Ripple Donates $29 Million To Fund All 35,000 DonorsChoose Classroom Projects

  • Ripple donated $29 Million to DonorsChoose.com in its XRP token
  • The donation crashed the non-profit's website and funded its 35,000 ongoing campaigns

Cryptocurrencies are too often branded with negative press; rendering them synonymous with terms like "dark web." With the likes of Ripple, it's a stereotype that it seemingly doesn't deserve as the company keeps taking steps towards its goals.

Since its formation in 2012, Ripple has had a special interest in championing the blockchain cause, recognizing its place and responsibility in creating what it refers to as an 'Internet of Value'. It's an ambition Ripple has, to provide a method of payment as fast as information is obtained via the internet.

Over the last few months cryptocurrencies have been undergoing a bearish trend, despite their lofty ambitions. Ripple's XRP hasn't been an exception to this trend; According to CNBC, it was one of the worst performers in the first quarter of 2018, as its value plunged about 74 percent alongside others on the market.

Internet and Education of Value

The Internet of Value would not be possible without the classrooms and teachers that inspire entrepreneurial spirit within students. In the US, the education system finds itself grossly underfunded in many instances.

This led to the creation of DonorsChoose.org, a platform that gives teachers a way to crowdfund any project they want to. From major field trips to extra school supplies, it's provided teachers with an avenue to obtain much-needed support. Projects like Ripple wouldn't be possible without teachers and an education that allowed individuals to aspire to achieve their aspirations and projects.

It's with this in mind that recently, Ripple has committed to donating over $29 million to numerous projects on the website, as an excited Stephen Colbert announced.

Through a blog post on its website, Ripple revealed the donation was made in its XRP token, though it's believed it was immediately converted to USD. DonorsChoose, through a blog post, also commented on the generous donation. It reads:

“Today marks the first time in 18 years where the total number of projects on our site reads ‘0.' Thanks to Ripple’s gift, over the next few weeks tens of thousands more boxes full of supplies will start arriving in classrooms across the country.”

DonorsChoose

Dash Core Group CEO Introduces New Funding Model for the Cryptocurrency

Omar Faridi

The developers of Dash (DASH) have announced the launch of “Dash Ventures,” a dedicated investment fund to support the ongoing development of the privacy-oriented cryptocurrency. As mentioned in an official blog post, published by Ryan Taylor, the Dash Core Group CEO,  on May 9, 2019, the newly introduced investment initiative’s legal name is “Dash Investment Foundation.”

Dash Investment Foundation

According to Taylor, the Dash Investment Foundation was “incorporated on March 21st, 2019 as a Cayman Islands foundation company limited by guarantee.” The Dash Core Group CEO claims it is the “world’s first ownerless and memberless” investment fund. He explained the fund’s managers will be tasked with “strengthening the Dash network” via investment operations” which will be funded by the cryptocurrency network itself.

It will no longer be required that “distributions from the proposal system be grants,” Taylor wrote. He added that the Foundation will help in creating a bridge between Dash’s core network protocol and the traditional financial and legal system. Moreover, the newly introduced capabilities may benefit software architects who are developing applications on Dash’s Evolution platform.

Investing In “High-Risk Opportunities”

First proposed in June 2018 by the Dash Core Group (the main organization responsible for the development of the Dash protocol), the “network-controlled” investment fund aims to allow Dash network participants to make investments in “higher-risk opportunities.” This is achieved by permitting proposal owners to “issue equity or other assets in consideration of the network funding,” Taylor explained.

As noted by the Dash Core Group CEO, the results from the preliminary legal research were “promising,” as the Foundation’s management was reportedly able to acquire additional funding from the network in August 2018, in order to establish a “legal entity” to support Dash’s ongoing development.

Dash Masternodes To “Elect” Six Supervisors

Dash masternode operators, or transaction validators, will now “elect the six supervisors” that oversee the operations of the Foundation. Moreover, important organizational and operational decisions will be “put to the supervisors for approval” by the Foundation’s board of directors.

The Foundation’s everyday operations will still be handled by the board and Dash Core Group’s investment managers. The supervisors may “consist” of “anyone trusted by the network to carry out supervisory duties,” Taylor explained. He also noted that the directors for the initiative would “consist of experts” with the relevant skills to manage the Foundation.

Glenn Kennedy, a partner and General Counsel of Paradigm Governance Partners Limited, a Cayman Islands-operated provider of “governance and fiduciary services,” has been appointed to the Foundation’s board of directors. Casey McDonald, an independent director at Calderwood, a Cayman Islands-based fund governance firm, has also joined Dash Investment Foundation’s board. Both Kennedy and McDonald are expected to serve as supervisors for the Foundation as well.

Currently, the Foundation’s management is looking to appoint four additional supervisors, who will reportedly be “elected by the network.” For the second year, the Foundation is planning to appoint all six supervisors through the election process facilitated by the network.

Dash Ventures May Operate Independently Of Dash Core Group

Taylor also mentioned the Foundation’s managers are planning to allow Dash Ventures to “operate completely independently” from Dash Core Group. This, Taylor said, would “ensure a smooth handover” and that he intends to offer his services to the Foundation during the first year as a “non-voting” participant. His role as a participant will be to answer questions and provide “any expertise, direction guidance, and counsel” to supervisors.

According to Taylor, this will “ensure all intents of the Foundation’s constitution are clear.” Moreover, fully operationalizing the entity will require that an election be held for the four vacant supervisor positions; the Dash Network’s approval of a proposal aimed at funding the Foundation’s day-to-day operating expenses (for first two years); and the Network will require funding for an additional proposal which will “allocate assets” to Dash’s ongoing development.

Elections For Supervisors To Begin Later This Month

As Taylor explained, elections for the supervisors will begin on May 23rd, 2019 and have been scheduled to “conclude” by June 16th, 2019. Details regarding the election process such as eligibility requirements will be announced shortly, Taylor noted. He added that the Foundation will “run the election leveraging the same process and technology as previously used for the trust protectors election.” Notably, Dash Watch will be auditing the results.

For the next proposal cycle, a “multi-month” proposal for funding the day-to-day operations of the Dash Investment Foundation will reportedly be prepared and submitted to the network. The proposal will “request funding for the estimated costs” for the “first two years of operations,” Taylor wrote.

Funds Required To Pay “Directors’ Fees, Corporate Fees”

He explained that funding acquired will be used to pay “directors’ fees, corporate fees, disbursements, certain legal fees, bookkeeping services, custody and banking services. There will also be a “contingent reserve for incidentals or closure if continuation funding is not secured at the end of the first two years,” the Dash Core Group CEO noted.

After acquiring and allocating adequate funding to cover operating costs and the election process, the Dash Investment Foundation will “finalize” the “appointment of an investment manager”; ratify an “overarching mandate for the foundation and internal governance and operational protocols”; ratify “a mandate for investment objectives” which may include strategies for “maximizing returns” in relation to growth of Dash Network usage.

Other objectives outlined by the Foundation include establishing appropriate “investment funding processes” such as those used by “proposal owners to enter legal agreements.”