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Bitcoin Smart Contracts WILL BE THE New Frontier

When Elon Musk tweeted on the planet Food Programme (WFP) to open their books and offer readily accessible accounting to resolve world hunger, the business used plenty of fancy words but didn’t honor his demand. Why?

Why would a business, whose mission it really is to resolve Global Hunger, not really do whatever they might in their capacity to accept yet another $6 billion from the richest man on earth? Are usually they hiding something? Imagine if the business didn’t quite surpass its mission statement? After all, how would we realize? Are we likely to trust several marketing pictures and accounting tricks to reveal where donations actually move?

This begs the query of transparency and its own function among other charitable organizations. The Crimson Cross. Doctors without Borders. Save the kids. My intent here’s not to smear these organizations. The issue is: Do we think charitable organizations possess a duty to demonstrate that money and assistance actually reaches the people that require these resources probably the most? Is there factors enforcing this kind of accountability beyond mission statements and internal auditing? Dont faith, verify.

https://twitter.com/elonmusk/standing/1454809318356750337?s=20

Imagine if we needed to contribute to a cause that people idea was just and perfect? A cause just like the #FreedomConvoy of Canadian Truckers? We are able to note that centralized outfits like GoFundMe and GiveSendGo function pretty much at first. Interface can be clean; personal funding will be fast and simple. But what goes on when these platforms deem your result in unjust? What pressures can centralized powers placed on these crowdsourcing sites to justify instant financing freezes, or even worse, make use of donations for something very different? Who are usually they to choose what people do making use of their hard-gained money?

After venturing down the rabbit hole of RARE PEPEs, I began to realize that even with getting orange pilled since 2016, I totally skipped the potential of Layer 2 protocols on Bitcoin with bitcoin-backed NFT sensible contracts.

Now prior to going, Whoa whoa G, are you currently gonna begin shitcoining us with NFTs of bored apes? Im gonna request you to hear me out.

The initial wise contract asset minted on Bitcoin had been back 2014. The asset test will be described right here on the BitcoinTalk forum. Yes, Bitcoin was really first to the NFT and sensible contract space prior to the Bored Apes. NFTs are usually cool and all, however the energy behind the technology of clever contracts on Layer 2 Bitcoin will be revolutionary. Why? Well, how do thousands of people crowdsource funding for a simply and righteous result in like, suppose, world hunger, without centralized powers declaring that world hunger is not any longer a simply and righteous cause? Imagine if we wanted to assistance Bitcoin City in El Salvador even though GoFundMe abruptly chooses El Salvador is really a blacklisted country? How do we trust a global contract that is possible for everyone to realize? If you are beginning to understand where that is going, you are usually realizing the much bigger picture.

The easiest method to test out a new program is by using it. So, I place this new Counterparty Layer 2 program to the test. Counterparty isn’t its own blockchain, instead, it rides along with the Bitcoin blockchain. Another solution to take into account the relationship is by using the Russian nesting doll comparison where in fact the bigger doll will be the Bitcoin transaction and another doll (located inside) will be a Counterparty transaction. This embedding technique is technically referred to as embedded consensus.

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We created my very own token known as BTCTRUCKERS. I developed some art with the purpose of all proceeds delivered to the truckers in Canada. I needed to see if we’re able to somehow show open-resource accounting to a charitable result in, transparently. I developed some art and boom. I had my very own bitcoin-backed NFT intelligent contract. My art actually produced the RAREFAKE series 5 Card 15 (sort of a problem).

I setup what Counterparty calls dispensers (think about a vending device transaction). In this exchange, you deliver some BTC and the Counterparty program automatically transfers the asset/NFT to the buyer’s wallet, then supplies you with the BTC. Very cool, correct?

So, how do we have confidence in you, G? Why would people purchase your NFT? How will you persuade us that BTC had been delivered to the truckers? Exceptional question, I’m glad you asked!

Initial, let’s discover the asset: https://xchain.io/asset/BTCTRUCKERS

Next, we go through the dispensers tab and note that I have create multiple assets; the initial who purchased obtained the cheaper price. Today, as you can plainly see, the initial three dispensers sold-out and we only require a few more to summarize dispenser four. With some basic math, we are able to see that each one of the dispensers that sold-out had 11 NFTs inside them before they relocated to an increased price.

https://xchain.io/tx/70fd533e768eb050062ae0542756eabe36fd6ac30642a5435abdominal9903b8efc9896

To recap: The initial dispenser had 11 NFTs for the price tag on 0.001111 this means 11 times 0.001111 equals 0.012221

We carry on the math for dispenser two and three at the bigger price and obtain a combined overall of 0.085547. (Another excellent web site that aggregates all of the sales data: https://dankset.io/assets/BTCTRUCKERS)

Below may be the transaction of the NFT pieces priced inside bitcoin on the Bitcoin blockchain delivered to the Canadian truckers … Just how do we know for certain? The tallycoin (https://tallyco.in/s/lzxccm/) web site directed everyone to send funds to the below Bitcoin address: bc1qlc2gpmzrr9gded07d9the40lt2lq7pp2v7h4c5jx

We are able to also note that the funds originated from exactly the same wallet that created BTCTRUCKERS:

https://xchain.io/asset/BTCTRUCKERS, 1JJP986hdU9Qy9b49rafM9FoXdbz1Mgbjo and

https://blockstream.info/tx/f5a87236bdfe3adc7ae7c9ac82130cf89b679b1c6d4fcdf5dddc98497579577f.

Up to now, I myself have elevated over 20 million sats up to now for the truckers with simply this one piece for example of transparency. Not merely may i prove the transaction had been delivered to the Freedom Convoy, however the buyer now includes a scarce digital token representing that donation. EASILY can perform it, why cant the WFP? The Crimson Cross?

To get this even further, how do we faith elected officials to invest money for certain tasks we voted for minus the transparency we simply witnessed through Layer 2 protocols on Bitcoin? Accountability and have faith in by verification will arranged humanity on a fresh training course for accountability from our leaders.

Like Elon Musk says, Sunlight is an excellent thing.


Update: Since composing this article, by March 7, 2022, I nevertheless possess 0.15 BTC in the wallets to end up being delivered to the truckers, nevertheless, the Canadian governments crackdowns pressured them to stop utilizing the first donation address. Personally, i spoke with Greg Foss on March 5, 2022 at Unconfiscatable 2022, the 15 BTC staying in the wallets and any future sales will undoubtedly be likely to the legal protection funds of the Canadian truckers because the lawsuit is currently in the vast sums. Most of my sats will undoubtedly be kept until that fresh address is revealed.

It is a guest post by PappyG45. Opinions expressed are completely their own , nor always reflect those of BTC Inc or Bitcoin Magazine.

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