BitShares, the crypto-technology based enterprise level financial smart contract platform is diversifying from its overtly capitalistic focus to take a subtle philanthropic approach. The new blockchain based altruistic platform called Mutual Aid Society was proposed recently by Daniel Larimer.
The Mutual Aid Society system referred to as MUXER is described by Daniel Larimer – the founder of BitShares as a social network to help those in need. His concept revolves around creating a group among the BitShares Community with a commitment to support the society.
The structure of MUXER is thought out to be similar to that of an organization where members of the group are entitled to vote on each project or requirement on a case-by-case basis. Members of MUXER can contribute BitShares to a fund pool that are utilized for funding approved requests. The majority of the requests are raised by members of the group or from a third party through group members at times.
The causes supported by MUXER are divided into four main societies viz., Samaritan Society, Human Rights Society, Sharing Society, and Cannabis Society. While the Samaritan Society has a broad focus on helping anyone in an unexpected situation and in dire need of support (causes can range from health issues to major crimes and natural disasters), other societies meet a more focused criteria.
The Human Rights Society focuses towards helping the victims of Human Rights violations according to UN’s Universal Declaration of Human Rights. The Sharing Society will pitch in with assistance in cases where individuals are targeted and persecuted by using Copyright law. Cannabis Society is for the victims of the ‘War on Drugs‘ where individuals are targeted, arrested and prosecuted for possessing cannabis.
According to Daniel Larimer, the list of societies is not restrictive, and as MUXER grows, more communities will be added to the group. Depending upon each member’s contribution to the funding pool that is linked by gift accounts tied to each member, they will receive proportional voting rights in the form of Karma. His outline of the concept shows MUXER to be 95 percent efficient. The remaining 5 percent of donations account for management fee charged by the platform. The management fee will be utilized to compensate for network fees and other MUXER related activities.
MUXER by itself is a closed system where most of the contributors and beneficiaries will be part of the community itself. However, 10 percent of the contributions will be set aside for charitable purposes.
Even though the initial description of MUXER makes it look like a non-profit charitable entity on blockchain, it relates more closely with a blockchain based crypto trust fund or an insurance policy for its members with 10 percent allocation towards the entity’s Corporate Social Responsibility (CSR) initiative. With the crypto-industry being closely watched by law enforcement agencies in many countries, MUXER might just work out well for people who are targeted (or might feel targeted) by authorities and help them free themselves form such situations.