Albacore is a new venture, started by myself and Ilyas to create tools and systems that will enable financial transparency and increase accountability between individuals, the companies they interact with, and the internet at large. We believe giving everyone the ability to “trustlessly” conduct business with any other party is a goal worth spending significant time on.
Companies that work with cryptocurrencies and other block/sidechain-based assets have a unique opportunity to be significantly more transparent about their operations than traditional financial institutions. The open and decentralised nature of blockchains make it possible for companies to create irrefutable assertions about assets they hold, transactions they’ve made and agreements/contracts they’ve entered into.
“We believe that being auditable and transparent should be the expected default position of any company or business.”
However, our work will not be limited to companies dealing only with cryptographic assets; we are keen to explore the interaction between the real and digital worlds. Even though a completely “trustless” interaction between the two may never be possible, we think that for them to co-exist, there’s still a lot of work to be done.
We believe that being auditable and transparent will become the default position of any company or business. Companies and businesses should be asked to justify why they cannot or will not operate in such a manner. This is especially important for companies that hold assets on behalf of their customers. These customers often have to rely on opaque external audits to give them a (false) sense of security as to the status of their funds or investments.
We believe it’s important for any company or person to be able to ascertain these facts independently, which is why we’re committed to open sourcing as much of our code and research as possible. Keep an eye on our Medium and GitHub for updates.
Michael and Ilyas.