DAO
Is Austin the next US crypto hub? Officials approve blockchain resolutions
Innovative cities across America are racing to become the next hot spot for cryptocurrency and blockchain adoption. Miami was the first city to adopt its own part of CityCoins last year, allowing it to implement its own cryptocurrency called “MiamiCoin” to be used for civic engagement. New York City has also made a name for itself as a crypto-friendly city by implementing educational initiatives and withMayor Eric Adams receiving his paycheck in Bitcoin (BTC) in January this year. Austin takes a strong stance Most recently, Austin — the state capital of Texas that goes by the slogan “Keep Austin Weird” — has taken a strong interest in cryptocurrency and blockchain technology. While Texas’ desire to lead the way for crypto innovation was established about a year ago when G...
Decentralization, DAOs and the current Web3 concerns
What we call Web3 will be centered on an ecosystem of technology products that are decentralized, based on blockchain networks, interoperable, and without a traditional trusted validator (such as corporations, institutions and government bodies). But exactly what does this mean? What is Web3? Web3, a term coined by Gavin Wood, Web3 Foundation president, is the next phase of the internet and, perhaps, of organizing society as a whole. Web1 was the era of open, decentralized protocols, where most online activity involved browsing individual static pages. Web2, which we are now experiencing, is the era of centralization, in which a large part of communication and commerce occurs on captive (closed) platforms and is owned by a handful of technology corporations, subject to centralized co...
Co-founders of UkraineDAO and Friends With Benefits DAO talk autonomous organizations at SXSW
Kimbal Musk, Nadya Tolokonnikova and Alex Zhang took to the SXSW stage on Monday to participate in the “Move Over NFTs. Here Come the DAOs” panel at Austin’s Convention Center. Tolokonnikova is a former member of the Russian protest punk rock group Pussy Riot, and the co-founder of UnicornDAO and UkraineDAO. Zhang co-founded the social club, DAO Friends With Benefits, and serves as its mayor, while Musk cofounded the philanthropic Big Green DAO. Journalist Michael Casey moderated. Throughout the discussion, the panelists described their distinct and contrasting use cases behind their own decentralized autonomous organizations, or DAOs, and came to the conclusion that ownership, transparency and localization are the main principles of a successful DAO. A self-pro...
Cryptopedia: Learn the basics of DAOs and how they work
In the latest Cryptopedia episode, viewers can get a succinct and informative overview of decentralized autonomous organizations, or DAOs. Cointelegraph’s Jackson DuMont believes DAOs have the power to “completely transform how work and social collaboration are organized.” [embedded content] What makes this type of organization both decentralized and autonomous? The answer is smart contracts on the blockchain. Fundamentally, a DAO runs on the lines of computer code written on smart contracts that anyone can interacted with in the same way. DuMont described the three major steps necessary to launch a DAO. The first step is creating that smart contract. The second step is to determine how to receive funding and enact governance, usually done by creating a token. Lastly, the...
The DAO is a major concept for 2022 and will disrupt many industries
The blockchain and cryptocurrency rave is not ending anytime soon. And as more people are being introduced to revolutionary technologies in the digital space, new improvements upon these technologies are also being introduced. In the last couple of years, the DeFi and NFT industries have experienced immense levels of growth and, currently, metaverses and Web3 are the technologies making the digital space light up. It is not yet clear where these disruptive technologies will lead us, but we are sure that there will be much value up for grabs. At the convergence of Web3 and NFTs lie many platforms looking to leverage technology and infrastructure to make the NFT ecosystem more decentralized, structured and community-driven. Using both social building and governance, the decentralized a...
Ukraine accepts Bitcoin, Ethereum, USDT donations to fund ongoing war
Within the first week of the Russia-Ukraine war, the Ukrainian government has reached out to the crypto community on Twitter for raising funds to support its civilians and troops. Ukraine has now started accepting Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) as donations. As Russia threatens to take over Ukraine’s capital city of Kyiv, the government of Ukraine sought help from numerous international organizations to overpower the imminent threat. However, considering time is of the essence, the official Twitter account of Ukraine extended its call for help to Crypto Twitter. Stand with the people of Ukraine. Now accepting cryptocurrency donations. Bitcoin, Ethereum and USDT. BTC – 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P ETH and USDT (ERC-20) – 0x165CD37b4C644C2921454429E7F9358d1...
What is the role of a decentralized autonomous organization in Web3?
A DAO empowers its community members with voting rights and allows investors to send, receive and store value globally, automatically and anonymously. For years, automated systems have been viewed as a way to reduce annoying hurdles to humans, such as dealing with lengthy and burdensome traditional bureaucratic systems. A DAOs’ purpose is to primarily to help resolve such issues and encourage humans to focus on better productivity and other more rewarding aspects of an organization. A DAO’s automated system does not require a traditional central management, which is more vulnerable to failure, human error and manipulation. In terms of real-world applications, what can a DAO do? The lack of hierarchical management allows the organization to have different...
Journalist alleges Mimo Capital co-founder was behind 2016 exploit of The Dao: Report
Laura Shin, a cryptocurrency journalist and host of the Unchained Podcast, claimed to have discovered the identity of the individual behind an exploit which drained more than 3.6 million Ether from Germany-based startup Slock.it’s The DAO in 2016. According to a Tuesday Bloomberg report, Shin claimed that she had “extremely strong evidence” that Mimo Capital co-founder Toby Hoenisch was responsible for removing more than 3.6 million Ether (ETH) from The DAO in June 2016 — roughly $50 million at the time. An unknown hacker used an exploit to drain roughly a third of The DAO’s ETH supply, forcing developers to hard fork the network and leaving the illicit funds in what became the Ethereum Classic (ETC) blockchain. EXCLUSIVE: With the publication of my book today, I can finally announce: in t...
FriesDAO scoops up fast food franchises as part of its crypto governance experiment
A new proof of concept decentralized autonomous organization, or DAO, called FriesDAO wants to democratize access to the fast food industry. Cointelegraph spoke to FriesDAO advisors Brett Beller and Bill Lee about their mission to be a “part of something that will connect crypto and virtual ownership to real-world assets.” FriesDAO aims to acquire and scale fast food restaurant franchises like Popeye’s, Burger King and Taco Bell by inviting FRIES token holders to run a decentralized network of Quick Service Restaurants, or QSR. Starting with Subway franchise owners, the FriesDAO team hopes to guide their partners about the blockchain space. What “started as a joke” turned into a serious proposition when they realized there “was a hole for people that were ready to run...
Crypto Biz: JPMorgan enters the Metaverse, Marshall Islands legalizes DAOs, Feb. 10–16
Last week’s Crypto Biz newsletter explained how Wall Street is essentially marketing Bitcoin (BTC) for us after Wells Fargo said digital assets could “soon hit a hyper-inflection point” in terms of adoption. This week, JPMorgan Chase issued its own bullish outlook when it labeled the Metaverse a $1 trillion a year opportunity. In addition to JPMorgan, the New York Stock Exchange (NYSE) this week sent out a strong signal that nonfungible tokens (NFTs) and the Metaverse are part of its long-term plans. On the regulatory front, the Republic of the Marshall Islands took a bold step in becoming a leader in the blockchain arena. The latest Crypto Biz newsletter explores these stories in greater depth. For a full breakdown of the top business stories in crypto, register for the full newslet...
Syndicate protocol helps create 450 new DAOs in just three weeks
Blockchain-based investing protocol Syndicate claims that 10% of all decentralized autonomous organizations (DAO) in existence have been created on its platform in less than three weeks of operation. Syndicate is a DAO creation platform that has landed investments from A13Z and Coinbase Ventures, among others. The team revealed the development in a Feb. 15 tweet. As of this morning, 10% of *all* DAOs have now been created on @SyndicateDAO. In less than 3 weeks And this is just the beginning. — Syndicate ✺ (@SyndicateDAO) February 14, 2022 Will Papper, co-founder of Syndicate explained to Cointelegraph today that the project had created 450 investment clubs as DAOs, which is just a little bit over 10% of the “best estimates” of 4227 DAOs in existence, based on DeepDAO’s metrics and figures ...
The evolution of DAOs and why they are expected to take hold in 2022
In 2021, crypto has been one of the biggest trends shaping tech and finance, and according to mainstream news headlines, decentralized autonomous organizations (DAOs) are set to be a force to be reckoned with in crypto in 2022. Mark Cuban called them the “ultimate combination of capitalism and progressivism.” Yet, while DAOs are relatively easy to understand conceptually, they’re a segment of the crypto market in a state of rapid flux, with many innovative use cases emerging. However, setting up and running a DAO also comes with its own set of unique challenges, which are also changing and developing over time. What is a DAO? The purest definition of a DAO is inherent in the name. An organization is a group of people and entities with a common goal or idea. It’s decentralized, so the...
