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BitDAO Forms a DAO to Fund Crypto R&D
BitDAO, a decentralized asset managing company with current assets valued at over $2.5 billion is partnering with Venture firm Mirana Ventures to form a new decentralized autonomous organization that caters to college students: EduDAO.
The DAO is made up of various student and campus research organizations in the U.S., U.K, and China, including Berkeley Center for Responsible, Decentralized Intelligence; Blockchain at Berkeley; Blockchain at Michigan; Blockchain@USC; Harvard Blockchain Club; MIT Sloan Blockchain Club; Oxford Blockchain Society; Penn Blockchain; and Tsinghua University Students Blockchain Association.
Currently, a lot of people are forming DAO's to fundraise for a cause. We have been seeing this theme with today's issue and also previous ones where Elon's brother launched a DAO for non-profit and a musician launched one for protecting artists rights.
In return for funding, EduDAO members will participate in BitDAO governance votes to determine that protocol's development. The power of governance tokens is that, if BitDAO holders no longer believe the DAO is not meeting their expectations, they can vote to discontinue funding.
The EduDAO members will also help BitDAO itself by building governance or treasury tools or by contributing to other BitDAO projects that are receiving funding. The DAO says the main aim is to provide university groups with a broader reach and thus, enhancing blockchain innovation through funding and advancing collaboration and information.
"The idea is to create autonomous entities like EduDAO in which BitDAO helps identify motivated experts in a specific domain...We hope to provide resources and structure to help anyone and everyone go from 0 to 1 and be able to engage with blockchain and Web3 in a meaningful way," Says Allen