$80M Fund Backs OrangeDAO’s Revolutionary Plan to Mentor and Invest in Web3 Enterpreneurs

An anonymous reader shared this report from long-time tech pundit Robert X. Cringley. “A Distributed Autonomous Organization (DAO) called OrangeDAO is cooperating with a small seed venture fund called Press Start Capital to establish the OrangeDAO X Press Start Cap Fellowship Program for new Web3 entrepreneurs.

“Successful applicants get $25,000 each plus 10 weeks of structured mentorship plus continued access to the more than 1200-member OrangeDAO network. In exchange, OrangeDAO and Press Start get to invest in the resulting companies, if any, produced by the class.” Cringley likens it to the American tech startup accelerator Y Combinator — but on steroids.

Cringley also explains why he thinks this “middle class VC” model “will replicate and grow unconstrained,” ultimately exporting itself from Silicon Valley to cities around the world.

There are many DAOs around and hardly anybody understands them or knows what they are good for. Mainly they have seemed to be involved in the NFT market. But OrangeDAO is different. It has 1200+ members and every one of those members is a graduate of the Y Combinator startup accelerator. They are verified Y Combinator company founders, so they’ve all had similar entrepreneurial experiences and see business much the same way as a result. OrangeDAO seems to have big plans and to make those plans happen in August the DAO, itself, raised $80 million in venture capital, with their first use of that capital being these Fellowships.

I think this will change forever venture capital and the world economy.

It represents a new stage in the evolution of venture capital. In many senses it is the democratization of VC….

The DAO members all have similar backgrounds, similar values, and similar risk tolerances. THERE ARE MORE OF THEM, so they can do bigger deals. And — here’s the important bit — THEY ARE ALL Y COMBINATOR-EDUCATED and connected globally through the blockchain. They not only know many of the same things, they have a sense of where this knowledge comes from and why it is useful…. In the YC-based DAO we have people who want the next generation of entrepreneurs to be even better-educated. It’s not some egalitarian goal, either: they see it as key to success for the whole thing.

Smart people with good ideas will self-identify, be funded at a subsistence level to allow them to develop those ideas and prove their worth, then they can participate on a truly level playing field for the first time…. Gone is the Tycoon, gone is the professional VC who doesn’t understand his tech, gone soon will be the angels (subsumed into the DAO model), and gone for the most part are the asshole VCs whom entrepreneurs grow to hate (not all of them, but a lot).

Done correctly, this model is essentially Meritocratic VC. If the idea is good, the market is ready, and the people know what they are doing, the capital will be there.

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LinkedIn Adds Verified Emails, Profile Creation Dates

LinkedIn is rolling out new features to combat a surge in AI-generated bot accounts, writes Brian Krebs. “Many LinkedIn profiles now display a creation date, and the company is expanding its domain validation offering, which allows users to publicly confirm that they can reply to emails at the domain of their stated current employer.” From the report: LinkedIn’s new “About This Profile” section — which is visible by clicking the “More” button at the top of a profile — includes the year the account was created, the last time the profile information was updated, and an indication of how and whether an account has been verified.

LinkedIn also said it is adding a warning to some LinkedIn messages that include high-risk content, or that try to entice the user into taking the conversation to another platform (like WeChat). “We may warn you about messages that ask you to take the conversation to another platform because that can be a sign of a scam,” the company said in a blog post. “These warnings will also give you the choice to report the content without letting the sender know.”

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Web3 Gaming Studio Mythical Games Lays Off 10% of Its Employees

India Gambles On Building a Leading Drone Industry

The Indian government wants to develop a home-grown industry that can design and assemble drones and make the components that go into their manufacture. The BBC reports: “Drones can be significant creators of employment and economic growth due to their versatility, and ease of use, especially in India’s remote areas,” says Amber Dubey, former joint secretary at the Ministry of Civil Aviation. “Given its traditional strengths in innovation, information technology, frugal engineering and its huge domestic demand, India has the potential of becoming a global drone hub by 2030,” he tells the BBC. Over the next three years Mr Dubey sees as much as 50 billion rupees $630 million invested in the sector.

[…] However, despite the excitement and investment around India’s drone industry, even those in the sector advise caution. “India has set a goal of being a hub of drones by 2030, but I think we should be cautious because we at present don’t not have an ecosystem and technology initiatives in place,” says Rajiv Kumar Narang, from the Drone Federation of India. He says the industry needs a robust regulator that can oversee safety and help develop an air traffic control system for drones. That will be particularly important as the aircraft become larger, says Mr Narang. “Initiatives have to come from the government. A single entity or a nodal ministry has to take this forward if we want to reach a goal of being the hub by 2030,” he says.

India also lacks the network of firms needed to make all the components that go into making a drone. At the moment many parts, including batteries, motors and flight controllers are imported. But the government is confident an incentive scheme will help boost domestic firms. “The components industry will take two to three years to build, since it traditionally works on low margin and high volumes,” says Mr Dubey. Despite those reservations, firms are confident there will be demand for drones and people to fly them. Chirag Shara is the chief executive of Drone Destination, which has trained more than 800 pilots and instructors since the rules on drone use were first relaxed in August 2021. He estimates that India will need up to 500,000 certified pilots over the next five years.

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Instagram Jumps Into NFTs With Minting and Selling Feature

Meta’s Instagram will soon allow artists to create and sell their own NFTs both right on the social media platform and off it. Axios reports: IG’s feature will roll out to a small group of select creators in the U.S. to start, according to Meta. The first creators tapped to test the feature include photographer Isaac âoeDriftâ Wright, known as DrifterShoots, and artist Amber Vittoria. Meta won’t charge fees for posting or sharing an NFT on IG, though, app store fees still apply. Separately, there will be a “professional mode” for Facebook profiles for creators to build a social media presence separate from their personal one. Artist royalties appear to be a part of the plan.

Minting or the creating of NFTs on IG will start on Polygon, a boon for the layer-2 blockchain (a separate blockchain built on top of Ethereum) given the potential onboarding of IG’s billion active users. The price of Polygon’s token MATIC jumped 17% from Wednesday evening to Thursday morning, boosted by IG news but also, because JPMorgan conducted its first live DeFi trade using that blockchain. The platform is adding support for Solana blockchain and Phantom wallet with the latest feature update, adding them to the list of already-supported wallets such as MetaMask, Coinbase Wallet, Dapper Wallet, Rainbow and Trust Wallet. Ethereum and Flow blockchains are already supported. Info for selected collections with OpenSea metadata, like collection name and description, will show up on IG.

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New Hampshire Set To Pilot Voting Machines That Use Open-Source Software

According to The Record, New Hampshire will pilot a new kind of voting machine that will use open-source software to tally the votes. The Record reports: The software that runs voting machines is typically distributed in a kind of black box — like a car with its hood sealed shut. Because the election industry in the U.S. is dominated by three companies — Dominion, Election Systems & Software and Hart InterCivic — the software that runs their machines is private. The companies consider it their intellectual property and that has given rise to a roster of unfounded conspiracy theories about elections and their fairness. New Hampshire’s experiment with open-source software is meant to address exactly that. The software by its very design allows you to pop the hood, modify the code, make suggestions for how to make it better, and work with other people to make it run more smoothly. The thinking is, if voting machines run on software anyone can audit and run, it is less likely to give rise to allegations of vote rigging.

The effort to make voting machines more transparent is the work of a group called VotingWorks. […] On November 8, VotingWorks machines will be used in a real election in real time. New Hampshire is the second state to use the open-source machines after Mississippi first did so in 2019. Some 3,000 voters will run their paper ballots through the new machines, and then, to ensure nothing went awry, those same votes will be hand counted in a public session in Concord, N.H. Anyone who cares to will be able to see if the new machines recorded the votes correctly. The idea is to make clear there is nothing to hide. If someone is worried that a voting machine is programmed to flip a vote to their opponent, they can simply hire a computer expert to examine it and see, in real time.

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The NYPD Joins Amazon’s Ring Neighbors Surveillance Network

The New York Police Department has joined Ring Neighbors, the neighborhood surveillance network built around Amazon’s Ring security cameras. The Verge reports: The partnership, announced yesterday, means the NYPD will view people’s posts on Neighbors and be able to post directly to it, including requests for public help on “active police matters.” Neighbors is a Nextdoor-like extension of Ring’s security camera business, allowing residents of a neighborhood to discuss crime and safety as well as post footage from their cameras. While many law enforcement departments have joined Neighbors in recent years, this marks its adoption by America’s largest police force. (Police could separately request Ring footage for criminal investigations without the app.) It’s part of an increasingly tight integration between Amazon and police — one that’s raised both concerns about privacy and questions about its crime-solving value.

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PlayStation VR2 Release Date and Price Revealed

PlayStation VR2 will officially be released on February 22, 2023, for $549.99, and pre-orders will begin on November 15. IGN reports: As revealed by the PlayStation.Blog, PlayStation VR2 will include the PS VR2 headset, PS VR2 Sense controllers, and stereo headphones. There will also be a PlayStation VR2 Horizon Call of the Mountain bundle that will retail for $599.99, and it will include everything from the standard edition plus a PlayStation Store voucher code for Horizon Call of the Mountain. Also launching on February 22 will be the PlayStation VR2 Sense controller charging station, which allows players to charge their controllers “through a simple click-in design, without having to connect to a PS5 console — freeing up the console’s USB ports.”

Sony also revealed 11 new titles headed to PS VR2 in 2023, and they include The Dark Pictures: Switchback VR, Crossfire: Sierra Squad, The Light Brigade, Cities VR – Enhanced Edition, Cosmonious High, Hello Neighbor: Search and Rescue, Jurassic World Aftermath Collection, Pistol Whip VR, Zenith: The Last City, After the Fall, and Tentacular. While we don’t have a full launch line-up quite yet, Sony did confirm that it is “expecting more than 20 titles” on February 22. You can preorder the system on November 15. Those interested can register today to get ready.

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Google’s Text-To-Image AI Model Imagen Is Getting Its First (Very Limited) Public Outing

Google’s text-to-image AI system, Imagen, is being added to the company’s AI Test Kitchen app as a way to collect early feedback on the technology. The Verge reports: AI Test Kitchen was launched earlier this year as a way for Google to beta test various AI systems. Currently, the app offers a few different ways to interact with Google’s text model LaMDA (yes, the same one that the engineer thought was sentient), and the company will soon be adding similarly constrained Imagen requests as part of what it calls a “season two” update to the app. In short, there’ll be two ways to interact with Imagen, which Google demoed to The Verge ahead of the announcement today: “City Dreamer” and “Wobble.”

In City Dreamer, users can ask the model to generate elements from a city designed around a theme of their choice — say, pumpkins, denim, or the color blerg. Imagen creates sample buildings and plots (a town square, an apartment block, an airport, and so on), with all the designs appearing as isometric models similar to what you’d see in SimCity. In Wobble, you create a little monster. You can choose what it’s made out of (clay, felt, marzipan, rubber) and then dress it in the clothing of your choice. The model generates your monster, gives it a name, and then you can sort of poke and prod the thing to make it “dance.” Again, the model’s output is constrained to a very specific aesthetic, which, to my mind, looks like a cross between Pixar’s designs for Monsters, Inc. and the character creator feature in Spore. (Someone on the AI team must be a Will Wright fan.) These interactions are extremely constrained compared to other text-to-image models, and users can’t just request anything they’d like. That’s intentional on Google’s part, though. As Josh Woodward, senior director of product management at Google, explained to The Verge, the whole point of AI Test Kitchen is to a) get feedback from the public on these AI systems and b) find out more about how people will break them.

Google wouldn’t share any data on how many people are actually using AI Test Kitchen (“We didn’t set out to make this a billion user Google app,” says Woodward) but says the feedback it’s getting is invaluable. “Engagement is way above our expectations,” says Woodward. “It’s a very active, opinionated group of users.” He notes the app has been useful in reaching “certain types of folks — researchers, policymakers” who can use it to better understand the limitations and capabilities of state-of-the-art AI models. Still, the big question is whether Google will want to push these models to a wider public and, if so, what form will that take? Already, the company’s rivals, OpenAI and Stability AI, are rushing to commercialize text-to-image models. Will Google ever feel its systems are safe enough to take out of the AI Test Kitchen and serve up to its users?

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