Post by Admin on Aug 13, 2020 5:11:49 GMT
One plan to convince DeFi protocols to donate large portions of their income to charitable causes is through the Windfall Clause.
The Windfall Clause was originally designed to prevent the situation where humanity has developed benevolent artificial general intelligence, but the benefits and profits are concentrated within the one or several companies that developed the AGI. The Windfall Clause, when signed by a company, binds the company to donate significant portions of its income, if it indeed develops AGI in the future and reaps enormous profits.
DeFi protocols have the same kind of potential to reap enormous amounts of profit, because it's likely for DeFi to take over traditional finance, which is a multi-trillion dollar market. Us Whalers can make proposals in existing DeFi governance systems (Aave, Balancer, Compound, yEarn, Kyber, ...) to convince these protocols to sign a Windfall clause, such that they will donate at least a certain proportion of their income and minted tokens to charity once their income exceeds a certain threshold.
The Windfall Clause was originally designed to prevent the situation where humanity has developed benevolent artificial general intelligence, but the benefits and profits are concentrated within the one or several companies that developed the AGI. The Windfall Clause, when signed by a company, binds the company to donate significant portions of its income, if it indeed develops AGI in the future and reaps enormous profits.
DeFi protocols have the same kind of potential to reap enormous amounts of profit, because it's likely for DeFi to take over traditional finance, which is a multi-trillion dollar market. Us Whalers can make proposals in existing DeFi governance systems (Aave, Balancer, Compound, yEarn, Kyber, ...) to convince these protocols to sign a Windfall clause, such that they will donate at least a certain proportion of their income and minted tokens to charity once their income exceeds a certain threshold.