TLDR: We’re kickstarting a fund for the funding and development of future Bitjoin people and products, this fund will be used to complete the first cycle of what is currently know as The Bitjoinery StudioDAO. We’re starting by pointing all our current revenue generating products at this wallet.
The Decentralisation myth
Every startup whether in the crypto space or not needs resources, this is typically done via a capital raise that allows the founders to go out and gather the best people to execute on the vision.
In crypto however the narrative is somewhat reversed as more often than not founders go out to find the best people and sell them a symbol of the vision first – usually a digital asset of some kind.
Once they’ve sold and circulated enough of these symbols they then go ahead and try to raise funds via traditional means, using the fact that X amount of people hold their symbolic asset and therefore the founders vision is proposed to be somewhat in demand.
Assuming that the X amount of people holding the asset are indeed real people and not just bot managed wallets, traditional investors will get excited at the prospect of all those holders becoming active and loyal participants in the execution of the vision.
This off course is the launch of a centralised vision with a view to become decentralised over time, which as we have seen numerous times in crypto (for whatever reason good or bad) doesn’t always come to fruition.
One of the major on-going arguments in crypto right now is the idea around that of decentralisation as a spectrum. People will say you cant launch fully decentralised from the get-go because thats simply not how humans organise themselves and how new projects come into existence. This is not true.
While it’s true starting centralised with an ambition to become decentralised overtime is a more efficient approach, it sort of goes against many of the major blockchain value propositions – while the suite of tools available are free to be used however one wishes, there is something to be said about those that can realise a vision from a decentralised starting point. Yes they do exist!
They’re called DAOs (Decentralized Autonomous Organisations) and although they might sound complex and to an extent utopian, they do at least abide by the core principles set out by those that brought said tools into the world.
The fundamental principles of Blockchain technology are important because without them we risk slipping back into business as usual, and while I am sure many of you reading this are happy for the additional efficiencies blockchain affords your project, helping a centralised company make more money was never the objective in our opinion. And deep down you probably know this.
The Decentralisation myth that plagues the crypto space these days allows for continued losses on the part of the consumer of such myths. It’s precisely the lack of decentralisation for the reason so many people get rugged, and so many others get hyper wealthy for delivering precisely zero value.
In addition as we see the bigger players enter the space they bring with them the idea that most people don’t care about decentralisation, they only care about number go up. And while that’s true for many participants, we believe there are many that are and will continue to be attracted to the crypto space because of what they believe about achieving the principle value proposition of the core technology.
At Bitjoin we are those people. If you are too, then please read on.
The Bitjoin Treasury
For us blockchain technology represents the pursuit and realisation of new ideas and turning them into sustainable products while abiding by the radical transparency ethos, not only the application of simplified process efficiencies; although we are grateful of that.
Many projects these days set out to make a sale ahead of creating any value, they make a lot of promises about the future value of their creations but the fact is over time (for whatever reason) they often fall short on delivering on those values, most likely they never needed a blockchain to handle such value creation and are only using blockchain for their own personal financial, distribution and accounting efficiencies.
No real additional value is created for the consumer outside what could be done with a traditional loyalty scheme system. Issuers of these loyalty based NFTs know this.
The Bitjoin Treasury is being setup to bring radical transparency to the Studio DAO ambition, it’s important for us to start as we mean to go on, as highlighted in the The Bitjoinery articles our Director Rich Tella wrote back at the start of 2022. (links at the bottom of the page)
We believe in – give before you receive – and so too show that we are committed to getting the wheels turning on the Studio DAO currently known as The Bitjoinery, we will be pointing all of our revenue generating products towards a dedicated treasury wallet that can be easily monitored by anyone via a private Telegram announcement channel.
Our hope is that this will both show the real time earnings from our creations that are already in distribution, while showing people that we are reinvesting all revenues back into the DAO in order to realise the funds needed to put the first DAO cycle in to gear.
We believe that if we give the people a choice on how to support the DAO and not attempt to capture them using loyalty schemes loosely based around a sense of community – we lower the barrier to entry and open up the possibilites for people to participate as they see fit, not how we think we need them to participate in order to go and raise capital from traditional investors.
The reality is this is a somewhat inefficient way to build a DAO but once the first cycle of The Bitjoinery is complete, Bitjoin will be one step closer to becoming a decentralized organisation.
What Bitjoin has which others may not is a trustworthy past of bringing quality content reaching back to 2014, tons of experience as-well as several already revenue generating products in the market place with more coming in 2022 Q4.
NOTE: Bitjoin started as a YouTube channel in 2014, evolved into Crypto startup Qwids in 2016, and then into Bitjoin Studios in 2021. Bitjoin Studios is a collection of projects, not a registered legal entity. There are no branded NFTs, tokens or coins, there are only people executing upon ideas with the loose guidance of benevolent director Rich Tella.
The Bitjoinery StudioDAO is initially based on these three articles written by Bitjoin Director Rich Tella at the start of the year 2022: