Blockchain — Crypto — Artificial Intelligence — Megaprojects
NOTABLE DEVELOPMENTS THIS WEEK
Cryptocurrency group to bid on first edition copy of Constitution
When rare copies of historic documents go up for auction, it’s often wealthy business people who make the winning bids.
But in an auction scheduled for Thursday, a ragtag group of cryptocurrency fans who found one another on social media may be the ones who walk away with a first edition copy of the U.S. Constitution. Powered by cryptocurrency memes and inspired by a 2004 Nicolas Cage movie, the group, which calls itself ConstitutionDAO, reported having raised more than $32 million from thousands of mostly anonymous donors in less than a week of online organizing. It’s a project that demonstrates the power of internet crowdsourcing and the spread of cryptocurrency further into mainstream culture. On Tuesday, the stadium where the Los Angeles Lakers play announced that Singapore-based Crypto.com had bought the naming rights for what had been known as the Staples Center.
The pot of cryptocurrency now puts ConstitutionDAO in a possibly competitive position to bid on one of the founding documents of American democracy. “Crypto will allow the US constitution to fulfill its original mission! Freedom!” wrote one person who contributed $400 worth of the cryptocurrency ethereum to the cause Wednesday. (The fact that transactions are publicly viewable is a defining feature of cryptocurrency.) The copy of the Constitution, printed in 1787 when the framers wrote the document, will go up for auction Thursday at Sotheby’s. It’s one of 13 copies thought to remain from the 500 copies that were printed, and it’s the last one that has been in the hands of an individual collector. The document had been expected to fetch as much as $20 million a few days ago, but the crypto fund has added a layer of uncertainty. ConstitutionDAO has said $40 million would give it a “great chance of winning.”
The auction is scheduled for 6:30 p.m. in New York.
Cybereum notes how this is another high-profile story related to the rise of DAOs or Decentralized Autonomous Organizations whose rules and transactions are on the blockchain. However, while attempting to purchase the constitution allows the crypto community to proclaim their aspirations for egalitarianism, there are serious concerns about centralization of power that runs counter to these very aspirations. We will have more to say about this soon
CYBEREUM
Cybereum Developments
The cybereum team is highly honored to announce that they have been one of only fifty companies selected for the MassChallenge and IBM AI mentorship program.
“Together with MassChallenge, IBM is happy to offer the expertise and experience of our employees as a resource for underrepresented startup founders,” said Roger Premo, IBM General Manager, Corporate Development and Strategy. “Every startup benefits from connections and resources that accelerate growth, and through this program, IBM aims to help startups scale and run successfully. This collaboration is another example of the way that IBM volunteers are making an impact with entrepreneurs, in this case, to help a diverse cohort of startups thrive, through the Reignite for Small Business from IBM program.”
Link to the announcement page here
Staples Center in L.A. to Be Renamed Crypto.com Arena
The arena’s owner, AEG Worldwide, said it struck a 20-year naming-rights agreement with Crypto.com. The digital-currencies company agreed to pay $700 million over the life of the agreement, according to people familiar with the deal. The name change would take effect on December 25.
Cybereum’s take: As one legacy declines, another is rising. Brick and mortar shops like Staples were predicated on are waning, while cryptocurrencies are on the rise. Significant changes like this are just the beginning, with Cybereum seeing a substantial shift in the perception and validation of cryptocurrencies. At the same time, there are several dubious value propositions and irrational exuberance for use cases that may not be the best for blockchain. However, these are also signs of a sector in the early stages of strong growth.
AROUND THE GLOBE
NASA Selects Intuitive Machines for New Lunar Science Delivery
NASA has awarded Intuitive Machines of Houston a contract to deliver research, including science investigations and a technology demonstration, to the Moon in 2024. The commercial delivery is part of NASA’s Commercial Lunar Payload Services (CLPS) initiative and the Artemis program. Intuitive Machines will receive $77.5 million for the contract and is responsible for end-to-end delivery services, including payload integration, delivery from Earth to the surface of the Moon, and payload operations. This is Intuitive Machines’ third task order award, the first of which is a delivery to Oceanus Procellarum on the Moon during the first quarter of 2022. This award is the seventh surface delivery task award issued to a CLPS partner.
