My issues with DAOs are that the tokens are sometimes securities in the US. And that I never understand why they need to be on the Blockchain. I might buy some tokens, not sure I would advise others to.
I guess if we ever got near 1bn ft wilds be because some people thought the price would rise. That sounds scammy.
Thanks. Actually there wont be cryptocurrency tokens, just NFTs. Only NFTs. Membership NFTs. One NFT = 1 membership pass = 1 vote. Ideally should be 1 NFT per member. I purposely avoided using regular (fungible) crypto tokens because of the securities thing. So NFTs as membership passes don’t really count as securities. The 1 bn is for issue as grants, not exactly to increase the worth of the project or tokens per se. Hopefully my next update will make things clearer
The main upside of a DAO is that the storage of funds and each grant distribution is protected by the algorithm that has been embedded in the smart contract, instead of being trusted to some entity (e.g. bank or crypto trading firm). The movement of funds is also maximally transparent for any person on the internet. I think it is a big benefit in some cases (although, not in every case)
To be clear, I’m don’t support of the actual proposal that the author have laid out int his next post, but I support the idea of experimenting with DAOs for EA and certain it would happen at some point
It is possible to use a website but Blockchain has some features built in that make some critical aspects easier.
Blockchain here mainly helps with automating membership tracking and portability accross apps / ecosystems. They are also important for the transparency and voting aspects. Will also help in funds security, access and control.
But everything will not be built on/around the blockchain. In fact, most of the co-ordination will be on regular websites / platforms like slack (a slack clone, actually), Discord, etc. There would even be a closed forum for DAO members only.
All of these are similar to what you are suggesting. But the NFT/blockchain aspect is like the critical thread that ties everything together.
My issues with DAOs are that the tokens are sometimes securities in the US. And that I never understand why they need to be on the Blockchain. I might buy some tokens, not sure I would advise others to.
I guess if we ever got near 1bn ft wilds be because some people thought the price would rise. That sounds scammy.
Thanks. Actually there wont be cryptocurrency tokens, just NFTs. Only NFTs. Membership NFTs. One NFT = 1 membership pass = 1 vote. Ideally should be 1 NFT per member. I purposely avoided using regular (fungible) crypto tokens because of the securities thing. So NFTs as membership passes don’t really count as securities. The 1 bn is for issue as grants, not exactly to increase the worth of the project or tokens per se. Hopefully my next update will make things clearer
Sure and again, why does this need to be on the blockchain? Why not just have a website people can be members of? But I’m personally curious.
The main upside of a DAO is that the storage of funds and each grant distribution is protected by the algorithm that has been embedded in the smart contract, instead of being trusted to some entity (e.g. bank or crypto trading firm). The movement of funds is also maximally transparent for any person on the internet. I think it is a big benefit in some cases (although, not in every case)
To be clear, I’m don’t support of the actual proposal that the author have laid out int his next post, but I support the idea of experimenting with DAOs for EA and certain it would happen at some point
It is possible to use a website but Blockchain has some features built in that make some critical aspects easier.
Blockchain here mainly helps with automating membership tracking and portability accross apps / ecosystems. They are also important for the transparency and voting aspects. Will also help in funds security, access and control.
But everything will not be built on/around the blockchain. In fact, most of the co-ordination will be on regular websites / platforms like slack (a slack clone, actually), Discord, etc. There would even be a closed forum for DAO members only.
All of these are similar to what you are suggesting. But the NFT/blockchain aspect is like the critical thread that ties everything together.