transparently.ai

transparentlyai

How Open Sourcing Code Can Help Remote Communities Navigate Unique Challenges

Hello developers, let's talk about donations for a minute. Imagine a "hypothetical" world where the top 50% earners around the world donated only but just $1 monthly out of their annual income. Surprisingly, this small gesture could rake in a staggering $42 BILLION - money that could empower small NGOs to bring that "small" change that could bring about transformative change to people's lives across the globe. Yes, in the “hypothetical” world where this happens, there would be enough to meaningfully improve lives, reduce inequality, and address urgent needs. But, how did I come up with that number? Let's do the math together now, shall we? Who are the top 50% of earners? You may be thinking, “I’m not exactly wealthy, just an average person.” Well, the statistics would rather say otherwise. You might be surprised to learn that a lot of people do qualify as top earners by global standards. If you earn approximately $23,380 annually, you are already above the bottom half of the global income distribution -- alongside approximately 3.5 Billion others. This also means that almost half of the world's population is positioned to make a tangible impact on the other bottom half, even with very small contributions. How did the $42 Billion come about? Since we have now established some of the facts: There are approximately 3.5 BILLION people who are above the bottom half of the global income distribution which makes them 50% of the top earners around the world.
The top 50% earners on planet earth earn approximately $23,380 annually which can be said to be $1,948 per month. If each of these 3.5 billion people contributed just $1 per month which by the way is 0.0513% ($1/$1948 = x %100) of their monthly income -- the collective impact would be massive: 3.5 billion people × $1 × 12 months = $42 billion annually The need for Trustless Donation Platforms Currently, the charitable landscape is marred by significant trust issues between donors and non-governmental organizations (NGOs). High-profile scandals, like the cases of Oxfam and Kids Company, where funds raised through donations were misused and there were serious ethical breaches. Events like these have led to increased skepticism amongst potential donors, who fear their contributions would not be utilized as intended. According to the report on a study done by the World Economic Forum, trust in NGOs has rapidly declined due to bad perceptions that these organizations have become overly focused on fundraising at the expense of their core missions, further alienating the public they aim to serve. This rapid decline in trust is also further compounded by a lack of accountability and most importantly transparency in traditional donation methods. Since donors usually feel disconnected from the impact of their contributions they have doubts about whether their contributions are being put to good use. Studies have shown that if there is no transparent and clear information on the operational and performance models of NGOs, the public's confidence in them will reduce which directly impacts their funding and sustainability. The rise of these challenges further calls for solutions, like  -- trustless donation platforms. These are platforms that use blockchain technology to create transparent and immutable records of donations, ensuring that funds are tracked accurately and transparently between donors and NGOs. One such innovative solution is Rootstock, a platform that enhances Bitcoin's capabilities by enabling smart contracts and decentralized applications. By eliminating the need for middle-men and allowing direct oversight through smart contracts, trustless donation platforms built on Rootstock can rebuild confidence among donors. What is Rootstock? Rootstock is the first and longest-lasting sidechain for Bitcoin that represents a significant evolution of blockchain technology. Rootstock or RSK integrates Bitcoin's proof-of-work consensus with the dynamic capabilities of smart contracts that were originally popularized by Ethereum. This enhances Bitcoin's functionality and also opens a new world of possibilities for developers. By introducing smart contract functionality to the Bitcoin network, Rootstock allows developers to create decentralized applications (dApps) that can autonomously execute complex agreements. They were able to achieve this by using a forked version of the Ethereum Virtual Machine (EVM), known as the Rootstock Virtual Machine (RVM). This is great because now developers can leverage existing Ethereum tools and resources, making it easier to build and deploy dApps on Rootstock while also simultaneously leveraging Bitcoin security. In addition, Rootstock adds a programmable layer to Bitcoin by allowing faster creation times -- approximately every 30 seconds compared to Bitcoin's 10 minutes. Now that block generation is faster the execution of smart contracts has become more efficient enabling a great ecosystem of applications that can now easily interact with Bitcoin's infrastructure. The integration of features like the Powpeg — a trustless bridge that allows for the transfer of Bitcoin to and from Rootstock—further solidifies its role as a critical layer in the broader blockchain landscape. Designing a Trustless Donation System Architecture To build or design a system for a trustless donation system we have to bear in mind that the key feature of the system is to foster transparency and accountability in donations. As previously mentioned, as philanthropy evolves, so do the need for solutions that addresses the inherent trust issues between donors and organizations becomes evident. Multi-signature Wallets The foundation of this architecture is the use of multi-signature (multi-sig) wallets that require private keys to authorize transactions. This approach ensures that security is enhanced by distributing control among several parties, thereby reducing the risk of fraud or mismanagement of funds. For example, in a 2-of-3 multisig setup, at least two out of three designated signatories must approve any transaction, ensuring that no single individual has unilateral control over the funds. This unique approach not only safeguards assets but also ensures trust among donors who can be assured that their contributions are being managed responsibly. Smart Contracts In addition to multisig wallets, smart contracts play a very important role in managing the funds donated. Using solidity, you can design contracts that automate certain aspects of fund distribution, including setting donation limits and setting up voting systems for the distribution of funds. This level of flexibility allows responsiveness to the preferences of the donors, allowing a more democratic approach to how funds are managed. Smart contracts can ensure that certain conditions are met before funds are released to enhance accountability. Real-time tracking Another key aspect of this architecture is real-time tracking of funds. Integrating with the RSK block explorer, donors can monitor the flow of their contribution transparently. This is to further enhance transparency and allow donors to hold the NGOs accountable. Two-way Peg Finally, the technical security provided by RSK's two-way peg mechanism ensures trustlessness when converting Bitcoin (BTC) to Rootstock Bitcoin (RBTC) and vice versa. This system allows users to transfer their Bitcoin assets to the RSK platform while maintaining the integrity and security of their original holdings. The two-way peg ensures that each BTC on RSK is equivalent to an RBTC, directly reinforcing trust in the conversion process and enabling seamless interactions within the donation ecosystem. Conclusion: Future Applications and Expansion The benefits of a trustless platform could extend beyond just technological advancements; they could represent a fundamental shift in how donations are perceived and managed in the charitable sector. One of the main features or advantages of a trustless platform is its ability to provide security and transparency. By leveraging a range of Bitcoin's security features and Rootstock's smart contract features, donors can be assured that their contributions are safeguarded against fraud and mismanagement. Looking ahead, there are many ways to expand the platform’s functionality. For example, adding multi-currency support could attract a broader range of donors from different regions, enabling them to contribute using their preferred cryptocurrencies. More so, RSK-based DeFi features could be integrated into the platform to allow for financial products that can allow ending or yield generation from donations. In summary, the future applications and expansion of a trustless donation platform hold immense promise. By leveraging the power of Rootstock and Bitcoin, we can create a more secure, transparent, and trustworthy environment for charitable giving. Resources Rootstock Built for Bitcoin
Blockchain for Good
Sidechain and RSK
Rootstock Fundamental
Does Social Trust Influence Charitable Giving for NGOs?
Why is Trust in NGOs failing – World Economic Forum
What is Multisig and How does it work
Smart Bitcoin Hello developers, let's talk about donations for a minute. Imagine a " hypothetical " world where the top 50% earners around the world donated only but just $1 monthly out of their annual income. Surprisingly, this small gesture could rake in a staggering $42 BILLION - money that could empower small NGOs to bring that "small" change that could bring about transformative change to people's lives across the globe. Yes, in the “ hypothetical” world where this happens, there would be enough to meaningfully improve lives, reduce inequality, and address urgent needs. But, how did I come up with that number? Let's do the math together now, shall we? hypothetical hypothetical” Who are the top 50% of earners? You may be thinking, “I’m not exactly wealthy, just an average person.” Well, the statistics would rather say otherwise. You might be surprised to learn that a lot of people do qualify as top earners by global standards. If you earn approximately $23,380 annually , you are already above the bottom half of the global income distribution -- alongside approximately 3.5 Billion others. If you earn approximately $23,380 annually 3.5 Billion This also means that almost half of the world's population is positioned to make a tangible impact on the other bottom half, even with very small contributions. How did the $42 Billion come about? Since we have now established some of the facts: There are approximately 3.5 BILLION people who are above the bottom half of the global income distribution which makes them 50% of the top earners around the world. The top 50% earners on planet earth earn approximately $23,380 annually which can be said to be $1,948 per month. There are approximately 3.5 BILLION people who are above the bottom half of the global income distribution which makes them 50% of the top earners around the world. The top 50% earners on planet earth earn approximately $23,380 annually which can be said to be $1,948 per month. If each of these 3.5 billion people contributed just $1 per month which by the way is 0.0513% ($1/$1948 = x %100) of their monthly income -- the collective impact would be massive: 3.5 billion people × $1 × 12 months = $42 billion annually 3.5 billion people $1 12 months $42 billion annually The need for Trustless Donation Platforms Currently, the charitable landscape is marred by significant trust issues between donors and non-governmental organizations (NGOs). High-profile scandals, like the cases of Oxfam and Kids Company , where funds raised through donations were misused and there were serious ethical breaches. Events like these have led to increased skepticism amongst potential donors, who fear their contributions would not be utilized as intended. According to the report on a study done by the World Economic Forum , trust in NGOs has rapidly declined due to bad perceptions that these organizations have become overly focused on fundraising at the expense of their core missions, further alienating the public they aim to serve. Oxfam Kids Company a study done by the World Economic Forum This rapid decline in trust is also further compounded by a lack of accountability and most importantly transparency in traditional donation methods. Since donors usually feel disconnected from the impact of their contributions they have doubts about whether their contributions are being put to good use. Studies have shown that if there is no transparent and clear information on the operational and performance models of NGOs, the public's confidence in them will reduce which directly impacts their funding and sustainability. The rise of these challenges further calls for solutions, like  -- trustless donation platforms . These are platforms that use blockchain technology to create transparent and immutable records of donations, ensuring that funds are tracked accurately and transparently between donors and NGOs. One such innovative solution is Rootstock , a platform that enhances Bitcoin's capabilities by enabling smart contracts and decentralized applications. By eliminating the need for middle-men and allowing direct oversight through smart contracts, trustless donation platforms built on Rootstock can rebuild confidence among donors. trustless donation platforms Rootstock What is Rootstock? Rootstock is the first and longest-lasting sidechain for Bitcoin that represents a significant evolution of blockchain technology. Rootstock or RSK integrates Bitcoin's proof-of-work consensus with the dynamic capabilities of smart contracts that were originally popularized by Ethereum. This enhances Bitcoin's functionality and also opens a new world of possibilities for developers. Rootstock is the first and longest-lasting sidechain for Bitcoin By introducing smart contract functionality to the Bitcoin network, Rootstock allows developers to create decentralized applications (dApps) that can autonomously execute complex agreements. They were able to achieve this by using a forked version of the Ethereum Virtual Machine (EVM), known as the Rootstock Virtual Machine (RVM) . This is great because now developers can leverage existing Ethereum tools and resources, making it easier to build and deploy dApps on Rootstock while also simultaneously leveraging Bitcoin security. Rootstock Virtual Machine (RVM) In addition, Rootstock adds a programmable layer to Bitcoin by allowing faster creation times -- approximately every 30 seconds compared to Bitcoin's 10 minutes. Now that block generation is faster the execution of smart contracts has become more efficient enabling a great ecosystem of applications that can now easily interact with Bitcoin's infrastructure. The integration of features like the Powpeg — a trustless bridge that allows for the transfer of Bitcoin to and from Rootstock—further solidifies its role as a critical layer in the broader blockchain landscape. Rootstock adds a programmable layer to Bitcoin by allowing faster creation times -- approximately every 30 seconds compared to Bitcoin's 10 minutes. Designing a Trustless Donation System Architecture To build or design a system for a trustless donation system we have to bear in mind that the key feature of the system is to foster transparency and accountability in donations. As previously mentioned, as philanthropy evolves, so do the need for solutions that addresses the inherent trust issues between donors and organizations becomes evident. trustless Multi-signature Wallets The foundation of this architecture is the use of multi-signature (multi-sig) wallets that require private keys to authorize transactions. This approach ensures that security is enhanced by distributing control among several parties, thereby reducing the risk of fraud or mismanagement of funds. For example, in a 2-of-3 multisig setup, at least two out of three designated signatories must approve any transaction, ensuring that no single individual has unilateral control over the funds. This unique approach not only safeguards assets but also ensures trust among donors who can be assured that their contributions are being managed responsibly. multi-signature (multi-sig) wallets Smart Contracts In addition to multisig wallets, smart contracts play a very important role in managing the funds donated. Using solidity, you can design contracts that automate certain aspects of fund distribution, including setting donation limits and setting up voting systems for the distribution of funds. This level of flexibility allows responsiveness to the preferences of the donors, allowing a more democratic approach to how funds are managed. Smart contracts can ensure that certain conditions are met before funds are released to enhance accountability. Real-time tracking Another key aspect of this architecture is real-time tracking of funds . Integrating with the RSK block explorer, donors can monitor the flow of their contribution transparently. This is to further enhance transparency and allow donors to hold the NGOs accountable. real-time tracking of funds Two-way Peg Finally, the technical security provided by RSK's two-way peg mechanism ensures trustlessness when converting Bitcoin (BTC) to Rootstock Bitcoin (RBTC) and vice versa. This system allows users to transfer their Bitcoin assets to the RSK platform while maintaining the integrity and security of their original holdings. The two-way peg ensures that each BTC on RSK is equivalent to an RBTC, directly reinforcing trust in the conversion process and enabling seamless interactions within the donation ecosystem. Conclusion: Future Applications and Expansion The benefits of a trustless platform could extend beyond just technological advancements; they could represent a fundamental shift in how donations are perceived and managed in the charitable sector. One of the main features or advantages of a trustless platform is its ability to provide security and transparency. By leveraging a range of Bitcoin's security features and Rootstock's smart contract features, donors can be assured that their contributions are safeguarded against fraud and mismanagement. Looking ahead, there are many ways to expand the platform’s functionality. For example, adding multi-currency support could attract a broader range of donors from different regions, enabling them to contribute using their preferred cryptocurrencies. More so, RSK-based DeFi features could be integrated into the platform to allow for financial products that can allow ending or yield generation from donations. In summary, the future applications and expansion of a trustless donation platform hold immense promise. By leveraging the power of Rootstock and Bitcoin, we can create a more secure, transparent, and trustworthy environment for charitable giving. Resources Rootstock Built for Bitcoin Blockchain for Good Sidechain and RSK Rootstock Fundamental Does Social Trust Influence Charitable Giving for NGOs? Why is Trust in NGOs failing – World Economic Forum What is Multisig and How does it work Smart Bitcoin Rootstock Built for Bitcoin Rootstock Built for Bitcoin Blockchain for Good Blockchain for Good Sidechain and RSK Sidechain and RSK Rootstock Fundamental Rootstock Fundamental Does Social Trust Influence Charitable Giving for NGOs? Does Social Trust Influence Charitable Giving for NGOs? Why is Trust in NGOs failing – World Economic Forum Why is Trust in NGOs failing – World Economic Forum What is Multisig and How does it work What is Multisig and How does it work Smart Bitcoin Smart Bitcoin

 $42 Billion and a Trustless Donation Platform

With the U.S. elections now behind us, we’re left to assess what the candidates stood for—and one surprising theme has been the push for Bitcoin and blockchain technology. Imagine a future where campaign promises aren’t just words but commitments you can actually track. This article explores how Bitcoin could be more than a campaign buzzword, giving voters a way to hold elected leaders accountable by offering a transparent look into fulfilling their promises. System for Registering Political Proposals Based on Bitcoin In the current landscape of blockchain technology, most systems for political proposals and voting have been developed on second and third-generation platforms that offer advanced features and flexibility. This trend has fostered the perception that Bitcoin’s network, with its steadfast focus on security and decentralization, is unsuitable for such applications. However, despite the deactivation of OP_CAT, there remains significant potential in Bitcoin’s base layer. By leveraging the OP_RETURN field, we can immutably record political proposals, enabling the creation of a system that not only promotes transparency and accountability but also highlights Bitcoin's disruptive role in the political realm. This approach challenges the notion that only newer blockchains can tackle issues like political proposals, revealing a unique opportunity to innovate within Bitcoin's ecosystem. To date, no formal system exists that registers proposals from politicians directly on Bitcoin (using the OP_RETURN field), although several attempts have been made to apply blockchain technology to improve transparency and accountability in politics. Projects like BitCongress aimed to use blockchain for voting and proposal registration, but they did not succeed. Others have explored the idea of making political campaigns more transparent or implementing voting systems on blockchain, but these efforts remain experimental. This leaves an open space for innovation, allowing for the creation of a system that immutably records political promises on Bitcoin. Below, we introduce the Political Proposal Recording System Based on Bitcoin (PPR-BTC), an approach that enables the recording and auditing of both campaign promises and expenses. Objective To record campaign promises and the expenses associated with campaign contributions on the Bitcoin blockchain, ensuring transparency and accountability from politicians. Key Components of the System: Proposal Registration in OP_RETURN: Political proposals are stored directly on the blockchain using the OP_RETURN field.
A summary of the proposal or a hash (SHA-256) of the complete proposal is registered if it is too lengthy.
Campaign Contributions: Each politician will have a specific Bitcoin address to receive campaign contributions.
Contributions are recorded on the blockchain via transactions with OP_RETURN, detailing the amount received (in the currency specified at the time of the transaction) and the purpose of the expenditure. This allows for clear tracking of how campaigns are financed.
Expense Registration: Every time a campaign-related expense is made, a new OP_RETURN transaction is created that describes the expenditure, the date, and the amount, as well as a receipt that can be a hash of the digital receipt.
This ensures that citizens can audit how the money raised for the campaign is being utilized.
Additionally, the UTXO system can be leveraged to accurately identify the coherence between specific contributions and expenditures. In this regard, the system has a clear advantage over the account or balance systems used by other blockchains like Ethereum.
Symbolic Voting with Bitcoin Addresses (optional): Two Bitcoin addresses are generated:
Address A: To vote that the politician has fulfilled the promise.
Address B: To vote that the politician has not fulfilled the promise.
Citizens can express their opinion by sending small amounts of Bitcoin (satoshis) to the address representing their stance.
Proposal Modifications (optional): The spirit of the system should not contemplate the possibility of modifications. In fact, Bitcoin does not allow it, even if desired. If a politician fails to fulfill a proposal, they simply do not fulfill it.
However, if an alternative is sought and a politician wishes to update their proposal, a new transaction can be registered referencing the original in the OP_RETURN. This creates an immutable chain of promises and modifications, ensuring that the history of proposals is clear and accessible. Advantages of the System: Total Transparency: Promises and expenses are recorded on the blockchain, providing an unprecedented level of trust and auditability.
Accountability: Citizens can see how campaign funds are being used.
Citizen Participation: Citizens can express their opinions on the fulfillment of promises through a simple voting system on the blockchain. Disadvantages of the System: Proposal Size: The 80-byte limitation in OP_RETURN restricts the amount of information that can be recorded directly.
Transaction Costs: Each transaction incurs a cost on the Bitcoin network, which could increase with multiple modifications or expenses. Technical Considerations: Access Control: Implement a verification system so that only verified accounts can register proposals.
User-Friendly Interfaces: Create a platform that translates transactions on the blockchain into an accessible format for citizens, allowing for easy verification of proposals and expenses.
BIP-420 or Similar: If the option OP_CAT were to be re-enabled, we could concatenate strings and significantly expand the possibilities of PPR-BTC, including the ability to introduce basic smart contracts. Conclusion The possibility of integrating Bitcoin into the political sphere, especially for recording and verifying electoral promises, represents a profound transformation in the way citizens interact with their leaders. By utilizing the immutability and transparency offered by the blockchain, a system is created in which political promises can no longer fade into thin air. Bitcoin not only acts as a crypto asset, but its robustness serves as a tool for accountability. The Bitcoin-Based Political Proposal Registration System ensures that voters can track every word from politicians and provides an auditable and decentralized mechanism to guarantee that campaign funds are used transparently. The immutability of transactions on Bitcoin, combined with precise tracking of contributions and campaign expenses, sets a new standard for transparency and accountability in politics. Although the OP_RETURN field currently limits the amount of information that can be recorded, the reactivation of OP_CAT—a feature that would allow data concatenation in Bitcoin—would further facilitate the management of more complex information, opening the door to smart contracts and expanding the scope of political proposal registration. This would enhance the system's ability to incorporate even more details and make political promises clearer and more traceable. Bitcoin not only ensures economic value; it guarantees promises. What is recorded on its blockchain remains forever, forcing politicians to fulfill what they promise or face the reality that their commitments will not be forgotten or erased. This new era of transparency could be the necessary impetus to restore trust in the democratic process, especially for those candidates who use Bitcoin in their campaigns merely as a marketing hook, seeking to attract new niches of enthusiastic voters but then fail to deliver on their promises. Now more than ever: Don’t trust, verify. With the U.S. elections now behind us, we’re left to assess what the candidates stood for—and one surprising theme has been the push for Bitcoin and blockchain technology. Imagine a future where campaign promises aren’t just words but commitments you can actually track. This article explores how Bitcoin could be more than a campaign buzzword, giving voters a way to hold elected leaders accountable by offering a transparent look into fulfilling their promises. System for Registering Political Proposals Based on Bitcoin In the current landscape of blockchain technology, most systems for political proposals and voting have been developed on second and third-generation platforms that offer advanced features and flexibility. This trend has fostered the perception that Bitcoin’s network, with its steadfast focus on security and decentralization, is unsuitable for such applications. However, despite the deactivation of OP_CAT, there remains significant potential in Bitcoin’s base layer. By leveraging the OP_RETURN field, we can immutably record political proposals, enabling the creation of a system that not only promotes transparency and accountability but also highlights Bitcoin's disruptive role in the political realm. This approach challenges the notion that only newer blockchains can tackle issues like political proposals, revealing a unique opportunity to innovate within Bitcoin's ecosystem. To date, no formal system exists that registers proposals from politicians directly on Bitcoin (using the OP_RETURN field), although several attempts have been made to apply blockchain technology to improve transparency and accountability in politics. Projects like BitCongress aimed to use blockchain for voting and proposal registration, but they did not succeed. Others have explored the idea of making political campaigns more transparent or implementing voting systems on blockchain, but these efforts remain experimental. This leaves an open space for innovation, allowing for the creation of a system that immutably records political promises on Bitcoin. Below, we introduce the Political Proposal Recording System Based on Bitcoin (PPR-BTC) , an approach that enables the recording and auditing of both campaign promises and expenses. Political Proposal Recording System Based on Bitcoin (PPR-BTC) Objective Objective To record campaign promises and the expenses associated with campaign contributions on the Bitcoin blockchain, ensuring transparency and accountability from politicians. Key Components of the System: Key Components of the System: Proposal Registration in OP_RETURN: Political proposals are stored directly on the blockchain using the OP_RETURN field. A summary of the proposal or a hash (SHA-256) of the complete proposal is registered if it is too lengthy. Campaign Contributions: Each politician will have a specific Bitcoin address to receive campaign contributions. Contributions are recorded on the blockchain via transactions with OP_RETURN, detailing the amount received (in the currency specified at the time of the transaction) and the purpose of the expenditure. This allows for clear tracking of how campaigns are financed. Expense Registration: Every time a campaign-related expense is made, a new OP_RETURN transaction is created that describes the expenditure, the date, and the amount, as well as a receipt that can be a hash of the digital receipt. This ensures that citizens can audit how the money raised for the campaign is being utilized. Additionally, the UTXO system can be leveraged to accurately identify the coherence between specific contributions and expenditures. In this regard, the system has a clear advantage over the account or balance systems used by other blockchains like Ethereum. Symbolic Voting with Bitcoin Addresses (optional): Two Bitcoin addresses are generated: Address A: To vote that the politician has fulfilled the promise. Address B: To vote that the politician has not fulfilled the promise. Citizens can express their opinion by sending small amounts of Bitcoin (satoshis) to the address representing their stance. Proposal Modifications (optional): The spirit of the system should not contemplate the possibility of modifications. In fact, Bitcoin does not allow it, even if desired. If a politician fails to fulfill a proposal, they simply do not fulfill it. However, if an alternative is sought and a politician wishes to update their proposal, a new transaction can be registered referencing the original in the OP_RETURN. This creates an immutable chain of promises and modifications, ensuring that the history of proposals is clear and accessible. Proposal Registration in OP_RETURN: Political proposals are stored directly on the blockchain using the OP_RETURN field. A summary of the proposal or a hash (SHA-256) of the complete proposal is registered if it is too lengthy. Campaign Contributions: Each politician will have a specific Bitcoin address to receive campaign contributions. Contributions are recorded on the blockchain via transactions with OP_RETURN, detailing the amount received (in the currency specified at the time of the transaction) and the purpose of the expenditure. This allows for clear tracking of how campaigns are financed. Expense Registration: Every time a campaign-related expense is made, a new OP_RETURN transaction is created that describes the expenditure, the date, and the amount, as well as a receipt that can be a hash of the digital receipt. This ensures that citizens can audit how the money raised for the campaign is being utilized. Additionally, the UTXO system can be leveraged to accurately identify the coherence between specific contributions and expenditures. In this regard, the system has a clear advantage over the account or balance systems used by other blockchains like Ethereum. Symbolic Voting with Bitcoin Addresses (optional): Two Bitcoin addresses are generated: Address A: To vote that the politician has fulfilled the promise. Address B: To vote that the politician has not fulfilled the promise. Citizens can express their opinion by sending small amounts of Bitcoin (satoshis) to the address representing their stance. Proposal Modifications (optional): The spirit of the system should not contemplate the possibility of modifications. In fact, Bitcoin does not allow it, even if desired. If a politician fails to fulfill a proposal, they simply do not fulfill it. However, if an alternative is sought and a politician wishes to update their proposal, a new transaction can be registered referencing the original in the OP_RETURN. This creates an immutable chain of promises and modifications, ensuring that the history of proposals is clear and accessible. Advantages of the System: Advantages of the System: Total Transparency: Promises and expenses are recorded on the blockchain, providing an unprecedented level of trust and auditability. Accountability: Citizens can see how campaign funds are being used. Citizen Participation: Citizens can express their opinions on the fulfillment of promises through a simple voting system on the blockchain. Total Transparency: Promises and expenses are recorded on the blockchain, providing an unprecedented level of trust and auditability. Total Transparency: Accountability: Citizens can see how campaign funds are being used. Accountability: Citizen Participation: Citizens can express their opinions on the fulfillment of promises through a simple voting system on the blockchain. Citizen Participation: Disadvantages of the System: Disadvantages of the System: Proposal Size: The 80-byte limitation in OP_RETURN restricts the amount of information that can be recorded directly. Transaction Costs: Each transaction incurs a cost on the Bitcoin network, which could increase with multiple modifications or expenses. Proposal Size: The 80-byte limitation in OP_RETURN restricts the amount of information that can be recorded directly. Proposal Size: Transaction Costs: Each transaction incurs a cost on the Bitcoin network, which could increase with multiple modifications or expenses. Transaction Costs: Technical Considerations: Technical Considerations: Access Control: Implement a verification system so that only verified accounts can register proposals. User-Friendly Interfaces: Create a platform that translates transactions on the blockchain into an accessible format for citizens, allowing for easy verification of proposals and expenses. BIP-420 or Similar: If the option OP_CAT were to be re-enabled, we could concatenate strings and significantly expand the possibilities of PPR-BTC, including the ability to introduce basic smart contracts. Access Control: Implement a verification system so that only verified accounts can register proposals. Access Control: User-Friendly Interfaces: Create a platform that translates transactions on the blockchain into an accessible format for citizens, allowing for easy verification of proposals and expenses. User-Friendly Interfaces: BIP-420 or Similar: If the option OP_CAT were to be re-enabled, we could concatenate strings and significantly expand the possibilities of PPR-BTC, including the ability to introduce basic smart contracts. BIP-420 or Similar: Conclusion Conclusion The possibility of integrating Bitcoin into the political sphere, especially for recording and verifying electoral promises, represents a profound transformation in the way citizens interact with their leaders. By utilizing the immutability and transparency offered by the blockchain, a system is created in which political promises can no longer fade into thin air. Bitcoin not only acts as a crypto asset, but its robustness serves as a tool for accountability. The Bitcoin-Based Political Proposal Registration System ensures that voters can track every word from politicians and provides an auditable and decentralized mechanism to guarantee that campaign funds are used transparently. The immutability of transactions on Bitcoin, combined with precise tracking of contributions and campaign expenses, sets a new standard for transparency and accountability in politics. Although the OP_RETURN field currently limits the amount of information that can be recorded, the reactivation of OP_CAT—a feature that would allow data concatenation in Bitcoin—would further facilitate the management of more complex information, opening the door to smart contracts and expanding the scope of political proposal registration. This would enhance the system's ability to incorporate even more details and make political promises clearer and more traceable. Bitcoin not only ensures economic value; it guarantees promises. What is recorded on its blockchain remains forever, forcing politicians to fulfill what they promise or face the reality that their commitments will not be forgotten or erased. This new era of transparency could be the necessary impetus to restore trust in the democratic process, especially for those candidates who use Bitcoin in their campaigns merely as a marketing hook, seeking to attract new niches of enthusiastic voters but then fail to deliver on their promises. Now more than ever: Don’t trust, verify. Don’t trust, verify.

Can Bitcoin Hold Politicians to Their Promises?

How to Build a Sustainable Web3 Ecosystem

Kunjamas mä Ecosistema Web3 Sostenible luraña

Cómo construir un ecosistema Web3 sostenible

Comment construire un écosystème Web3 durable

Como construír un ecosistema Web3 sostible

Kako izgraditi održivi Web3 ekosustav

持続可能なWeb3エコシステムを構築する方法

지속 가능한 Web3 생태계를 구축하는 방법

Cara Membina Ekosistem Web3 yang Mampan

තිරසාර Web3 පරිසර පද්ධතියක් ගොඩනගන්නේ කෙසේද?

Maitiro Ekuvaka Yakasimba Web3 Ecosystem

Làm thế nào để xây dựng một hệ sinh thái Web3 bền vững

如何构建可持续的 Web3 生态系统

Benjamin Putley is the Chief Executive Officer and Co-founder at Alkimi Exchange. He has 10 years of experience in digital advertising, predominantly focused on selling software to global publishers. Alkimi is a decentralised replacement to the inefficient legacy programmatic ad exchanges with the mission to restore the value exchange between advertisers, publishers and users. Alkimi is a custom layer 2 scaling solution on the Ethereum network, specifically for advertising — which allows us to provide the fastest, infinitely scalable solution with 0% fraud, low transaction fees and complete end-to-end transparency. What is your company in 2-5 words? Blockchain-powered digital advertising revolution. 2. Why is now the time for your company to exist? Right now, the digital ad industry is desperate for improved transparency and efficiency. The traditional model is full of middlemen, fraud and a lack of accountability. We’re here because blockchain offers the perfect solution to bring transparency, fairness and value back to advertising at a time when it’s needed most. We need to ensure the future of the ad-funded internet so it is free and accessible to everyone. What do you love about your team, and why are you the ones to solve this problem? I am inspired daily by our team's diversity of talent and relentless drive to disrupt the status quo. We have a mix of people from adtech, blockchain, and business innovation who understand both the problem and the solution deeply. This combination makes us perfectly placed to reshape the digital advertising space- not just with a blockchain protocol , but by fundamentally transforming the way ads are bought and sold. If you weren't building your startup, what would you be doing? Honestly, it’s hard to imagine not building Alkimi. But if I wasn’t, I’d likely be exploring ways to improve the ad ecosystem. I have spent my entire career working in this industry and I love it. At the moment, how do you measure success? What are your metrics? We measure success through multiple lenses: advertiser ROI improvement, publisher revenue increases but ultimately, our north star is the percentage of global digital ad spend flowing through our platform. In a few sentences, what do you offer to whom? We offer advertisers and publishers a blockchain that ensures every ad dollar is spent efficiently and transparently. For advertisers, this means better ROI and brand safety. For publishers, it's about fair compensation and simplified operations. We're bringing trust and value back to digital advertising. What’s most exciting about your traction to date? What excites me most is how quickly major brands and publishers are adopting our platform. Our conversion rates are far above the industry norm, which shows that we’re solving a real problem at the right time. Where do you think your growth will be next year? Next year, we anticipate exponential growth as we expand globally and deepen our penetration in key markets. We're projecting a 10x increase in transaction volume and expect to onboard several Fortune 500 companies as they seek more efficient, transparent advertising solutions. Tell us about your first paying customer and revenue expectations over the next year. Our first paying customer was Amazon Web Services, via their media agency Kinesso.. Frustrated with the lack of transparency in their ad spend, they saw a 212% reduction in the cost of media. Looking ahead, we expect to 10x our revenue over the next year as we scale our operations and bring on more enterprise clients. What’s your biggest threat? Our biggest threat is the potential for slow adoption due to industry inertia. Many players in the current system benefit from its opacity. However, we're countering this by demonstrating clear, measurable benefits to early adopters and building strong partnerships across the industry. We're not just offering a product; we're leading a movement towards a more equitable digital advertising ecosystem. Benjamin Putley is the Chief Executive Officer and Co-founder at Alkimi Exchange. He has 10 years of experience in digital advertising, predominantly focused on selling software to global publishers. Benjamin Putley is the Chief Executive Officer and Co-founder at Alkimi Exchange. He has 10 years of experience in digital advertising, predominantly focused on selling software to global publishers. Alkimi is a decentralised replacement to the inefficient legacy programmatic ad exchanges with the mission to restore the value exchange between advertisers, publishers and users. Alkimi is a custom layer 2 scaling solution on the Ethereum network, specifically for advertising — which allows us to provide the fastest, infinitely scalable solution with 0% fraud, low transaction fees and complete end-to-end transparency. What is your company in 2-5 words? What is your company in 2-5 words? What is your company in 2-5 words? Blockchain-powered digital advertising revolution. 2. Why is now the time for your company to exist? Why is now the time for your company to exist? Right now, the digital ad industry is desperate for improved transparency and efficiency. The traditional model is full of middlemen, fraud and a lack of accountability. We’re here because blockchain offers the perfect solution to bring transparency, fairness and value back to advertising at a time when it’s needed most. We need to ensure the future of the ad-funded internet so it is free and accessible to everyone. What do you love about your team, and why are you the ones to solve this problem? What do you love about your team, and why are you the ones to solve this problem? What do you love about your team, and why are you the ones to solve this problem? I am inspired daily by our team's diversity of talent and relentless drive to disrupt the status quo. We have a mix of people from adtech, blockchain, and business innovation who understand both the problem and the solution deeply. This combination makes us perfectly placed to reshape the digital advertising space- not just with a blockchain protocol , but by fundamentally transforming the way ads are bought and sold. If you weren't building your startup, what would you be doing? If you weren't building your startup, what would you be doing? If you weren't building your startup, what would you be doing? Honestly, it’s hard to imagine not building Alkimi. But if I wasn’t, I’d likely be exploring ways to improve the ad ecosystem. I have spent my entire career working in this industry and I love it. At the moment, how do you measure success? What are your metrics? At the moment, how do you measure success? What are your metrics? At the moment, how do you measure success? What are your metrics? We measure success through multiple lenses: advertiser ROI improvement, publisher revenue increases but ultimately, our north star is the percentage of global digital ad spend flowing through our platform. In a few sentences, what do you offer to whom? In a few sentences, what do you offer to whom? In a few sentences, what do you offer to whom? We offer advertisers and publishers a blockchain that ensures every ad dollar is spent efficiently and transparently. For advertisers, this means better ROI and brand safety. For publishers, it's about fair compensation and simplified operations. We're bringing trust and value back to digital advertising. What’s most exciting about your traction to date? What’s most exciting about your traction to date? What’s most exciting about your traction to date? What excites me most is how quickly major brands and publishers are adopting our platform. Our conversion rates are far above the industry norm, which shows that we’re solving a real problem at the right time. Where do you think your growth will be next year? Where do you think your growth will be next year? Where do you think your growth will be next year? Next year, we anticipate exponential growth as we expand globally and deepen our penetration in key markets. We're projecting a 10x increase in transaction volume and expect to onboard several Fortune 500 companies as they seek more efficient, transparent advertising solutions. Tell us about your first paying customer and revenue expectations over the next year. Tell us about your first paying customer and revenue expectations over the next year. Tell us about your first paying customer and revenue expectations over the next year. Our first paying customer was Amazon Web Services, via their media agency Kinesso.. Frustrated with the lack of transparency in their ad spend, they saw a 212% reduction in the cost of media. Looking ahead, we expect to 10x our revenue over the next year as we scale our operations and bring on more enterprise clients. What’s your biggest threat? What’s your biggest threat? What’s your biggest threat? Our biggest threat is the potential for slow adoption due to industry inertia. Many players in the current system benefit from its opacity. However, we're countering this by demonstrating clear, measurable benefits to early adopters and building strong partnerships across the industry. We're not just offering a product; we're leading a movement towards a more equitable digital advertising ecosystem.

Alkimi Exchange Founder and CEO Ben Putley Talks Blockchain-based Digital Advertising

Interaction, Repetition and Trust: Are These Opt-out?

Open Innovation is the Cornerstone of Your Startup’s Success

Can Anything Stop the Death of the Token Airdrop? No, Bring It On.

የማስመሰያ የአየር ጠብታ ሞትን የሚያቆመው ነገር አለ? አይ፣ አምጣው

¿Kunas Token Airdrop jiwataparux jark’aspa? Janiwa, Apanipxam.

Qualsevol cosa pot aturar la mort del token Airdrop? No, porta-ho.

¿Puede algo detener la muerte del airdrop de tokens? No, adelante.

Edozerk gelditu al dezake Token Airdrop-aren heriotza? Ez, Ekarri.

آیا چیزی می تواند مرگ توکن ایردراپ را متوقف کند؟ نه، آن را روشن کن.

Algo pode deter a morte do token Airdrop? Non, trae.

トークンエアドロップの終焉を阻止できるものはあるか？いいえ、やって来い。

Misy afaka manakana ny fahafatesan'ny Token Airdrop ve? Tsia, Ampidiro.

Token howa gämisiniň ölümini duruzyp biljek zat barmy? .Ok, getir.

May Mapapahinto ba ang Kamatayan ng Token Airdrop? Hindi, Dalhin Ito.

Чи може щось зупинити смерть Token Airdrop? Ні, принеси це.

Centralization as a Factor Constraining the Development of Secure Communications

Dear Lumozers, We are thrilled to announce that the final round of the Lumoz Quidditch incentive testnet officially concluded on September 27 at 16:00 (UTC+8). This event, which began on August 27, lasted a month and attracted enthusiastic participation from regular users, outstanding project teams, zkVerifier nodes, developers, and more. Today, we are excited to share the remarkable achievements of the Quidditch testnet and provide details on the upcoming points redemption process, ensuring a smooth transition from the testnet to the future mainnet. Testnet Data Performance: Regular User Participation: 1,000,000+


Ecosystem Project Participation: 30+


Nodes Operated: 750+


License Staking: 58,000+


Verifications Submitted: 7,230,356


Total Community Size: 1,600,000+ The Quidditch incentive testnet introduced the Lumoz-developed Quidditch Bot TG game, allowing participants to enjoy the game while sharing a prize pool of 50 million esMOZ tokens. The event received support from over 30 top ecosystem projects, including OKX Wallet and Bitget Wallet, which provided generous rewards and designed unique tasks, greatly enhancing the user experience. In the core part of the event, participants operated verification nodes by staking tokens, experiencing the decentralized nature of the network firsthand. At the end of the event, the number of participating nodes reached 752, with 58,183 licenses staked and a total of 154,414 participants in the staking tests. The total number of verifications submitted was 7,230,356. These figures clearly demonstrate the stability and scalability of the Lumoz network. About Points Inquiry and Redemption This event released a total of 50 million points, with sources including points earned by exchanging through the Golden Snitch with magic stones, points from participating in ecosystem project tasks, and points earned from advanced tasks like node testing. We will distribute the points fairly based on participation, contribution, and task completion, ensuring that every point is treated fairly and transparently. Currently, participants in the game can check their points on the leaderboard within the Bot. Please note that the statistics for points earned from the other 25 ecosystem activities are still being finalized by the team and are expected to be completed by October 10. At that time, all users will be able to view their cumulative points from various stages via the official website link. Points Inquiry Portal：https://lumoz.org/lumoz-points Points redemption is also a top priority for everyone. According to the official documentation, 50 million points can be exchanged on a 1:1 basis for 50 million esMOZ. Holders of esMOZ will gain the right to participate in Lumoz ecosystem governance. To ensure ecosystem stability, the exchange rules between MOZ and esMOZ will have different ratios for various time periods. esMOZ will also have a reasonable lock-up period, and redemption can be canceled at any time. For detailed information on points distribution and token exchange progress, please stay tuned to Lumoz's social media and Discord community. Mainnet Launch: A New Chapter Awaits Lumoz, as a globally distributed modular computing network, provides users with a powerful, secure, and flexible computing platform. The uniqueness of this architecture not only enables Lumoz to deliver efficient performance but also allows for personalized solutions across various scenarios. In this context, the launch of the final round of the Quidditch testnet is particularly significant. In the first half of this year, Lumoz successfully completed its Pre-A round and strategic financing, totaling $14 million, with a new round of funding valued at up to $300 million. Participating institutions include OKX Ventures, HashKey Capital, KuCoin Ventures, Polygon, IDG Blockchain, and others, reflecting the capital market's optimism and expectations for Lumoz. This also provides Lumoz with stronger financial resources to maintain and innovate its technology and products. With the testnet activities concluded, the team is currently preparing for Lumoz's mainnet launch and TGE. The mainnet will inherit the excellent features of the testnet, including high performance, strong security, and good scalability. At the same time, we plan to deploy and support multiple Layer 2 solutions, further develop existing products like ZKFair and Merlin Chain, and introduce more Layer 2 chains to provide innovative solutions for various industries, driving progress across the entire blockchain ecosystem. Final Thanks and Outlook To date, Lumoz has successfully completed three rounds of testnets: Pre-Alpha, Alpha, and Quidditch. The success of these testnets is undoubtedly due to the contributions of every participant. Your enthusiasm, feedback, and suggestions are invaluable nutrients for Lumoz's growth. We would also like to extend our special thanks to the 200+ ecosystem partners and millions of community users who have supported us since Lumoz's inception. Based on our past successes, we believe that the launch of the Lumoz mainnet and TGE before the end of 2024 will achieve remarkable results! Let us join hands and witness the arrival of the zero-knowledge computing era, creating a bright future for Lumoz together! Dear Lumozers, We are thrilled to announce that the final round of the Lumoz Quidditch incentive testnet officially concluded on September 27 at 16:00 (UTC+8). This event, which began on August 27, lasted a month and attracted enthusiastic participation from regular users, outstanding project teams, zkVerifier nodes, developers, and more. Today, we are excited to share the remarkable achievements of the Quidditch testnet and provide details on the upcoming points redemption process, ensuring a smooth transition from the testnet to the future mainnet. Testnet Data Performance: Regular User Participation: 1,000,000+ Ecosystem Project Participation: 30+ Nodes Operated: 750+ License Staking: 58,000+ Verifications Submitted: 7,230,356 Total Community Size: 1,600,000+ Regular User Participation: 1,000,000+ Regular User Participation: 1,000,000+ Ecosystem Project Participation: 30+ Ecosystem Project Participation: 30+ Nodes Operated: 750+ Nodes Operated: 750+ License Staking: 58,000+ License Staking: 58,000+ Verifications Submitted: 7,230,356 Verifications Submitted: 7,230,356 Total Community Size: 1,600,000+ Total Community Size: 1,600,000+ The Quidditch incentive testnet introduced the Lumoz-developed Quidditch Bot TG game, allowing participants to enjoy the game while sharing a prize pool of 50 million esMOZ tokens. The event received support from over 30 top ecosystem projects, including OKX Wallet and Bitget Wallet, which provided generous rewards and designed unique tasks, greatly enhancing the user experience. In the core part of the event, participants operated verification nodes by staking tokens, experiencing the decentralized nature of the network firsthand. At the end of the event, the number of participating nodes reached 752, with 58,183 licenses staked and a total of 154,414 participants in the staking tests. The total number of verifications submitted was 7,230,356. These figures clearly demonstrate the stability and scalability of the Lumoz network. About Points Inquiry and Redemption This event released a total of 50 million points, with sources including points earned by exchanging through the Golden Snitch with magic stones, points from participating in ecosystem project tasks, and points earned from advanced tasks like node testing. We will distribute the points fairly based on participation, contribution, and task completion, ensuring that every point is treated fairly and transparently. Currently, participants in the game can check their points on the leaderboard within the Bot. Please note that the statistics for points earned from the other 25 ecosystem activities are still being finalized by the team and are expected to be completed by October 10. At that time, all users will be able to view their cumulative points from various stages via the official website link . leaderboard leaderboard the official website link the official website link Points Inquiry Portal ：https://lumoz.org/lumoz-points Points Inquiry Portal Points redemption is also a top priority for everyone. According to the official documentation, 50 million points can be exchanged on a 1:1 basis for 50 million esMOZ. Holders of esMOZ will gain the right to participate in Lumoz ecosystem governance. To ensure ecosystem stability, the exchange rules between MOZ and esMOZ will have different ratios for various time periods. esMOZ will also have a reasonable lock-up period, and redemption can be canceled at any time. For detailed information on points distribution and token exchange progress, please stay tuned to Lumoz's social media and Discord community . Lumoz's social media Lumoz's social media Discord community Discord community Mainnet Launch: A New Chapter Awaits Lumoz, as a globally distributed modular computing network, provides users with a powerful, secure, and flexible computing platform. The uniqueness of this architecture not only enables Lumoz to deliver efficient performance but also allows for personalized solutions across various scenarios. In this context, the launch of the final round of the Quidditch testnet is particularly significant. In the first half of this year, Lumoz successfully completed its Pre-A round and strategic financing, totaling $14 million, with a new round of funding valued at up to $300 million. Participating institutions include OKX Ventures, HashKey Capital, KuCoin Ventures, Polygon, IDG Blockchain, and others, reflecting the capital market's optimism and expectations for Lumoz. This also provides Lumoz with stronger financial resources to maintain and innovate its technology and products. With the testnet activities concluded, the team is currently preparing for Lumoz's mainnet launch and TGE. The mainnet will inherit the excellent features of the testnet, including high performance, strong security, and good scalability. At the same time, we plan to deploy and support multiple Layer 2 solutions, further develop existing products like ZKFair and Merlin Chain, and introduce more Layer 2 chains to provide innovative solutions for various industries, driving progress across the entire blockchain ecosystem. Final Thanks and Outlook To date, Lumoz has successfully completed three rounds of testnets: Pre-Alpha, Alpha, and Quidditch. The success of these testnets is undoubtedly due to the contributions of every participant. Your enthusiasm, feedback, and suggestions are invaluable nutrients for Lumoz's growth. We would also like to extend our special thanks to the 200+ ecosystem partners and millions of community users who have supported us since Lumoz's inception. Based on our past successes, we believe that the launch of the Lumoz mainnet and TGE before the end of 2024 will achieve remarkable results! Let us join hands and witness the arrival of the zero-knowledge computing era, creating a bright future for Lumoz together!

Lumoz's Quidditch Testnet Ends Successfully—Mainnet Launch Expected in Q4!

Lumoz‘ Quidditch-Testnetz erfolgreich beendet – Mainnet-Start im vierten Quartal erwartet!

La red de pruebas de Quidditch de Lumoz finaliza con éxito: ¡el lanzamiento de la red principal se espera para el cuarto trimestre!

Lumozin kvidditch-testiverkko päättyy onnistuneesti – Mainnet lanseerataan Q4:llä!

A Lumoz kviddics teszthálózata sikeresen véget ért – a Mainnet bevezetése a negyedik negyedévben várható!

Lumoz-ի Quidditch Testnet-ը հաջողությամբ ավարտվեց. Mainnet-ի գործարկումը սպասվում է 4-րդ եռամսյակում:

Lumoz の Quidditch テストネットが成功裏に終了 — メインネットのローンチは第 4 四半期に予定されています。

Lumoz's Quidditch Testnet желісі сәтті аяқталды — Mainnet іске қосылуы 4-тоқсанда күтілуде!

Testnet ya Quidditch ya Lumoz esili na malonga —Lancement ya Mainnet ezelamaki na Q4!

د Lumoz Quidditch Testnet په بریالیتوب سره پای ته ورسید — د مینیټ لانچ په Q4 کې تمه کیږي!

Metlobalový test spoločnosti Lumoz sa úspešne končí – spustenie siete Mainnet sa očakáva v 4. štvrťroku!

Rrjeti testues Quidditch i Lumoz-it përfundon me sukses—Pritet lançimi i rrjetit kompjuterik në tremujorin e katërt!

Лумоз-ова квидич тестна мрежа се успешно завршава—покретање главне мреже се очекује у четвртом кварталу!

Stories, News & Mentions about TRANSPARENTLYAI

Transparentlyai’s Stories on HackerNoon