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Updates for CryptoGrow DAC

A scrapped DAICO, Dappchains and a brand new bounty program!

Hello Everyone!

Its been a while since I have made an update on CryptoGrow DAC, I have been very busy.

For those of you who dont know, my name is Christopher Dixon. I am the founder of CryptoGrow DAC and inventor of IdeaCoin and the CryptoPatent blockchain.

In our last update I announced the completion and successful launch of the IdeaCoin Contract on to the Ethereum MainNet, as well as the completion and testing of the CryptoGrow DAICO contract. It has been almost two months since our last update and this post will partially serve as my attempt to explain why.

Since its adaptation to the Ethereum Network, it has been obvious that the CryptoPatent blockchain would need to utilize some sort of scaling solution if it where to be viable. At first we had planned on utilizing the proposed solutions of both sharding and plasmachains. This set the road map for cryptogrow out to around two years(the same amount of time it was expected for these solutions to be implemented on ethereum).

While teaching myself the smart-contract programming language solidity, I was recommended the free code boot camp CryptoZombies.io. While CryptoZombies is an amazing resource the company behind it, loomx is doing even more amazing things for the ethereum community! One of these things is their invention of the Dappchain which is an ethereum scaling solution which utilizes sidechains! As i said in my last post, Dappchains will now be used to build the CryptoPatent Blockchain!

So why am i recapping all this? Well, in my last post i made the update that the CryptoGrow DAICO would be launching in june to coincide with the release of loomx's Dappchains......obviously, this didnt happen.

Right as we where about to launch the DAICO contract the SEC released its decision to begin regulating ICO's as securities. This would make IdeaCoin a security and give the SEC the power to regulate it. This would require us to jump through even more hoops like paying the United States Government to make CryptoGrow a reality.

Even after we payed the government for permission to exist, doing so and being under the thumb of the SEC would have introduced a new point of centralization where by IdeaCoin and CryptoGrow DAC could be undermined by a government. Since this would severely hinder CryptoGrow before it even started we have decided to SCRAP the DAICO all together. 

Instead, the DAICO contract is being re-worked into a Air-Drop based Bounty program designed to help spread the word about CryptoGrow DAC. Both the white paper and the lite paper will soon be updated to reflect these changes and provide further detail.

So that partially explains the lack of updates, but what HAVE i been doing with myself in that time? Knowing that everything was done and ready for the DAICO, I myself set the goal to use this down time to furthering my experience, learning new tools, and meeting new people in both the development and cryptocurrency communities.

Shortly after writing my last update for CryptoGrow I was surfing reddit when I had come accross a post for Junktion.io, another ethereum based project. Jumping on the opportunity I immediately wrote junktion.io and offered to help out any way I could. Since this chance encounter i have become the lead solidity developer on the project and have learned alot.

In-fact, thanks to my work on junktion.io I learned alot about the ERC721 non-fungible token standard and figured out how to use it to greatly simplify the workings of the CryptoPatent Blockchain. All updates regarding the new streamlined design have already been incorporated into both the white and lite papers.

With all of this being said I would like to end this update with the announcment that our documentation is out of date! Both the white paper and lite paper will be updated within the following week to remove all DAICO information as well as properly reflect the new AirDrop and Bounty programs details.

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