The word “Dao” is a bit ambiguous, but in general it refers to an entity that has full control of itself and its value. The Distributed Autonomous Organization (DAO) is one such type of dao; the DAO was built on Ethereum as a way to disrupt capitalism by taking power away from centralized institutions and putting it back into the hands of individuals. For those familiar with ICOs or other ways startups have been funded through cryptocurrency, this idea may sound redundant – why would anyone fund something they could just take for themselves? However, we’re only scratching at the surface here when talking about what decentralized autonomous organizations can do beyond disrupting capitalistic structures.
The “what is dao” is a decentralized autonomous organization. It’s an entity that runs without any central leadership, and it’s designed to operate on a blockchain. The DAO was created by the Ethereum Foundation, which is also behind the new cryptocurrency called Ether (ETH).
I often turn to the past for insight into the present and future. In a recent foray into Marshall McLuhan’s thinking, I came across a captivating nugget of wisdom that is extremely relevant today. “Any innovation disturbs the balance of existing organizations,” McLuhan argues in Understanding Media – The Extensions of Man. New ideas are encouraged in large business so that they may be clobbered all at once. A large corporation’s concept department functions as a type of viral isolation lab. When one is discovered, it is placed in a group to be neutralized and immunized. As a result, no new idea ever originates inside a large organization. It must attack the organization from the outside, through a tiny or rival group.” Most opinions, like most things, can’t be applied uniformly.
There are a lot of businesses that live on creativity and innovation, yet history reveals that innovation has often been pushed aside in favor of legacy operations. Consider that in 1975, Kodak had the potential to introduce the digital camera to the market. Steve Sasson was a research engineer at Kodak when he created the first digital camera in December of that year. Further discoveries were made as a result of the eight-pound apparatus, which are being used to power digital photography today. In the boundaries of a bureaucracy that relied on a heritage method for collecting still images, Sasson was redesigning a process for capturing still imagery. Because it was a filmless technology, it put the company’s fundamental film product in jeopardy. In support of McLuhan’s argument, large-scale innovation was impossible inside a corporation with no motivation to innovate.
DAOs are a kind of collaboration vehicle that taps into the power of a collective imagination to reimagine current processes from the outside in. Higher education is one business that is ready for change. To be clear, there are fantastic things occurring on college campuses all over the globe thanks to contributions by ground-breaking academics and researchers, but others believe that the bureaucracy that exists in most university institutions actually restricts their goal and potential.
Then there’s EduDAO.
EduDAO is a community of blockchain organizations led by Harvard, MIT, UC Berkeley, University of Pennsylvania, University of Southern California, University of Michigan, Tsinghua University, and Oxford University with the mission of growing and resourcing an ecosystem focused on Web3 research and innovation. EduDAO originated as a proposal to BitDAO, a decentralized open finance and tokenized economy based on Ethereum. Peter Thiel, Founders Fund, and Dragonfly Capital were among the venture capitalists who invested in BitDAO. More intriguingly, the cryptocurrency exchange Bybit has guaranteed 2.5bps of its future trading volume to BitDAO’s treasury, which is a significant portion of their financing. Contributors, partners, and token holders all help BitDAO expand their treasury.
EduDAO’s application to BitDAO intends to fund Web3-related research, teaching, and commercial activities while also assisting other institutions in establishing their own DAOs and connecting to the greater EduDAO community.
Proposal of the EduDAO
“Support builders of the decentralized economy, and exhibit the potential of DAOs… to support a broad variety of ideas, and experiment with the complete spectrum of possibilities for economic alignment, governance, treasury management, and organization,” according to BitDAO’s whitepaper. BitDAO’s growth strategy includes assisting others in forming and resource networks that drive Web3 innovation.
BitDAO Whitepaper is the source of this information.
EduDAO started as a concept inside the BitDAO ecosystem and evolved into a proposal, with the goal of reducing the bureaucracy that may exist between universities and between universities and business. Because their interests are matched in a mutually advantageous connection, there is a powerful feedback loop between these two DAOs. Both their vision statements and whitepapers emphasize the importance of fractal growth in community creation. The partnership is predicated on a $33 million investment from BitDAO’s treasury, with EduDAO managing $11 million yearly for initiatives, awards, and research in the EduDAO ecosystem. BitDAO’s protocol development, treasury, and governance, as well as other BitDAO initiatives, will be fed by EduDAO university groups.
BitDAO Whitepaper is the source of this information.
Natural systems are finding their way back into legacy structures via symbiotic partnerships, and natural systems are finding their way back into legacy structures from the outside in. While the whitepapers and objectives seem to be the shift we’ve been waiting for, we’re excited to watch how innovators like EduDAO and BitDAO evolve in future DAOnload releases.
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