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Pineapple Fund Bids Farewell After Donating $55 Million To Charities
Pineapple Fund founder who identifies himself as u/Pine made his last donation, also saying goodbye to the fund itself. He started the fund to redistribute his newly found bitcoin fortune for the betterment of society. Pine claims to be amongst the top 250 bitcoin holders in the world.
Source: Pineapple Fund
The Mission of the Fund
Pineapple Fund was created to support those who need help the most:
“From clinical trials of psychedelics for PTSD to teaching kids to read & write, Pineapple Fund, is about making bold and smart bets that hopefully impact everyone in our world.”
Founder believes that “once you have enough money, money doesn’t really matter.” That are not only words, as every donation is traceable, proven and linked, so everyone interested can check it any time. The whole fund is considered to be a big success. Pineapple Fund turned out to be bigger than the entire market cap of bitcoin in the days when Pine started investing in bitcoins.
Source: BlockCypher
The Reasons Behind the Success of the Fund.
The organization was funded exactly when the 2017 crypto was at its peak, valuing 5014 bitcoins ~ $85 Million.
‘Pine’ remains anonymous, which is also believed to be a reason behind such popularity of the fund. Furthermore, the organization motivated Vitalik Buterin, founder of Ethereum, who donated $2.4 Million towards SENS Foundation. Right around that date, an anonymous fund operator asked people of Reddit where the recently donated money should be spent. A few days later, Pineapple Fund itself donated additional $1 Million for the same organization as Vitalik.
What is Next? Future of the Fund
As u/Pine stated, every improvement of bitcoin brings us closer to solving existing financial and monetary system problems. He also said this “created a new generation of crypto early adopters, cypherpunks or technologists using cryptography to change the world; and now having the power and responsibility of capital.”
Pine misses the time when bitcoin was a small community, the number of altcoins could be counted using one hand and finding someone who even knew about bitcoin was incredibly hard and rare. Times had changed, and so did the way of how bitcoin is viewed by the people.
Furthermore, he also claims that “there’s room for dessert in a few years” and states that if someone like him – blessed with the crypto fortune, should consider supporting the fund.
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Blockstack Sets Aside $1 Million to Fund Blockchain-based Social Network Startups
Blockstack, the Winklevoss twins-backed decentralized web development platform has set aside $1 million to support the creation of blockchain-based social network projects.
The company is aiming to support the endeavors of startups looking to leverage blockchain technology into affecting the decentralization of the social media paradigm. The chosen projects will be expected to design a useful social network that runs on a blockchain. Blockstack is also offering selected design teams an opportunity to present their work on upcoming Blockstack Summits.
The $1 Million Fund
The company will not set strict guidelines as to the exact architecture of the projects leaving developers with the freedom to determine what type of concepts to pursue. Blockstack, however, hopes that participating teams will prioritize DApps that focus on privacy and the preservation of digital rights. In a blog post on the Blockstart website announcing the move, the company said:
“Teams have the autonomy to build different features or target broad or narrow audiences. They could build online networks for activists in authoritarian countries or forums for people with a shared illness. Their apps could have completely new features or take interface cues from Facebook or Twitter. They’ll have to prove product-market fit and show an ability to reach mass adoption.”
Each participating developer or project team will be given a $100,000 grant to work on their project. There are a plethora of social networks that can be built, ranging from uncensored microblogs to journalistic platforms that enable the dissemination of free speech in hostile countries, etc. Project developers can also create social media platforms targeted at human rights issues for communities like immigrants and the LGBT movement.
Apart from the grant, teams can also monetize their networks by introducing reward systems. To do this, they take advantage of building on the Blockstack platform with all of its accompanying benefits including identity management and data storage infrastructure.
Blockstack: Pioneering the Decentralization of Social Media
The $1 million fund is in keeping with Blockstack’s mandate of decentralizing the way people connect and interact on the internet. Identity management and the need for users to be in control of their data has been a focal point of company’s philosophy. Blockstack, formerly known as OneName has been at the heart of this issue since it was established in 2013. With the recent Facebook – Cambridge Analytica scandal, the company feels the time is right for its dream of a decentralized internet to come to fruition.
According to Ryan Shea, the co-founder of Blockstack, cryptocurrencies, and blockchain technology have the potential to disrupt the internet. In a recent interview, he said:
“The euphoria around cryptocurrencies will fuel the interest in decentralized applications,” Shea told Forbes. “And decentralized social networks will potentially be the largest category to benefit.”
The $1 million fund is part of the proceeds of the company’s ICO in November 2017 which had notable investors like the Winklevoss twins and Union Square Ventures. The ICO raised $50 million.
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