is not expected to be fully realized until 2022.
The DAO explained in a statement tweet It plans to raise at least $5 million through non-fungible token (NFT) minting activities to mobilize grassroots forces to purchase Blockbuster, each NFT worth 0.13 ETH. BlockbusterDAO plans to turn Blockbuster into a decentralized movie streaming studio. There are currently more than 20,000 netizens participating in the project on Twitter and Discord.
Fortune Journalism PleasrFund: Support journalism integrity
In September 2021, the American business magazine Fortune and NFT artist Pplpleasr launched a decentralized endowment fund with proceeds dedicated to independent journalists and projects that promote journalistic integrity.
Fortune News PleasrFund was launched on the Ethereum blockchain through Endaoment, A charity-centric DAOIt has allocated 214.55 ETH, valued at approximately US$680,000 at the time of writing, which accounts for half of the sales proceeds of the limited edition Pplpleasr NFT commissioned by Fortune.
The four initial beneficiaries of the fund are the U.S. Report/The GroundTruth Project, the Non-Profit Journalism Institute, the Journalists Without Borders, and the Committee of Journalists. Each organization received an initial allocation of approximately $165,000 from Fortune and Pplpleasr.
Battle of the Infrastructure Act
Sometimes the battles that are lost make the history of warfare.Hope this is how we will remember the fierce resistance of the crypto community to last-minute crypto-related additions Huge 1.2 trillion dollar infrastructure bill.
Interestingly, the new tax reporting requirements for cryptocurrency brokers are an important part of the bipartisan agreement that makes ambitious federal spending projects possible-with some estimates suggestion This new tax base will help the IRS increase federal revenue by approximately $28 billion in 10 years.
In response, the technology advocacy organization, fighting for the future, launched a counter-initiative, urging American voters Call their representative Oppose the encryption clause of the bill, which marked it as an “encrypted red alert.” The Senate office was flooded with telephones, and the list of influencers who publicly opposed the proposed measures included Jack Dorsey, the head of Twitter and Block (officially known as Square), and Brian Brooks, the former acting auditor of currency. Now in Bitfury.
This boycott led to a stalemate in the legislature for several days. Although the infrastructure bill was finally passed and signed without any changes in its language related to cryptocurrencies, the commotion that the crypto community was able to cause shows that its lobbying power is increasing.
As former President Donald Trump’s Chief of Staff Mick Mulvaney said:
I think what you are seeing is the maturity of the industry-the people you see cryptocurrency now understand how Washington affects their world, and Washington is learning something about this technology.
Of course, the above examples hardly exhaust all the social and political initiatives driven by encryption that we have seen in 2021. First, there are many examples of philanthropy, such as the NFT project Trippy Bunny Donate all proceeds from its mint sales American Foundation for Suicide Prevention and American Cancer Society Crypto Cancer Fund Launched in January 2021. These examples represent an additional domain where encryption can play a role.
In 2021, the potential for decentralized autonomous organizations and encryption-driven political action is clearly huge. But we have just begun, and there are many reasons to believe that this trend will only become stronger in 2022.