Ep. 45 - Validating Smart Contracts Settlement and Blockchain Insurance with Proof of Trust (PoT)

On this LAB Radio, episode Chris Groshong chats with Will
McDonough, founder of iCash which provides a Proof of Trust
Protocol (PoT). This enables powerful use cases like smart
contract validation, settlement and Blockchain insurance.


Will McDonough, founder of iCash


Will McDonough is an investor and entrepreneur whose storied
career ranges from sports and entertainment management to the
world of global finance. In 2014, McDonough led the Initial
Public Offering for Atlas Mara (ATMA:LSE) with co-founder and
former Barclays CEO Bob Diamond, for a market cap of $825 million
after acquiring eight banks in Sub-Saharan Africa. Today, Atlas
Mara has more than 3,500 employees and is operated by former
executives of the World Bank, the International Finance
Corporation (IFC), Barclays, Standard Chartered and Ecobank.


Prior to founding Atlas, McDonough and his team in the Investment
Management Division of Goldman Sachs managed more than $17
billion in private capital of the firm’s current and retired
partners. While at Goldman, he co-founded the Goldman Sachs
Builders & Innovators Summit, an industry-leading conference
bringing together the top 100 entrepreneurs in the world every
year.


Prior to Goldman, McDonough partnered with New York-based Avenue
Capital Group to co-found a $250 million distressed debt fund
called Avenue Strategic Partners. Since 2001, he has run his own
highly successful management company called MMG, which has
represented the licensing and partnerships interests of many
high-profile individuals, iconic brands, and venerable estates
including The Estate of Nelson Mandela, New England Patriots
Quarterback and Super Bowl MVP Tom Brady, and supermodel/activist
Gisele Bundchen. MMG also co-founded a children’s entertainment
company with Andy Heyward, Warren Buffett, Martha Stewart, Stan
Lee and Arnold Schwarzenegger to build educational content for
children.


iCash, a Proof of Trust (PoT) protocol assuring accurate
data from Blockchain transactions


iCash’s is a Blockchain-agnostic Proof of Trust (PoT) protocol
which provides distributed trust for data input.
This means assuring data is accurate using this construct
for services like validating smart contract settlements
and Blockchain Insurance.


Just as courts and lawyers provide validate appeals processes for
paper contracts, iCash’s PoT Delegates provide the same process
for digital Smart Contracts.


While proof of stake and proof of work are certainly breakthrough
tech, there is currently no system in place to assure users that
the data inputs are accurate.


After listening to this episode you will learn:


About Will's origin story and how he got started as a
childhood entrepreneur

How Will got into Boston College after initially being
rejected

Why he built a company with Tom Brady and represented such
figures as Nelson Mandela financially

What a special-purpose acquisition company (SPAC) is and the
benefit of operating as one

Creating a company ("fund of funds") that provided exclusive
access to hedge fund managers that money couldn't buy

How he developed relationships with JP Morgan, Morgan
Stanley and Goldman Sachs

Why settlement in Blockchain transactions are not always
accurate and why that's a pain point for institutional traders

What Proof of Trust (PoT) is and how it works?

About iCash positioning as an independent third party
insurance provider of Crypto (like buying it for your car)

How iCash uses Delegates (third-party Oracles) which can be
configured for public or private Blockchains



For show notes and more visit: LAB Radio