Milko Trajcevski

Irrelevant Labs was launched as a means of building games that feature artificially intelligent characters which live as non-fungible tokens (NFTs). The first project behind this team is intended to be a fun, play-to-earn game that is designed to evolve over time through the utilization of machine-learning technology and decentralized player ownership on the blockchain.

This startup features a team with experience in gaming, blockchain, and machine learning, and due to this reputable background, managed to close a $5 million funding round which was led by Andreessen Horowitz (a16z Crypto), with additional investment from The Chainsmokers' Mantis Fund, Keen Crypto, Unlock Ventures, and AdvancIt Capital.

The main goal of this company and all of its game and metaverse-related projects is to essentially create a world that will outlast any player and become their own. The idea is to provide the player ownership alongside a play-to-earn economy; however, in a world that is ever-evolving, non-player characters (NPCs) learn and adapt to the world as it evolves.

Irrelevant Labs, Inc. was created with the goal of building "The Hundred-Year Game," where their first project is a game that is set within a metaverse, specifically designed to last throughout multiple generations of players.

The main stand-out feature about the games developed by Irrelevant Labs is the fact that they feature artificially intelligent non-player characters (NPCs). What this essentially means is that each of these characters is programmed to adapt to the world around them and make it seem a bit more immersive.

All of these characters are intended to be bought, sold, and utilized as non-fungible tokens (NFTs), which give players the ability to earn all whilst owning all of the core components with decentralized blockchain technology.

The goal here is to create what the company calls a futuristic, evolving game world with AI, real market economies, and real-world crossover that feature augmented reality play options.

The first game developed by the company so far has been “Mecha Fight Club," a game where players can own a fighter in MFC and earn as their champion ends up competing in battles with advanced, artificially intelligent NFT fighters.

The game is intended to be simple to learn, with a solid onboarding process even for players who have not had any exposure to blockchain technology. Mecha Fight Club (MFC) takes place within a world that is ravaged by abandoned alien technology, where evil corporations have monopolized and enslaved humanity. However, a global resistance has seized and repurposed them as weapons.

The main NFT NPCs here are the Mechabot roosters and the hens. Each Mechabot is developed to be a unique individual living on the blockchain with its own digital biology and intelligence. These NFTs will, over time, learn and develop their own fighting style, which would feature moves that were not pre-programmed by the developers, but were learned by the AI that powers these NPCs. Only 41,000 Genesis mechabots will ever be minted, with 6,969 available in MFC’s first drop.

Each mechabot will begin its life as an EGG before hatching into a unique bionic creature that only exists on the blockchain.

The project has an ambitious roadmap starting from February 2022, which is known as the Genesis period. Throughout this period, MFC will finally make mechabot ownership a public option, starting with 6969 pre-fertilized, highly potent EGGs. Then there is The Hatchening, which will begin after the first 6969 EGGs incubate and hatch.

Then there’s the Cockpit, which will feature another exclusive round of EGGs for MFC’s early-bird supporters. The team expects the Las Vegas Cockpit to finish construction by this point in time, which will be the first-ever MFC amateur fighting arena. The inspiration for the game can be attributed to similar games such as Zed Run, the digital horse racing game which gathered attention earlier throughout the year. In that game, people own and race unique virtual horses, which are referred to as "breathing NFTs," which can breed and have their own life.

In terms of the launch date of the title in question, on the official Irrelevant Labs website, Irrelevant Labs claims that more details will come throughout 2022, where the first 1000 invitations to their closed ecosystem will come soon after.

Irrelevant Labs, Inc. caught the attention of Silicon Valley firm Andreessen Horowitz which led a $5 million round and has funded at least 50 crypto startups. Other backers behind Irrelevant Labs specifically include Chainsmokers Mantis VC, which is a venture fund led by the music band Chainsmokers, alongside Seattle firms, Unlock Venture Partners, and Keen Crypto, a new crypto-focused fund founded by tech vet Andy Sack. We also saw Advancit Capital, backed MasterClass, Headspace, and The Athletic.

Irrelevant Labs is a blockchain-gaming-related startup that was founded by a former Microsoft Ventures Executive, Rahul Sood, who created the company as a means of developing play-to-earn titles which feature characters that utilize artificial intelligence. Rahul Sood built Voodoo PC, which was a luxury gaming brand, which currently operates as HP’s Omen after being acquired by HP. Sood also worked as a General Manager at Microsoft Ventures, now known as M12, and had a startup called Unikrn, which was responsible for regulating e-sports betting on blockchain technology.

In terms of the Mecha Fight Club game, it features several team members, including:

• Amar Sood
• David R.
• MetaGear2600
• MFC Maddi
• skillsandvariety
• Moodie.eth
• Ryan J.

Dogecoin is a decentralized, peer-to-peer digital currency that lets user securely and anonymously send or receive cryptocurrency payments online. Dogecoin got its name from a famous Shiba Inu mascot named "Doge". Dogecoin was founded by Jackson Palmer and Billy Markus, and was officially released as a joke on December 6, 2013. After its release Dogecoin gained an online following and reached a peak market cap of $2 billion in January 2018. Dogecoin cryptocurrency wallets are available for Windows, Mac OS, Linux, and Android.

Dogecoin is a decentralized, peer-to-peer (P2P) digital currency that lets its users securely and anonymously send or receive cryptocurrency payments online. Dogecoin initially began life as a joke; however, over time it became one of the most common ways through which cryptocurrency users could send payments to one another, conduct online purchases, and simply engage with each other. It is not a cryptocurrency that brought any technological advancements and was only created to make fun of the other altcoins that came out at the time. However, Dogecoin became a lot more than just a simple parody token over time. Dogecoin is based on blockchain technology, and its blockchain is a large database or a public ledger that stores transaction information.

Introduction to Dogecoin.

In other words, whenever someone wants to conduct a transaction within the Dogecoin (DOGE) network, a miner needs to solve a cryptographic puzzle and validate the transaction. In turn, they are rewarded with the native cryptocurrency token within that blockchain network. The blockchain is not stored on a single device, but it is distributed across computers on a global scale, making it a decentralized network. This means that they are not hosted on a centralized server or location but spread out across the world, which in turn makes it extremely difficult for someone to compromise the network or gain control over the network.

With the goal of creating the Dogecoin (DOGE) cryptocurrency token, the original developers behind the cryptocurrency borrowed what is known as a Scrypt-based Proof-of-Work (PoW) consensus algorithm, which was initially used by Luckycoin (LKY) at the time. PoW is this system that designates who gets to update the transaction within a blockchain network based on the amount of processing power they contribute towards solving complex cryptographic puzzles.

Luckycoin (LKY) was this open-source, Peer-to-peer (P2P) cryptocurrency which relied on complex cryptographic algorithms as a means of protecting its network; however, over time it became obsolete. However, due to the fact that Luckycoin (LKY) borrowed much of its technology from Litecoin (LTC), Dogecoin can be seen as a direct competitor to Litecoin.

Litecoin (LTC) is an international payment system and a cryptocurrency created by a former Google Engineer known as Charles Lee in 2011. Similarly, Dogecoin uses Scrypt in the same way as Litecoin does, a hash function alternative to SHA-256, another function. These functions are computationally intensive, and what this means is that they require a lot of processing power from solid computer hardware, alongside a high level of energy consumption in order for possible solutions to be generated.

In 2014, Dogecoin (DOGE) had its code changed, where the Litecoin and Dogecoin processes were ultimately merged. This allowed them to use the same mining process, and miners could pick which token they would rather mine, LTC or DOGE. As a result of all of this, Dogecoin is an altcoin that has a large user base and is traded against both FIAT currencies and other cryptocurrencies on several reputable cryptocurrency exchanges and retail investment platforms. Another mainstream and commercial application of the cryptocurrency token has been in internet-based tipping systems. Social media application users typically tip other users to provide interesting or noteworthy content.

DOGE is the native cryptocurrency token used within the DOGE blockchain network, which serves the role of being a reward for the miners of the token and is an incentive for them to carry on contributing computational power to secure the overall blockchain network. DOGE is the ticker symbol used for the native cryptocurrency token, and it rewards the nodes for confirming and validating the network transactions that occur.

When a node responsible for powering the Dogecoin network wants to verify a transaction, where they essentially verify its authenticity, that node needs to enter a lottery.

This lottery involves a process where a code needs to be guessed, which is given to the newest block of transactions that ultimately get added to the blockchain. The node which gets the right code gets DOGE tokens as a reward, and the transaction can then get permanently recorded onto the Dogecoin blockchain network. This is an event that occurs once every minute and is one of the main reasons why the transaction time of DOGE tokens, for example, is a lot quicker when compared to alternative cryptocurrencies, such as Litecoin. As a result of all of this, Dogecoin is a much faster option for online purchases as well as global money transfers.

Dogecoin does not have a finite number of tokens that can ever be mined. For example, Bitcoin's tokens are capped at 21 million, which means that more than 21 million BTC tokens can never exist. Dogecoin (DOGE) initially started with a supply limit of 100 billion coins which could even be mined.

However, that was changed, and now, there can be an unlimited amount of DOGE tokens that can be mined. Note that due to the fact that there is an infinite number of DOGE tokens that can ever be brought to existence and in circulation, this means that DOGE could be a highly inflationary token as a result. This eliminates the cryptocurrency's scarcity as well due to the fact that new DOGE tokens can always be mined.

A Dogecoin miner is the hardware that participant nodes on the Dogecoin network end up using to carry out the mathematical calculations, which is a requirement in regards to checking and validating the incoming transactions of DOGE tokens. This hardware needs to be accompanied by an appropriate, specified software which is a means of getting it all to work.

There are multiple types of Dogecoin miners out there, including computer processors, graphics cards, and application-specific integrated circuit (ASIC) miners. An application-specific integrated circuit (ASIC) is an integrated circuit chip specifically designed for a specific purpose. An ASIC miner refers to a specific device or hardware that uses ASICs for the role of "mining" the digital currency in question.

Once a Dogecoin (DOGE) user requests a transaction with another user, the mining process can begin. In order for a transaction to be possible, all the users of Dogecoin need to have a digital wallet with two keys, one being a private key and one being a public key. Users can request a transaction with any other user if they know their wallet ID as well as their public key. Once the transaction request has been made, the application then needs to alert the Dogecoin nodes (or the miners) to start processing the transaction.

The Dogecoin nodes then validate the transaction if the sender has the right amount of DOGE tokens to make the payment. After they successfully manage to verify the transaction, they can approve the transaction request, after which each miner is in direct competition with the other miners within the network to collect the pending transaction data, which is known as a "nonce ". The miners can then apply a mathematical function to create a correct hash number for that specific nonce, which at this point in time is pending. One miner can produce the correct hash number of the nonce, and once they do so, they get rewarded with 10,000 DOGE tokens as a result of their work. Once all of this ends up finalized, both users who were initially involved with the transaction get a confirmation that their transaction was approved, and the requested DOGE amount reaches the wallet of the receiver.

Dogecoin was created by two people, including:

• Jackson Palmer
• Billy Markus (Shibetoshi Nakamoto)

The token was created on December 6, 2013, when Markus created the token in just a few hours as a parody of Bitcoin. The main goal and the reason for the creation of this token were just to spoof or make fun of the cryptocurrency community at the time because it was very serious, elitist, and limited in many ways. In other words, the creators of Dogecoin envisioned a fun, inclusive, and lightweight community that didn't really take the crypto sphere too seriously, and this would, over time, prove to be one of the main reasons why the token grew in popularity, as it was cheap and easily accessible.

Palmer worked as a product manager at Adobe Inc. in Sydney, Australia, while Markus was a software developer for IBM in Portland, Oregon. Palmer was the creator of the cryptocurrency token, and when Markus found out about the token, he reached out to Palmer to get permission to build the software behind the token. At this point in time, the two creators took the Shiba Inu dog meme and ended up adopting it as the face behind the token.

Arweave is a company that participated in the Class 120 - Berlin 2018 Q1 cohort of Techstars.

Arweave is a decentralized data storage protocol specifically developed to allow users to store documents as well as applications on what is known as the permaweb. The permaweb is a collection of data, websites, and decentralized applications (dApps), which form a permanent, decentralized web that is accessible through regular internet browsers.

Currently, all websites, information as well as data that make up the content of the internet are changed often, redacted, and removed altogether. Data storage is controlled by centralized entities who can mediate access to said websites and apps and can even revoke them at any point in time they see feet. All data stored in a centralized way can also easily be lost, manipulated, or censored, and as such, websites and applications could disappear at a point in time when funding for their maintenance becomes unavailable.

Arweave is a project specifically developed to solve the issue of data impermanence on the web through offering a resilient and decentralized information protocol aimed at preservation. Arweave is a storage type that backs data with sustainable and perpetual endowments, allowing users and developers to truly store data forever.

Arweave is a decentralized storage network intended to connect people with disk space on their computer hardware, typically those who have an excess number of hard drives or solid-state drives, to those who are in need of storage. It is designed to provide scalable, cost-efficient, and permanent data storage.

To make all of this work, Arweave is built on a blockchain-like data structure known as the blockweave. The blockweave was developed to solve two problems that were heavily associated with public, decentralized blockchain, which included on-chain constraints and unsuitable consensus mechanisms.

Blockweave is designed to enable scalable, on-chain storage in a cost-efficient manner. As the amount of data stored in the system increases, the amount of hashing that becomes a requirement for consensus ends up decreasing. This ultimately reduces the cost of storing the data in question. The blockweave underpins the permaweb.

Blockweave is made up of a collection of blocks, all of which hold information that makes up the websites as well as the applications accessible on the aforementioned permaweb. Blocks in a traditional blockchain infrastructure typically only get linked to the previous block within the chain linearly. Arweave’s blockweave architecture mixes things up a bit, as each block gets linked to both the preceding block and the second block from the network's blockweave history, known as its recall block. The recall block plays a key role in the unique consensus mechanism which powers Arweave, known as Proof-of-Access (PoA).

Blockweave gets maintained through the utilization of miners, all of which need to provide disk space and replicate the data stored within the network to get AR tokens. To mine, or in this case, verify a new block, they have to provide cryptographic proof that they indeed have access to the block's recall block. Due to this, Arweave’s consensus mechanism, called Proof-of-Access (PoA), is a variation of the Proof-of-Work (PoW) consensus algorithm seen on blockchains such as Bitcoin’s blockchain. The main reason Proof-of-Access (PoA) was developed is to incentivize long-term data storage due to the fact that miners have to access older, random blocks within the blockweave’s history in order for them to be able to mine new blocks and receive mining rewards for doing so.

Additionally, this consensus system allows and even incentivizes miners to store blocks that are otherwise not widely replicated due to the fact that when a rare recall block gets selected, miners that have access to it compete with fewer miners for the reward. Miners are, however, not obligated to store all of the data of the network, and Arweave even allows miners to pick which blocks as well as transactions they are interested in storing.

Every miner out there can establish what is known as a content policy, which prohibits certain data from being stored by the miner in question. When the data gets distributed to the network, it gets canned against the content policies of each miner and will not get accepted within a miner's transaction pool if it contains content which the miner has set as prohibited.

Wildfire is the self-organizing topology system found within Arweave. It is intended to ensure that the miners are incentivized to store and share data as quickly as possible with other miners in the network to build a positive reputation. As the nodes in blockweave networks require fast access to data as a means of mining a lot more efficiently, they are incentivized to give data to other members of the network promptly and on a continual basis, autonomously providing the sharing to fast speeds.

As a means of supporting a network that allows for long-term, on-chain data storage, Arweave requires a system that supports unlimited-sized blocks. Arweave achieves this by utilizing a system that decouples transaction distribution from block distribution within the network. This allows only the shadow of the block to be moved around the system, including the instructions required to rebuild the block from its constituent transactions rather than the full block. This, in turn, means that the information required to process large blocks can be distributed efficiently across the network because it would weigh in kilobytes.

Arweave can be used in decentralized data storage, decentralized data sharing, decentralized data collaboration, and decentralized data identity and protection.

Personal and corporate files can be stored for one fee instead of ongoing monthly costs, which are often found with other storage protocols, which makes the data immutable, verifiable, and censorship-resistant.

The price of the AR tokens can be lower than the monthly fees for competitors. However, this is dependent on the lifetime of storage. The blockweave also ensures the availability of data near instantly due to its design and has a 100% uptime guarantee through the incentive mechanism which is implemented for the miners. Additionally, any content can be uploaded anonymously and shared with anyone. This is because Arweave’s protocol design has an embedded mathematical pricing function, which load-balances demand and supplies fair prices.

Arweave also enables the initiation of an immutable decentralized database, which means that data can be open to anyone that requests to view and challenge its quality. With Arweave, any piece of content can be captured with a timestamp and archived in the blockweave, which in turn provides a clear claim of IP and ownership.

At the creation of the Arweave genesis block, 55 million AR tokens were created. This is an event that occurred on June 8, 2018. Additionally, 11 million AR would gradually be introduced into circulation as block mining rewards. In order for a user to be able to store data within the blockweave, each user has to pay fees in the form of AR tokens. This is due to the fact that Arweave miners need to receive the AR tokens in exchange for the process of them mining new blocks, which obligates them to actually store the data in question.

The transaction fees do not go entirely to the miner, and the majority of the transaction fee gets allocated to a storage endowment, which is then distributed to miners throughout time. The user pays an upfront fee on which interest accrues, which then gets distributed to the miners. The goal here is to limit the amount of volatility regarding the AR token and ensure the long-term viability of the mining-based consensus mechanism used here.

This means that payments within the network are calculated with the assumption that the storage cost will fall over time. Due to this, paying for storage on the Arweave network can be seen as paying a one-time, upfront fee for permanent data storage.

Arweave is a project initially founded by two people, including:

• Sam Williams
• William Jones

Each of them is a Ph.D. candidate at the University of Kent. Initially, Williams came to the project with experience in decentralized and distributed systems because he had developed an operating system known as HydrOS as a part of his studies. However, Jones had his focus set on graph theory and neural networking. Williams ended up dropping out of graduate school with the goal in mind of focusing on the company, while Jones left the project early in mid-2018 and completed his Ph.D. as a result of doing so.

The idea for Arweave occurred when Williams was walking up a mountain in Scotland, which then brought the concept to Jones and developed the technical details. Once Arweave ended up launching, Williams was named an advisor to Minespider, which is a company that provides blockchain-based supply chain tracking for the raw materials industry, and was also a mentor for the Techstars accelerator program.

Hut 8 Mining is a pioneercompany inthat tackles mining and is responsible for the process of managing market volatility. The company has years of experience in digital mining assets, with multiple data mining centers as well as access toand world-leadingleverages proprietary hardware and software. They have established large operations within the field of cryptocurrency mininga and providesolid computing infrastructure thatwhich hosts their partner’s cryptocurrency mining requirements. They also value the environment and strive to mine the most value with the least environmental impact.

In terms of the power they have, theyThey have 109 MW of existing power capacity. Hut 8 has 94 open-air "BlockBoxes" with 1.2 to 2 MW of power each and 4.5 E/H PH/s in total contracted hashrate for BTC mining. They also provide 209 in total contracted power capacity, with 5,242 Total Self-Mined Bitcoin Held Revenue Stock (last updated on November 30, 2021, according to the official website).

Hut 8 has equipment managers who have experience managing Hut 8's mining fleet hands-on and attempt to maximize the performance across all of their machines. They have a diversified fleet of ASIC and GPU mining equipment which allows them to keep up the pace regardless of the volatility of the market.

TheyHut have8 has two data mining centers located in Alberta and Canada, and these allow them to harness the power of the diverse energy sources there. The Hut 8 mining centers mine efficiently and in an environmentally conscious manner through an abundance of gas, wind, and green energy. Hut 8 Mining operations occur alongside freezing cold temperatures and high winds, which are optimal mining conditions. Hut 8 is independently audited by Raymond Chabot Grant Thornton LLP, and Hut 8’s legal counsel is provided by Tanya Woods.

Throughout the span of four years, Hut 8 grew from a single partnership to one of the largest Bitcoin miners on a global scale.

Manifold Studios is a company that combines the power of a Manifold Creator Contract with a seamless user interface as a means of allowing users to mint their own non-fungible tokens (NFTs) without needing to code directly.

It is a product that allows you to mint original, high-quality NFTs, all whilst retaining true ownership as well as provenance over all of your work.

Manifold Creator features a powerful extension framework that allows creators to essentially install blockchain applications within their creator contract, which in turn allows them to create products aside from just visual and audio NFTs with the goal of supporting features beyond just minting them.

From the Manifold Studio Dashboard, creators are given the opportunity to start a contract with a simple click of a button, where the studio then automatically prepares the Creator Contract before its sent and compiles it within your browser, which then allows the creator to deploy a custom smart contract mainnet.

In order for a creator to mint an NFT, all they have to do is provide their asset, customize their NFT metadata and press the "MINT" button. Additionally, Manifold Studio has built-in support for high-resolution videos and images, attribute customization, video thumbnail customization, a 100% decentralized permaweb storage, and compatibility with multiple NFT platforms, including Foundation, Nifty Gateway, OpenSea, Rarible, SuperRare, and Zora.

Manifold Studio also keeps track of all the work a creator has within their account securely through the utilization of their Ethereum wallets through a pure Web3 connection, which means that no username or password is required. Users can also manage multiple contracts, save drafts, and even edit and manage NFT metadata all within their secured Ethereum accounts.

Manifold.xyz is an online NFT minting company built on the Ethereum blockchain, which aims to help artists fully own their NFTs through the usage of smart contracts. Manifold takes advantage of embedded smart contract technology with the goal of offering their Manifold Creator Contracts, which are specifically aimed at enabling creators to take full ownership of their NFTs by encouraging their work to stand out based on the creator's names.

All NFTs which are then minted on the Manifold platform are compatible with and can be sold on other NFT platforms. The platform is free to use and is fully intended to help novice creators build a presence within the NFT space while also retaining full ownership over their work. Manifold Studio can automatically prepare a creator’s contract and send it to their browser when it is completed; however, once it is deployed, the creator can have full control over it and retains the power to mint ERC-721 and ERC-1155 tokens, two major types of Ethereum tokens. Manifold Studio is being used by top artists as well as Web3 content creators.

Manifold.xyz was founded by three people, including:

• Eric Diep, ediep.eth or @ediep
• Richerd Chan, richerd.eth or @richerd
• Wilkins Chung - Wilkins or @wwhchung

Hut 8 Mining is a publicly-traded cryptocurrency mining company that owns a wide range of crypto mining data centers that utilize fixed-rates electricity contracts with the intention and goal of mining the Bitcoin (BTC) cryptocurrency token. Hut 8 Mining Corp was formed in October 2017.

Its business model revolves around the fact that the electricity and data centers need to be less than the revenue which is received from the Bitcoin (BTC) tokens that are mined.

Hut 8 Mining is a pioneer in mining and managing market volatility. The company has years of experience in digital mining assets, with multiple data mining centers as well as access to world-leading proprietary hardware and software. They have established large operations within the field of cryptocurrency mining and provide cutting-edge computing infrastructure which hosts their partner’s cryptocurrency mining requirements. They also value the environment and strive to mine the most value with the least environmental impact.

In terms of the power they have, they have 109 MW of existing power capacity. Hut 8 has 94 open-air "BlockBoxes" with 1.2 to 2 MW of power each and 4.5 E/H PH/s in total contracted hashrate for BTC mining. They also provide 209 in total contracted power capacity, with 5,242 Total Self-Mined Bitcoin Held Revenue Stock (last updated on November 30, 2021, according to the official website).

They also have a 1,600 GH/s Total Contracted Hashrate for Ethereum Mining (for Q4 2021) as well as three business and revenue lines in one price.

Hut 8 has equipment managers who have experience managing Hut 8's mining fleet hands-on and attempt to maximize the performance across all of their machines. They have a diversified fleet of ASIC and GPU mining equipment which allows them to keep up the pace regardless of the volatility of the market.

They have two data mining centers located in Alberta and Canada, and these allow them to harness the power of the diverse energy sources there. The Hut 8 mining centers mine efficiently and in an environmentally conscious manner through an abundance of gas, wind, and green energy. Hut 8 Mining operations occur alongside freezing cold temperatures and high winds, which are optimal mining conditions. Hut 8 is independently audited by Raymond Chabot Grant Thornton LLP, and Hut 8’s legal counsel is provided by Tanya Woods.

The name, Hut 8, is inspired by the name of the building at Bletchley Park, where Alan Turing created the Bombe, a machine that could quickly crack the Enigma code and intercept enemy communications during World War II.

Throughout the span of four years, Hut 8 grew from a single partnership to one of the largest Bitcoin miners on a global scale.

In October of 2017, Hut 8 Mining Corp was formed, and in March of 2017, they signed an electricity supply agreement and committed $100 million in construction to Medicine Hat. In May of 2018, they began trading on OTCQX Best Market, and in July, they completed the construction of the Medicine Hat Facility, which became fully operational. In July of 2019, Hut 8 recorded a quarterly amount of Bitcoin mined of 2,816 for Q2 of 2019. In October of 2019, they began trading on the Toronto Stock Exchange.

In October of 2019, Hut 8 changed custodian to BitGo, and in August of 2020, they brought site operations and management in-house. Then in November of 2020, Hut 8 appointed Jamie Leverton as their CEO. Throughout 2021, in February, the company became one of the largest Bitcoin miners on a global scale with one of the highest installed capacities in North America. Then in April of 2021, they finalized a key power purchase agreement with Validus Power Corp. In May of 2021, they expanded their mining capacity with a $30 million USD purchase of NVIDIA CPMs, and in June of 2021, they gained approval to list on the NASDAQ.

In terms of the team, they have:

• Jaime Leverton - Chief Executive Officer
• Shane Downey - Chief Financial Officer
• Tanya Woods - General Counsel and Corporate Secretary, EVP Regulatory Affairs
• Sue Ennis - Head of Investor Relations and Corporate Development
• Ronnie Yu - Head of Sustainability
• James Cresswell - Head of Site Operations
• Jason Zaluski - Head of Technology
• Melina Neron - Human Resources

VeVe was created by a company based in Singapore known as ECOMI. The OMI token is the native cryptocurrency token on top of which the ECOMI ecosystem is based. In order to make VeVe a user-friendly option for users that might not use cryptocurrencies regularly, as well as to prevent any fluctuations in the price of OMI affecting them, ECOMI made the decision towards having the VeVe application utilize an in-app currency known as gems. VeVe gems are a stablecoin which’s value will always equal one United States Dollar (USD).

VeVe's 3D digital collectibles are crafted by world-leading artists, such as Jim Lee, Todd MacFarlane, and Scott Snyder, who sculpt directly in 3D instead of clay, and through the VeVe application, users are given the opportunity to own 3D limited editions of many exclusive digital collectibles.

VeVe is an application that hosts and facilitates the purchase of digital collectibles which come in limited-edition releases, and can be purchased, sold, traded, upgraded, and customized, with the eventual goal of being showcased in virtual showrooms or shared on social media, all of which is a possibility through the official application.

VeVe prides itself on the fact that they offer digital collectibles from many popular brands within the field of pop culture, gaming, sports, film, tv, anime, and animation, including brands such as Marvel, Batman, Adventure Time, Monster Hunter, DC Collectibles, Star Trek, Fast and the Furious, Back to the Future as well as others.

Collectors are given the opportunity to display their collectibles in virtual showrooms, which can be customized. Users can move through these showrooms directly from the phone app, or they can visit it in an augmented reality manner where they can physically walk through them.

Through the utilization of VeVe’s secondary market, users can buy and sell from VeVe collectors. If a user has missed on a digital collectible the moment that it dropped, or they need to complete their set, they can browse the secondary market and see if others have listed the collectible which is required up for sale.

Through the VeVe Augmented Reality option, you can take a photo of your favorite collectible by scanning your surroundings with your smartphone. To do this, all you have to do is drop your digital collectible on any flat surface, and you can then move, rotate and scale your collectible, and text them to your friends or family, or even post them on your favorite social media channels.

Through VeVe's secondary market, you can also review the value of specific collectibles and buy the ones that you might have missed, or even sell the ones that you own. Sales within the VeVe marketplace do not exchange in cash but in gems exclusively, and one gem is always equal to 1 USD.

VeVe made an announcement that they are becoming the first carbon-neutral NFT platform, starting with a commitment to offset 100% of the carbon footprint, which is caused by the process of minting NFTs, which will negate the environmental impact which is caused by distributed ledger technologies.

VeVe will offset the carbon footprint by purchasing carbon credits which are equal to the CO2 used in the process of minting non-fungible tokens (NFTs).

The VeVe application is easy to use, and if anyone has used a smartphone for any length of time, they should have an extremely easy time navigating the application. All a user has to do is just purchase some gems and wait for their preferred NFTs to drop or purchase them directly through the "Buy Now" option at the NFT marketplace. They can also engage in auctions.

VeVe has also partnered up with some solid brands to launch their NFT projects within the application, including conglomerates such as Disney.

Whenever you purchase anything that’s Ethereum based, such as NFTs minted on the Ethereum blockchain, you have to pay gas in addition to the price of the NFT which has been purchased. With VeVe, due to the fact that all of the purchases are made within the application directly through the usage of the native currency known as gems, there are no gas fees that need to be paid. Due to the fact that VeVe functions within its own application, scams are way less likely, as every single NFT you buy with VeVe is not a scam.

That said, in-app-gems are not currently transferable to FIAT currency, although this is something currently in development and will likely be a possibility throughout 2022. Remember that some of the best deals you will find on VeVe are also drop-specific, which means that if you get an NFT on a drop, you will likely get the chance to buy it at a very low price when compared to what others might need to pay for it in the marketplace later on.

One of the main reasons why VeVe gems are utilized is due to the fact that they allow for the easy purchase of non-fungible tokens (NFTs).

Rather than users having to purchase cryptocurrency on an exchange and then transfer it to a browser wallet, they can buy VeVe's in-app currency and use the gems to purchase NFTs in the application.

Once the gems are added to a user’s account, they can buy any NFT they see in the VeVe application, assuming that the gems balance is sufficient enough to cover the cost associated with the purchase. However, there is no way to convert VeVe gems into fiat currency. VeVe's parent company, known as ECOMI, is working on migrating VeVe to a Layer-2 Ethereum solution, which would, in turn, allow users to convert their VeVe gems to OMI tokens and trade them on supporting cryptocurrency exchanges. This would make it a possibility to convert the gems to FIAT currency.

On December 27, 2021, ECOMI, through an official Medium publication, announced that the minting of NFTs on Immutable is completed and that they have begun preparations for the migration of the OMI token to Ethereum. This means that users can swap or migrate their tokens through three options, including the VeVe application, Exchanges, or the official Token Swap Site.

There are a total of four ways through which users are given the opportunity to purchase Non-Fungible Tokens (NFTs) on VeVe.

• On-Drops -Throughout the week, VeVe will host what is known as "drops" on specific NFTs or full-out NFT sets. This drop occurs at a particular date and time, which VeVe sends emails about before it occurs. This means that users are given a specific time frame in which they can buy the NFTs in question, and if they miss this opportunity, they will have to wait for someone to manually post them up for sale on the marketplace later on.
• In the marketplace directly through the “Buy Now” Option - Once an NFT has dropped, the owners of the NFT in question can sell it through the VeVe marketplace. The simplest way this process can be conducted is to go to the NFT in a specific collection and by clicking on the "Sell in Market" section of the page, after which you can set the gem price you are willing to sell the NFT for. Buyers can purchase the NFT in the marketplace, and if they are okay with the pre-set price, they can tap on "Buy Now." This provides an excellent opportunity for users to finish their collections with NFTs they might have missed throughout drops.
• In the Marketplace Through an Auction - Aside from the “Buy Now” option, there is also the possibility for NFTs to be auctioned on the application. Here, users essentially bid for the NFT in question, and the user who bids the highest number of gems gets to own the NFT in question.
• Outside of the Platform - The fourth way through which someone can purchase NFTs is through an off-platform arrangement. The user needs to find someone who has a VeVe NFT that they want, agree to a price for that NFT outside of the app, and pay that individual for the NFT outside of the app, or conduct a direct peer-to-peer (P2P) transfer of cryptocurrencies. This is one of the riskiest ways through which someone can purchase a VeVe NFT, but it is a possibility.

ECOMI is a technology company which is based in Singapore and is a leader in the emerging digital collectibles space. ECOMI offers a one-stop shop for digital collectibles through the VeVe application and brings pop culture and other entertainment through NFTs.

Due to the fact that VeVe is an offering from ECOMI, we will be looking at the ECOMI team.

• David Yu – CEO
• Daniel Crothers – COO
• Joseph Janik – CIO
• Mikel Duffy – CTO
• Lucas Young – Full Stack Developer
• Rhys Skellern – Communications Manager
• Steven Connery - Solution Architect
• Douglas Hand - Art Director
• Sean Liang - Sales Manager
• James Li - Licensing Manager
• Howard Lin - Customer Service
• Jong Wang – Customer Service
• Alfred Kahn – Head of Global Licensing
• Rob Salkowitz - Advisor

• EricErke Huang- Chief Financial Officer & Director

Bit Digital is one of the largest publicly-listed bitcoin miners on NASDAQ and provides international expertise in finance, investment, and technology.

Bit Digital’s main intent is to accumulate Bitcoin (BTC) cryptocurrency tokens through which they can sell for FIAT currency from time to time, depending on the conditions of the market, and the company generates their revenue from the process of cryptocurrency mining.

Bit Digital provides a publicly-traded option through which investors can end up earning a return on capital which is related to their primary source of revenue, specifically, Bitcoin (BTC). They are the largest Bitcoin miner listed on the NASDAQ in terms of the size of the owned miner fleet. Bit Digital also claims that they are continually increasing their usage of clean energy and are working towards using 100% sustainable power. The company specializes in Bitcoin mining, and they house one of the largest currently owned and operating Bitcoin fleets.

In terms of the hash rate, which is a representation of the number of times per second that miners perform network operations, they can handle 1.603 EH/s. In terms of the number of miners they have, which are specialized computer hardware-based machines specifically designed to verify blocks of Bitcoin transactions and secure the networks, through which they can earn newly-created Bitcoin tokens (BTC) and transaction fees for providing it as a service, they have 27,744.

Bit Digital have mined 3,334.89 BTC cryptocurrency tokens as of January 7, 2022 according to the official website. The company secures power through strategic partnerships with specialized hosting center operators, which keeps their infrastructure expenditure low and allows for efficient use of their capital. The Bitcoin transactions are verified by the computing power of a global pool of specialized, privately-owned computers that Bit Digital manages. BTC is the ticker symbol used to describe the cryptocurrency token generated by the Bitcoin network.

Note that the company does not only have miners in one location, but they are spread across the United States, Canada, and China.

The Company conducts its business through:

• Bit Digital Hong Kong Limited, a Hong Kong company, and operating entity in China.
• Bit Digital U.S.A. Inc., operating entity in the United States.
• Bit Digital Canada, Inc., a Government of Alberta, Canada corporation and operating entity in Canada.

Specifically, in the United States, they have miners spread across Texas, Nebraska, Georgia, and New York, while in Canada, they have miners in Alberta.

The company was formerly known as Golden Bull Limited and eventually rebranded and changed its name to Bit Digital, Inc. in September 2020.

Headquartered in New York with operations throughout North America, Bit Digital’s management team has experts in finance, investment as well as technology, including:

• Bryan Bullett – Chief Executive Officer
• Sam V. Tabar – Chief Strategy Officer
• Eric Huang- Chief Financial Officer & Director

The Ethereum Name Service (ENS) is essentially a distributed, open as well as and extensible naming system that is based on the Ethereum blockchain, with the main goal of mapping human-readable names to machine-readable identifiers in the form of Ethereum addresses, other cryptocurrency addresses, content hashes or metadata.

ENS is a decentralized application that offers a new naming system, where cryptocurrency users can convert any long alphanumeric wallet address into something anyone can read.

ENS was initially started in 2017 at the Ethereum Foundation; however, in 2018, the project managed to spin off into its own separate organization. The platform, however, is managed by the Singaporean non-profit, True Names LTD.

The concept of ENS domains Is very similar, in fact, to the Domain Name System (DNS), which is intended to simplify most IP addresses on the web through creating human-readable names and URLs which are easy to remember. ENS essentially utilizes the same operating process on domains. However, it does so through the implementation of decentralized finance (DeFi).

The main objective which ENS tackles is to map a human-readable name, such as ABC.eth, to machine-readable identifiers, such as Ethereum addresses, hashes, or metadata.

This means that ENS can be unique to each user who is pretraining to their Ethereum address. ENS can be set up in a way through which it allows users to receive multiple cryptocurrencies through the utilization of a single address, and all they have to do is add the token address within the ENS record section. For Ethereum Name Service (ENS) to work, it utilizes two core components, including the ENS Registry and the Resolvers. To resolve an ENS address, if there is a user that has a specific domain name, let’s use QWE.eth as an example here; it first queries the registry smart contracts to find the correct resolvers. The resolver then references and responds with the underlying Ethereum address.

For an ENS domain to be created, it uses an ERC (Ethereum Request for Comment) token, which is a standard used for creating and issuing smart contracts. ENS uses ERC-721 tokens. This is a token standard that is fully required due to the fact that it provides a unique wallet address, which is deployed on an ERC-721 token to each user individually.

There are two smart contracts that run on the Ethereum blockchain, where a registrar owns a domain. If you want to set up a domain, you will have to interact with the registrar. Different domain names feature different registrars, and if a user wants to have a .eth domain, in that case, they are required to interact with a .eth registrar. That said, the main function behind the ENS registry is to essentially map the domain name to the correct resolver. The mapping of ENS within an Ethereum address starts with querying the registry. In this case, the registry maintains a list of domains and subdomains, as well as the records of the owner, resolves, and caching time-to-live (TTL) for each, which in turn gives the owner of a specific domain access to make changes to the data in question. In this scenario, the ENS registry is responsible for storing three pieces of information, including the owner of the domain, the resolver for the domain, and the caching time-to-live for all records under the domain.

In other words, in traditional DNS names, the top-level domain (TLD) refers to the last segment. For example, the .com portion in ENS would be the .eth portion.

The owner of the domain can be an external account or a smart contract, and the owners of domains within the ENS registry can set specific properties, including the resolver and TTL for the domain, transfer ownership of the domain to another address and change the ownership of any subdomains.

The resolvers are responsible for resolving the query in regards to converting an ENS domain name into an address or a hash. As such, the resolver needs to implement the correct method, which is directly dependent on the type of record to get the correct output. This type can be a cryptocurrency address, or even an IPFS content hash, or just about any other valid data. Any new record type can be defined through the EIP standardization process at any point in time without an impact on the ENS registry or existing supported resolvers. This is a two-step process, where the registry will first need to check for the resolver responsible for the name, and then the resolver will need to provide the answer to the query.

The domain names which are human-readable are not interpreted directly by back-end applications, and the ENS smart contract does not understand any human-readable domain names either. This is an issue that is resolved through the introduction of a fixed-length 256-bit cryptographic hash which is generated from the human-readable name through the utilization of a process known as Namehash.

Namehash is a recursive process that essentially derives a unique hash from a domain name. Namehash is hierarchical, and what this means is that ENS is able to derive the hash of any subdomain if its parent domain is known.

For example, the namehash of 'alice.eth' is 0x787192fc5378cc32aa956ddfdedbf26b24e8d78e40109add0eea2c1a012c3dec, and this is the representation of names that is used exclusively inside ENS. With the goal of getting a consistent view of the ENS, the domain names are normalized before the hash is found within a domain name through the utilization of a process known as UTS-46 normalization, which is responsible for checking and prohibiting any invalid character and treats all upper and lower case names equivalently.

The ENS system consists of what is known as a dot-separated hierarchical name called domains.

The mainnet consist of multiple types of registrars, including:

• .eth which is the permanent registrar.
• .test (testnets only), which is the test registrar.
• .addr.reverse, which is the reverse registrar.
• .xyz which is gained through DNS integration.
• .luxe which is gained through a custom integration that allows any owner of the DNS name to use ENS.
• .kred is gained through a custom integration that synchronizes and changes to a .kred end token to DNS automatically.
• .art which is gained through custom integration.

When we go over all of these, .eth and .test are the top-level domains and are owned specifically by smart contracts, which are called registrars. These registrars are responsible for the process of setting up and maintaining rules for the associated subdomains.

Due to the fact that ENS follows a hierarchical structure, this means that if a user holds a domain, they can configure the subdomains if required with full control over all of the associated subdomains.

Ethereum Name Service (ENS) has specific features which make it appealing, such as decentralization, immutability, censorship-resistance, user-owned and controlled presence, a large ecosystem that has support by a multitude of wallets, decentralized applications, and browsers, and support for a multitude of different languages.

As a means of preventing other users from claiming a domain, users are required to renew it. A domain can be renewed at any time before it expires through the process of paying the required renewal fee, which is fully paid in Ether (ETH).

The minimum renewal period is 28 days, and there is no limit in regards to the maximum renewal periods. ENS additionally provides a grace period of 90 days after the domain expires, and users can renew their domain name during this time period in order to retain full ownership.

ENS is the native cryptocurrency token used within the system. Users that hold onto the ENS Token can also gain voting rights through the network’s decentralized autonomous organization (DAO) and decide how ENS evolves going forward.

Additionally, users can use ENS tokens to pay for fees within the network and send value and can even receive airdrop rewards. Holders of these tokens can also assign delegates. In other words, they can select a community member to represent them, which can be changed at any time.

The ENS DAO is governed by the ENS token, and ENS by itself is an ERC-20 token.

Before the launch of the ENS token, which occurred on November 9, 2021, 100 million tokens were, in fact, airdropped to the ENS community. 25% of these tokens were given to registered domain users, and another 25% were given to significant domain contributors. The remaining 50% are within the DAO Community.

The Ethereum Name Service (ENS) attempts to resolve many of the shortcomings found at the Internet Domain Service (DNS).

The Ethereum name service provides a much more efficient and responsive alternative to centralized web options, and through the usage of blockchain technology, there is a high level of security as all transactions are visible through the utilization of a blockchain explorer. Ethereum Name Service users also avoid the lack of privacy within the blockchain sector and help to restore some of the lost privacy through the usage of proprietary technologies. Censorship concerns are also eliminated.

The Ethereum Name Service (ENS) protocol offers users the ability to launch as well as host decentralized domain names, and these names can be anything that users prefer to use, just like a regular website. However, this domain is then linked to a cryptocurrency wallet address or other information stored within the Web 30 infrastructure.

ENS is the first service of this kind within the crypto and blockchain space, which offers human-readable nicknames which can work across all cryptocurrency wallets, decentralized applications (dApps), and decentralized websites. By transforming complicated strings of characters into short as well as memorable, human-readable links, ENS serves to make crypto transactions a lot more understandable as well as accessible for blockchain beginners. There can be similar services out there. However, ENS does this well and is a pioneer at it. For example, ENS is considered to be the preferred option due to the fact that its aim is to provide a distributed as well as trustworthy naming domain for Web 3.0 users who interact with the Ethereum blockchain. Other services, on the other hand, are trying to replace the DNS naming service completely.

The team behind ENS consists of the following people:

• Nick Johnson - Creator & Lead Developer
• Jeff Lau - Frontend & Solidity Developer
• Makoto Inoue - JS & Solidity Developer
• Brantly.eth - Director of Operations
• Kevin | validator.eth - Support Lead
• Leon Talbert - Frontend Developer
• Richard Moore - Solidity Developer
• Muhammed Tanrıkulu - Full Stack Developer
• Alisha.eth - Community Manager

Argo Blockchain PLC offers mining-as-a-software (MaaS) services which makes it easier for clients to mine Bitcoin Gold, Ethereum, as well as other alternative coins through a cloud-based solution.

Argo Blockchain is a world-leading cryptocurrency miner, which excels in the usage of renewable sources of power as a means of supporting the growth as well as the development of blockchain technologies. Argo Blockchain provides 45MW active mining power (megawatts) through its energy-efficient mining facilities located within North America. Additionally, they provide 1.605 EH/s through the SHA-256 Hashrate as a capacity and a 280MS Equihash Rate. Equihash is the algorithm that is specifically used for the process of mining Zcash, which is a popular alt-coin.

Argo specifically mines from established jurisdictions at facilities located in North America and has allocated resources towards searching for adaptable and highly efficient data centers. Their energy source is majority hydroelectric, and the coins they mine are Bitcoin (BTC) and Zcash (ZEC).

The three mining facilities they use include:

• Gatineau – in 2018, this facility oversaw the creation of Argo’s initial GPU mining system and continues to support technical developments

• Mirabel – a 20,000 square foot facility with a capacity of 5 MW and Argo’s first large-scale facility.
• Baie Comeau – a 40,000 square foot facility located in Northern Quebec with a 15 MW capacity, managed by the hosting partner GPUone.

Argo Blockchain PLC has gathered a reputation for being a climate-positive company that has mitigated Scope 1,2 and 3 greenhouse gas emissions which are associated with all of its crypto-related operations. They source their energy from Hydro and other renewable, clean sources wherever possible, and their Quebec facilities are on the Hydro Quebec power grid, which uses 100% hydro and Wind. Within the US, RECs were purchased as a means of neutralizing all 46.9 MTCO2e of emissions resulting from Argo’s operations.

The future facilities which are planned to launch in Texas are planned to source mainly wind and solar power. Argo Blockchain PLC addresses e-waste by repairing their machines whenever possible at a point in time where they break down, and though not throwing away any parts but salvaging power supplies, fans, and chips. They have also implemented immersion mining, which helps double the lifespan of the miners used.

Argo Blockchain PLC is a publicly-traded blockchain company focused on large-scale cryptocurrency mining, which is listed on the London Stock Exchange. The company was originally founded in 2018 and is headquartered in London, England.

At the time of its addition to the London Stock Exchange, the company raised £25 million before expenses via a placing of 156,250,000 ordinary shares at 16p each, which valued the company at a market capitalization of £47 million on flotation.

The team behind Argo Blockchain PLC consists of multi-talented, dynamic mining and blockchain network experts, technologists, entrepreneurs as well as engineers.

The executive team of Argo Blockchain PLC consists of the following people:

• Peter Wall – Chief Executive Officer
• Sebastien Chalus – Chief Security Officer
• Perry Hothi – Chief Technology Officer
• Alex Appleton – Chief Financial Officer
• Justin Nolan - VP of Business Development
• Jean Esquier – VP of Technology and Development
• Davis Zapffe – General Counsel

Constitution DA is a group that managed to raise money with the goal of trying to buy one of the original copies of the United States Constitution at an auction which was held by the high-end auction house known as Sotheby’s. The group managed to collectively raise $47 million to bid for a rare copy of the US Constitution and verified enough funds with Sotheby’s to participate in the auction. The document that was being purchased at the time is one of the 13 remaining copies of the Official Edition of the Constitution, which is a final draft created for the Continental Congress, according to Sotheby’s.

DAO stands for decentralized autonomous organization, and in the case of the Constitution DAO, Jonah Erlich, as well as a group of around 30 other people, formed the DAO and then offered people around the world the opportunity in which they could donate to it through the usage of the Ethereum blockchain. In return for their donations, they would get the right to vote on what to do next with the copy of the Constitution and what the organization should do in the future as a whole.

Due to the fact that it is based on Ethereum, all of the rules are inscribed within smart contracts on the Ethereum blockchain, and all of the sensitive corporate functions occur through a decentralized as well as automatic way. It is a means of raising a lot of money really quickly for some capital-intensive collective occasion, such as, in this case, purchasing a copy of the Constitution. Due to the fact that all of the money is raised through a DAO, it is all in Ether (ETH), which is the native cryptocurrency token of the Ethereum blockchain. To track who gets a say in the organization, contributors are rewarded with governance tokens, which gives them the ability to vote on what happens with the document, assuming they actually end up buying it. Due to the fact that the DAO is set up this way, if they end up losing, the money is then sent back to the contributors. In the Constitution DAO, this token is known as the PEOPLE token.

Investing in a DAO can be more expensive than it initially seems, however. A median donation to the Constitution DAO was $206.26, and to process the donation, many investors paid a substantial amount of gas fees to complete the transaction. Additionally, when the bid was lost, Constitution DAO also needed to send the funds back, which also incurred additional gas fees to complete the transaction. This resulted in n many small investors losing half or even more of the funds which were initially contributed, and this is one of the main reasons why many DAOs are now set up on newer networks such as Solana. The transaction fees on Ethereum are now simply too high to validate the creation of DAOs.

The rare first printing of the US Constitution sold at Sotheby's in New York for $43.2 million, which was a record price for a document or book sold at the time of the auction. However, unfortunately for the Constitution DAO, the buyer ended up being the hedge fund manager Kenneth Griffin, who will loan the document to the Crystal Bridges Museum of American Art in Bentonville, Arkansas, with the goal of providing it for the public exhibition.

The bids were made in person through representatives who bid anonymously on behalf of the potential buyers. The bidding rocketed to $30 million and then ticked up million by million throughout the following minutes, where two representatives ended up going back and forth. However, nobody knew which of the representatives were bidding on behalf of the Constitution DAO, and in the group’s Discord, people were spamming guesses about which one of the two was on their side. A few minutes after the bidding was over, the Constitution DAO organizers posted an official update where they stated that they had not won the bid.

Kenneth Griffin, who is the CEO of the multinational hedge fund Citadel, ended up outbidding a group of 17,000 cryptocurrency enthusiasts from across the globe who crowdfunded the Constitution DAO as a means of buying it. However, the printing of the Constitution was last sold in 1988, when a real estate developer as well as collector S. Howard Goldman bought it at an auction for $165,000 at the time. Any proceeds from the sale will benefit a foundation established by Goldman’s widow, Dorothy Tapper Goldman, to further the understanding of the constitutional principles.

Constitution DAO replied through a tweet, where they said the following: “We showed the world what crypto and web3, onboarding thousands of people in the process, including museum curators and art directors who are now excited to keep learning. We were the first DAO @Sothebys has ever worked with, but we're sure we won't be the last one.”

Constitution DAO originally started out as a joke on the Twitter social media platform; however, over time led to being a real bid in an auction to buy a copy of the US constitution. DAO structures are in their infancy today, and what most of them do is facilitate a voting process. Everyone that holds the token for a DAO is able to vote, where they can suggest a proposal. All of the token holders get to vote on the proposal. It's currently as simple as that. However, there are more complicated and interesting mechanisms being worked on in the DAO world.

If the Constitution DAO succeeded in the process of purchasing the US Constitution document, then the DA had plans of determining the future of the document through voting based on the governance tokens passed out to contributors, which were distributed through the utilization of the Ethereum blockchain. However, due to the loss, the DAO had to deal with the logistical issues surrounding the return of the $47 million they had raised in Ether (ETH).

The decentralized autonomous organization (the DAO) was a means of operating a venture capital fund in the crypto and decentralized space. Due to the lack of any centralized authority, users could expect a reduction in the costs associated with it, and in theory, access to more control from the viewpoint of investors. At the start of May of 2016, a few members within the Ethereum community announced the inception of the DAO, which was known as the Genesis DAO.

This DAO was built as a smart contract within the Ethereum blockchain, and its coding framework was deployed open-source by the Slock.It team, which deployed it under “The DAO” name by members of the Ethereum Community.

The DAO had a creation period, where anyone was allowed to send Ether (ETH) to a unique wallet address, and in exchange for doing so, they would receive tokens on a scale from 1 to 100. The creation period was an unexpected success and managed to gather 12.7 million Ether (ETH), which at the time was worth $150 million, and made it one of the biggest crowdfunding events within the crypto sphere at the time. This proved to be a platform that would allow anyone with a project to pitch their idea to the crypto community, with the hopes of receiving funds from The DAO. Anyone with DAO tokens could essentially vote on the plans and could receive rewards if the projects turned a profit.

In May of 2016, a paper was published that noted a number of security vulnerabilities associated with The DAO and ended up recommending to investors in The DAO to hold off from directing The Dao to invest in projects until many of these issues were resolved. At this point in time, an Ethereum developer on GitHub put out attention towards a flaw relating to the recursive calls, and on June 9, Peter Vessenes blogged about it, who is the founder of the Blockchain Foundation. Fixes were proposed and were awaiting approval by the members of The DAO on June 14 afterward.

On June 17, 2016, the DAO experienced an attack exploiting a combination of vulnerabilities, including the recursive calls, which resulted in the transfer of 3.6 million Ether (ETH), which was a third of the 11.5 million Ether submitted to The DAO at the time, valued at $50 million. This resulted in a hard fork of the Ethereum network, with the goal of moving the funds in The DAO to a recovery address where they could be exchanged back to Ethereum by their original owners. The ones who carried on using the un-forked Ethereum blockchain created what we know today as Ethereum Classic.

However, lessons were learned from the mistakes originally put in place by The DAO, so the Constitution DAO ended up with a high level of success and no vulnerability flaws, despite failing to buy the US Constitution document.

Over the years, DAOs have been created to run venture funds, distribute money to nonprofits, and lend and borrow digital coins while also earning interest through decentralized finance (DeFi) or decentralized applications (dApps).