Decentralized autonomous organizations (DAOs) are currently on the advance, the possibilities for future DAOs seem unlimited. We provide you with a brief overview of the most important DAOs.
DAOs are drawing the attention of large investors and entrepreneurs to a large extent. For example, a DAO attempted to bid for a copy of the US constitution and acquired physical land, which was minted as an NFT for a revolutionary governance project.
The interest of major investors is generally becoming an increasingly important topic in the crypto world. Similar to the NFT hype of 2021 , many believe that these market players are next to get into Web 3.0 .
DAOs: A brief summary
Imagine that you could be part of the future of a project and that you had a voice to express your opinion in a community of equals. And all without a hierarchy that restricts you.
That is exactly the goal that DAOs pursue. Decentralized organizations transform typical forms of organization into democratic solutions. Instead of making the decisions of board members and managers dependent, at DAOs everyone has a say . As is typical for cryptocurrencies and blockchain, no single institution such as a central bank or government agency can control a DAO. Rather, a community runs the DAO and is responsible for the infrastructure. This community works over a network of computers and is distributed across the individual nodes of the blockchain.
This means that the community members themselves make important decisions and determine the future of the project. You create your own suggestions and then cast a vote, this is how DAOs make decisions. This often involves the allocation of funds and technical improvements. Because the area continues to grow, the work of the DAOs is also constantly developing.
Investors are making waves
Many in the crypto community believe DAOs will be the next big thing , and for good reason.
Recently, venture capital (VC) firm Andreessen Horowitz (a16z) made several million dollars in grants to support DAOs and the companies that are driving their development. A16Z believes that DAOs " probably have a huge impact on the acceptance of Web-3 products have to be ." Investors do not see DAOs and Web 3 as separate. Rather, these areas complement each other and will grow together.
For example, the DAO Syndicate was able to raise funding of $ 20 million under the direction of Horowitz. A total of 150 VC firms participated in the first round of financing, including angel investors Snoop Dogg , Ashton Kutcher and Alexis Ohanian , the co-founder of Reddit . In addition, major mainstream investors such as entrepreneurs Mark Cuban , Peter Thiel and Chamath Palihapitiya have brought DAOs to the fore. While the investors themselves have drawn a lot of attention, the initiatives of the already active DAOs are making waves of their own.
ConstitutionDAO
Recently, ConstitutionDAO raised $ 47 million in an attempt to bid for one of two copies of the United States Constitution. The auction was carried out by Sotheby’s . Ultimately, Citadel CEO Kenneth Griffin won the auction. In the event of a successful auction, ConstitutionDAO would have introduced a governance token . Members would then have been able to vote on matters relating to the physical document.
Despite the failure, the developments are seen as a sign of the general attraction of a DAO. In a tweet thread about the failure, DAO organizers claim that several wallets that contributed ETH had never conducted a transaction before.
CityDAO
When it comes to pushing the boundaries between the crypto world and the physical world, none is more ambitious than CityDAO .
The project wants to implement the idea of a city on the blockchain , which is managed by the citizens themselves. The project started with NFT citizenships and the joint purchase of physical land. CityDAO is currently the owner of 40 hectares of land in northern Wyoming, east of Yellow Stone National Park. The land belongs to all DAO participants in common.
The project is made possible by a newly passed law in the state of Wyoming. The Wyoming DAO LLC Act regards DAOs as legally registered companies provided they register with the state. CityDAO is thus the first DAO to become a land owner under the new law.
Among the so-called citizens is also the Ethereum creator Vitalik Buterin , who recently acquired his own NFT citizenship. In addition, he spoke in a post about how DAOs can be of use in city administration.
“There are many things that can and should be improved in cities, and there are so many options. Even if there are challenges, the time for cryptocurrencies has come. "
Vitalik Buterin
PleasrDAO
The PleasrDAO collective has set itself the goal of procuring physical objects with cultural significance. Among other things, the DAO acquired an exclusive copy of a rare Wu-Tang Clan record for $ 4 million from the US government and minted it as an NFT.
The only edition of the two CDs of the seventh Wu Tang album with the title “ Once Upon A Time In Shaolin ” was stopped in 2014 and is to be kept under lock and key until 2103 due to contractual conditions. However, there is one exception that the contract allows - so-called “listening parties”.
That is why PleasrDAO is currently looking for a solution that will make it possible to share the album with listeners without breaking the contract. This also makes sense as the potential listeners would likely not survive the 88 year waiting period .
Wu Tang member Method Man spoke out against the strict ban. He believes the album owner has the right to distribute or host the album for free so that everyone can hear it. The album went to its first owner, Martin Shkreli, at auction a year later. However, the US government seized it in March 2018 after the pharmaceutical entrepreneur was arrested for securities fraud.
MakerDAO
MakerDAO was founded in 2014 and is an integral part of the crypto industry. Since inception, the DAO has raised more than $ 8 billion in funding backed by smart contracts.
At the end of July, the CEO of the Maker Foundation, Rune Christensen, announced that the organization would now act as a decentralized platform and that the foundation would be officially dissolved. The DAO has managed to become a completely independent, autonomous entity.
Christensen stated that the absolute decentralization of MakerDAO will enable thousands, if not millions, of community members to determine the future evolution of the protocol. This shows the efforts of the DAOs to involve as many people as possible. For a long time MakerDAO held the leading position among the DeFi protocols, as measured by Total Value Locked (TVL) . Still, 2020 was a challenging year due to a large $ 4 million liquidation .
DAO-Expansion
This is only the tip of the iceberg when it comes to DAOs as new projects are constantly being launched and operated. DAOs serving different areas of Web 3.0 make it clear what different purposes these communities can serve. For example, Elon Musk's brother recently announced the start of a DAO to fight global food shortages .
In the world of fashion, Red DAO supports digital fashion designers and collects major digital fashion items. For example, recently the DAO bought pieces for the NFT auction from Dolce and Gabanna . Other DAOs specifically focus on growth and Web 3 onboarding. Organizations like DreamerDAO and PadawanDAO help the community to fund conferences and other crypto events.
The possibilities for future DAOs seem limitless. If the development continues, we are sure to have exciting times ahead !
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