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DAO treasuries top $25 Billion 🏢 💵
Is DAO ecosystem the way forward? Twitter badges trigger the big centralised vs decentralised social media debate. Williams racing gets a bitcoin whitepaper on the car. Bittrex shuts down in the US.
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Decentralised autonomous organisation (DAO) treasuries have surpassed $25 Billion for the first time - DeepDAO.
This marks a significant milestone for the DAO ecosystem, which has seen explosive growth in recent months.
What are DAOs?
DAOs are community-driven organisations that operate on blockchain technology, allowing members to vote on decisions and allocate funds. The rise in DAO treasuries is a testament to the growing popularity of decentralised governance and the increasing adoption of cryptocurrencies.
While centralised firms may share similarities in their structure and operations, every DAO is unique in its approach to decentralisation. DAOs are able to tailor their governance and decision-making processes to fit the specific needs and values of their community, creating a more democratic and transparent system. However, this also means that there is no one-size-fits-all solution for DAOs, and each must carefully consider their approach to decentralisation in order to be successful.
Not without issues though
Legal experts are warning that a recent judge ruling in the bZx case could spell trouble for DAOs. The case involved a hacker exploiting a vulnerability in bZx's smart contract, resulting in a loss of funds. The judge ruled that the hacker was not liable for damages, as the smart contract was the "sole governing instrument" and the hacker did not violate any laws. Legal experts argue that this ruling sets a dangerous precedent for DAOs, as it suggests that smart contracts could be considered the ultimate authority, potentially absolving individuals of liability for their actions.
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The Social Media battle - Centralised v Decentralised
Is the removal of verified badges (blue checks) from inactive or incomplete Twitter accounts is a warning about the dangers of centralised social media?
CyberConnect CEO Hiroshi Matsuyama argues that social media platforms like Twitter have too much power over individuals and their online identities, and that decentralised alternatives like blockchain-based platforms offer a more democratic and secure solution.
“The fact that users now have to pay for such a vital security feature is making people question how much the platforms care about user control over their accounts and online existence.”
Is it as easy and straightforward as it sounds? Not exactly. And rightly so, Friederike Ernst Gnosis co-founder makes a compelling argument for why true decentralisation at scale is hard and rare. While blockchain technology has made it easier to create decentralised systems, it is still challenging to ensure that all participants are incentivised to act in the best interest of the network. Then there is the difficulty of achieving consensus among a large number of participants. She notes that many projects claiming to be decentralised are actually centralised in practice, with a small group of individuals or entities controlling the majority of the network.
TTD Number picker
The number of bitcoins that they US government plans to sell, worth around $1.18 Billion. Seized during the investigation into the Silk Road dark web marketplace. The sale will take place in multiple auctions, with the first set to take place on 27 June. The bitcoins were confiscated from Ross Ulbricht, the founder of Silk Road, who is currently serving a life sentence in prison. The US Marshals Service, which is responsible for managing the sale, has previously sold off seized bitcoins in 2014 and 2015.
Someone wants to buy it. Has made an offer? Who else, eh?
TTD Check it out 🧐
The Bitcoin whitepaper will make its Formula 1 debut as cryptocurrency exchange Kraken partners with Williams Racing. The Kraken logo will appear on the Williams Racing cars and team apparel, while the Bitcoin whitepaper will be featured on the car's livery. The partnership aims to raise awareness of Bitcoin and cryptocurrency among Formula 1 fans, as well as promote the use of digital assets in the wider world. The Williams Racing team will also receive sponsorship payments in Bitcoin from Kraken.
TTD Scammer ⚠️
A scammer has stolen $1.3 million worth of ARB tokens in an "address poisoning" attack. The attacker was able to change the deposit address on the victim's computer to their own, resulting in the tokens being sent to the attacker's wallet instead.
The victim, who has not been named, reported the incident to the ARB team, who were able to track the stolen tokens to an exchange. However, the tokens had already been sold for Bitcoin and withdrawn from the exchange. The ARB team is now working with law enforcement to try and recover the stolen funds.
Bittrex, a US-based cryptocurrency exchange, has announced that it will be shutting down its operations in the US due to the "increasingly difficult regulatory environment." The exchange will be ceasing operations in 31 states, including New York, on June 21.
Bittrex will be launching a new platform, Bittrex Global, which will be available to customers outside of the US. The company stated that it will continue to work with regulators to ensure compliance and that it hopes to eventually return to the US market.
TTD Surfer 🏄
Italy bans ChatGPT over data-privacy as regulatory scrutiny over artificial-intelligence tools grows.
Justin Sun, the founder of Tron and CEO of BitTorrent, has been stripped of his diplomatic status by the government of Grenada.
ANZ, one of Australia's "Big Four" banks, has temporarily halted cash withdrawals due to a surge in demand for physical currency.
The Chinese central bank has criticised the US for failing to regulate cryptocurrencies ahead of Elon Musk's visit to China.
Russia has raised the possibility of the BRICS countries (Brazil, Russia, India, China, and South Africa) developing a new currency, to reduce the reliance on the US dollar and other Western currencies.
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