La popularidad de las DAO decentralized autonomous organization, system of rules that define how a decentralized organization should operate and which actions it should take. ha estado aumentando para convertirse en la última moda de cripto (¡hasta el hermano de Elon Musk tiene una!). Echamos una mirada a la nueva tendencia.
Decentralized decentralization refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a common goal. autonomous organizations, better known by their acronym DAO, are starting to become an increasingly popular trend within the crypto space.
A few weeks ago, the experiment of a DAO attracted attention international news media after raising more than $40 million in a matter of days. Constitution DAO was started by a group of friends seeking to raise funds to purchase a rare, antique copy of the U.S. Constitution. Although it was very successful very quickly, the goal was not achieved and on the day of the auction an auction is a public sale through a bidding process where an asset is sold to the highest bidder. atSotheby’s another collector took the prize for a sum of $43 million.
Sin embargo, el éxito del proyecto parece anticipar lo que algunos sugieren será la próxima gran sensación dentro del mundo cripto: las DAO. Más recientemente, una organización de este tipo puso sus ojos en la obra del cineasta Alejandro Jodorowsky, y hasta el hermano del multimillonario Elon Musk ha creado su propia DAO.
A DAO wants to buy Jodorowsky’s work
This week Dune DAO, now renamed Spice DAO, made a similar crowdfunding crowdfunding enables fundraisers to collect money from a large number of people through a variety of different platforms. effort after raising over USD $700,000 in order to purchase the physical copy of Jodorowsky’s massive manuscript for the film adaptation of the novel “The Jodorowsky Manuscript.Dune“by Frank Herbert. The group sought to participate in the auction for the document onChristie’s.
The book, called the “Bible of Dune” is conceived as a historical piece of Hollywood, which to some represents “the greatest film ever made“. The massive tome is a virtually unique copy containing everything from the script a computer script is a list of commands that are executed by a certain program or scripting language. to the concept art for Jodorowsky’s film project, a film that would feature contributors such as Salvador Dalí, Orson Welles and Pink Floyd.
But the film, which was estimated to last more than 14 hours, was never shot and ended up going down in history. Instead, David Lynch ended up directing the first film of “Dune” in 1984. Last month also saw the release of a new version directed by Denis Villeneuve.
After raising $750,000, Spice DAO’s plans faced some hurdles on auction day after the manuscript’s value soared above USD $2 million (the auction house had estimated a price of between €25,000 and €30,000). However, the bidding took a turn in the DAO’s favor when its co-founder, Soban Saqib, stepped in to save the project.
Saqib, who uses the pseudonym Soby on the Internet, took out of his own pocket in order to buy the “Dune Bible.” which fetched a price of $3 million. The co-founder toldDecrypt that he didn’t want me to the same thing will happen to Constitution DAO . “Nobody wants to fail, nobody wants to raise all this money and not win, so I did it.“, comentó.
Objective accomplished, but who owns the property?
The DAO continued to raise funds in order to pay Saqib to acquire ownership of the manuscript. Overall, things seem to have turned out well. As reported by the same media outlet, the organization has already raised close refers to the closing price; similar to the same term used in stock trading. to USD $12 million in ETH; a sum that will not only allow it to pay off its debt to Saqib but also to fund a film or animated series, “The DAO’s new film, “inspired by the vision of Jodorowskynone
However, even though the goal seems to have been completed, questions remain about the ownership of the manuscript. At the moment, the physical copy is in Saqib’s home, but once it passes to the DAO, they will have to collectively agree on where to store the precious work. The DAO has a governance in the world of cryptocurrencies, governance is defined as the people or organizations that have decision-making powers regarding the project. token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. called SPICE, although this does not provide fractional ownership of the work.
Meanwhile, the group has expressed plans to digitally preserve the document, as well as make it accessible to the public for the first time. “to the extent permitted by law“as highlighted in a statement quoted byCoinDesk.
Elon Musk’s Brother Has a Philanthropic DAO
The rise of DAOs has even reached some high-profile entrepreneurs who have decided to try out the governance model based onBlockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. personally. Kimbal Musk, the brother of the CEO of Tesla y SpaceX Elon Musk, recently announced the launch of the Big Green DAO an organization he conceives as an experiment in decentralized philanthropy.
Wow, #Web3 has been teaching me a lot. I’ve decided to run an experiment to decentralize philanthropy. This #GivingTuesday I’m launching the first Giving DAO. Want to read the Lite Paper? DM me. Constructive Twitter feedback welcome ????
— Kimbal Musk (@kimbal) November 26, 2021
Musk, who is a member of the board ofTeslahe toldCoinDesk which is exploring the DAO model as a tool to bring greater transparency and direct funding to charitable projects, aspects it believes could address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. many of the inefficiencies, including misappropriation of funds, currently seen in the charitable industry.
“Most philanthropic funds end up going toward expenses by giving and taking money.There is a lot of waste in paying for procedures and bureaucracy. “, Musk told the media. He also shared in a tweet his vision for Web 3, which refers to a version of the Internet built on public blockchains and is decentralized, and how it could disrupt the industry.
Using Web3 to decentralize philanthropy has the potential to unlock [USD]$100 billion per year, in the United States alone, spent on bureaucracy.
The entrepreneur, who previously foundedBig Greena non-profit organization that has built outdoor classrooms in the U.S., said its DAO has already been registered as a legal entity in the United States. Initially, though, it is a year-long project that will distribute more than $1 million in funding. After that point, Musk and his team will pause and evaluate the extent to which the DAO structure has enabled the organization to achieve its goals.
DAO: the next big trend in crypto?
While the concept is not new, this year the idea of DAOs has entered the mainstream with a vengeance as new groups have formed that have been successful in using the structure to raise funds quickly. While these collectives may have different goals, rules, and forms of governance, DAOs can be understood as “Internet communities with a shared bank account an account is essentially a whose purpose is to track the financial activities of a specific asset/“as defined byCooper Turleywho has supported the creation of several DAOs.
The successful Constitution DAO movement seems to have drawn attention to the power that online communities can have, not only within the digital digital technologies are these electronic tools that have the ability to generate, store or even process data. space, but also in the real world. The experiment also seems to have motivated other groups to form DAOs with the goal of raising funds to acquire ownership of valuable physical items; a phenomenon already observed within the NFT non-fungible tokens (NFTs) are cryptocurrencies that do not possess the property of fungibility. ecosystem (tokens non-fungible), where DAOs arise for the purpose of acquiring joint ownership of a digital work.
In the last few weeks alone several cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. collectives have formed for similar purposes. For example, PleasrDAO tried to buy the copy of “ Once Upon a Time in Shaolin ” de Wu-Tang Clan, an album that only exists in a CD a certificate of deposit (CD) is a financial product allowing customers to earn an interest rate premium after making a deposit. edition. Meanwhile, the organization Krause House is raising money for something slightly more ambitious: buying an NBA franchise.
It is difficult to anticipate in the short a trading technique in which a trader borrows an asset in order to sell it, with the expectation that the price will continue to decline. In the event that the price does decline, the short seller will then buy the asset at this lower price in order to return it to the lender of the asset, making the difference in profit. term what the developments of this growing trend will be; although, like other innovations inBlockchainDAO’s now seem to be advertised as the next revolution for social structures by bringing greater transparency and decentralization the handover of control from a central authority to several different custodians. to organizations and decision-making.
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Article by Hannah Estefania Perez /DiarioBitcoin
Image from Unsplash edited in Canva