{"id":545461,"date":"2022-03-30T13:45:42","date_gmt":"2022-03-30T13:45:42","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/30\/apecoin-is-raising-concerns-about-power-accumulation-in-crypto\/"},"modified":"2022-03-30T13:45:42","modified_gmt":"2022-03-30T13:45:42","slug":"apecoin-is-raising-concerns-about-power-accumulation-in-crypto","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/30\/apecoin-is-raising-concerns-about-power-accumulation-in-crypto\/","title":{"rendered":"ApeCoin is raising concerns about power accumulation in crypto"},"content":{"rendered":"

<\/a> New cryptocurrency, ApeCoin, is raising concerns about power imbalances <\/strong>in the crypto world: <\/strong>ApeCoin is coming under scrutiny for revealing the growing influence a small group of insiders \u2014 particularly VCs \u2014 are beginning to amass in what many hoped would become a decentralized online space, according to Bloomberg<\/a>.<\/p>\n

Who\u2019s got their hands on ApeCoin?<\/strong> Early-access to the new digital coin was offered via an \u201cairdrop<\/a>.\u201d This is where certain crypto holders are awarded tokens at no cost, and is a common tactic used by up-and-coming cryptocurrencies to encourage adoption. Members of the highly coveted NFT collection, the Bored Ape Yacht Club<\/a>, for example, received some 15% of the 1 bn ApeCoins released last week, and the Jane Goodall Legacy Foundation<\/a> was allocated 1% of the tokens.<\/p>\n

Coins are supposed to be as democratic and decentralized as possible: <\/strong>Coin holdings determine influence over the ApeCoin decentralized autonomous organization (DAO<\/a>) \u2014 which is responsible for taking decisions on how the community is run. The ethos behind DAOs is this idea that online organizations can be collectively owned and managed by a group of members, with all of its decisions autonomously encoded in blockchain. The decentralized nature of these organizations means they avoid power-based hierarchical structures, and don\u2019t fall under the influence of a central authority or government.<\/p>\n

But concerns are mounting about how the rest are being allocated: <\/strong>Yuga Labs, the creator of the Bored Ape Yacht Club, received about 15% of the coins and all four of Yuga\u2019s founders received 8% between them. The VC investors that provided financial backing for the coin\u2019s launch \u2014 Andreessen Horowitz and Animoca Brands \u2014 received a combined 14%. This concentration of coins among investors is raising alarm bells that the balance of power in the crypto space is tilting in the favor of venture capitalists.<\/p>\n

This ownership structure is beginning to highlight the cracks in Web 3.0\u2019s central philosophy: <\/strong>The problem critics have raised here is that Andreessen Horowitz, Yuga Labs and Animoca currently hold considerable say over how the ApeCoin DAO will run and falls in line with the broader concern that VCs are already accumulating too much power over the formation of Web 3.0<\/a>.<\/p>\n

Could we soon be looking at Big Crypto?<\/strong> Andreessen Horowitz is apparently considering making an investment in Yuga Labs<\/a> that would value it at USD 4-5 bn. The company also recently purchased the intellectual property<\/a> of the CryptoPunks and Meebits collections from Larva Labs earlier this week. It\u2019s no wonder then why CoinDesk<\/a> has anointed it \u201cthe first major NFT monopoly.\u201d<\/p>\n

Or a new, slightly dubious way to raise capital?<\/strong> The ApeCoin DAO is looking like \u201ca placeholder attempt to capture future potential business under the Bored Ape brand name,\u201d one crypto investor suggests to Bloomberg, pointing to the similarities of the \u201cairdrop\u201d to a company publicly listing on a stock exchange. \u201cIt\u2019s closer to a SPAC \u2014 money raised today for some possible business to be named later \u2014 without the legal protections around real SPACs,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

New cryptocurrency, ApeCoin, is raising concerns about power imbalances in the crypto world: ApeCoin is coming under scrutiny for revealing the growing influence a small group of insiders \u2014 particularly VCs \u2014 are beginning to amass in what many hoped would become a decentralized online space, according to Bloomberg. Who\u2019s got their hands on ApeCoin? […]<\/p>\n","protected":false},"author":1,"featured_media":545462,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9595],"tags":[2726,344,633,649,200,9242],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-545461","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-whats-next-2","tag-apecoin","tag-cryptocurrency","tag-enterprisepm","tag-nfts","tag-venture-capital","tag-whats-next","wpautop","entry"],"acf":{"mongo_id":"07d3f367-46d3-4db0-aa41-8f759f633140","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/3\/762.jpg","photo_position":"above","related_issue":[545451],"teaser":"","voice_url":""},"yoast_head":"\nApeCoin is raising concerns about power accumulation in crypto - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/30\/apecoin-is-raising-concerns-about-power-accumulation-in-crypto\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ApeCoin is raising concerns about power accumulation in crypto\" \/>\n<meta property=\"og:description\" content=\"New cryptocurrency, ApeCoin, is raising concerns about power imbalances in the crypto world: ApeCoin is coming under scrutiny for revealing the growing influence a small group of insiders \u2014 particularly VCs \u2014 are beginning to amass in what many hoped would become a decentralized online space, according to Bloomberg. 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The upgrade \u2014 known as the Merge \u2014 aims to shift the platform to a more energy-efficient infrastructure, which\u2026","rel":"","context":"In "WHAT\u2019S NEXT"","block_context":{"text":"WHAT\u2019S NEXT","link":"https:\/\/enterpriseam.com\/egypt\/category\/whats-next-2\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/491.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598589,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/29\/crypto-businesses-will-need-to-obtain-licenses-under-proposed-banking-act\/","url_meta":{"origin":545461,"position":4},"title":"Crypto businesses will need to obtain licenses under proposed Banking Act","author":"enterpriseam admin","date":"29 May 2019","format":false,"excerpt":"LEGISLATION WATCH- Aspiring crypto businesses are going to need licenses: Companies looking to establish digital currency and cryptocurrency platforms will be required to obtain licenses under the proposed Banking Act, an unnamed central bank official told state news agency MENA without providing further details. The bill would also give the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":599052,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/17\/intelli-coders-launches-encrypted-email-service-allowing-blockchain-crypto-payments\/","url_meta":{"origin":545461,"position":5},"title":"Intelli Coders launches encrypted email service allowing blockchain crypto payments","author":"enterpriseam admin","date":"17 June 2019","format":false,"excerpt":"Egyptian company launches encrypted email service to allow blockchain crypto payments: Egyptian web firm Intelli Coders is aiming to make accessing online privacy tools and cryptocurrency exchanges in the Middle East easier with Dmail, which launched on 1 June\u00a0in beta, Coindesk reports. Messages sent on Dmail include encrypted social and\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/6\/171.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545461","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=545461"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545461\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/545451"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/545462"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=545461"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=545461"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=545461"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=545461"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=545461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}