Author: Staff

Categories
DeFi

What is a Decentralized Autonomous Organization(DAO)?

The realms of investment, business, and the creative industries are all being shaken up by a new type of organization. These Decentralized Autonomous Organizations, also known as DAOs, replace traditional hierarchies with flat management structures, are governed by crypto holders, and are founded on blockchain rules that are automatically enforced. DAO advocates say that they will fundamentally change the way enterprises are run. Numerous DAOs have already been established, and they’ve produced some impressive results.


A Decentralized Autonomous Organization is a corporate structure in which control is distributed rather than hierarchical. They’re run on smart contracts, with participants voting with governance tokens on issues like fund allocation. They are a type of organization in which control is distributed among the members rather than being based on a top-down hierarchy. A DAO can be thought of as a computer that is programmed to do a specific job based on pre-written smart contracts. 

Ethereum Co-founder, Vitalik Buterin launched DAO and he believed that it could eliminate human error or manipulation of investor funds by placing decision-making power into the hands of an automated system and a crowdsourced process. Built on Ethereum, DAO was designed to allow investors to send money from anywhere in the world anonymously. The DAO would then provide those owners tokens, allowing them voting rights on possible projects

How DAOs work
As mentioned above, a DAO is an organization where decisions get made from the bottom-up; a collective of members owns the organization. There are various ways to participate in a DAO, usually through the ownership of a token.

DAOs operate using smart contracts, which are essentially chunks of code that automatically execute whenever a set of criteria are met. Smart contracts are deployed on numerous blockchains nowadays, though Ethereum was the first to use them. These smart contracts establish the DAO’s rules. Those with a stake in a DAO then get voting rights and may influence how the organization operates by deciding on or creating new governance proposals. This model prevents DAOs from being spammed with proposals: A proposal will only pass once the majority of stakeholders approve it. How that majority is determined varies from DAO to DAO and is specified in the smart contracts.

DAOs are fully autonomous and transparent. As they are built on open-source blockchains, anyone can view their code. Anyone can also audit their built-in treasuries, as the blockchain records all financial transactions.

Smart contracts are written in the form of code, and they serve as a governance system. Governance tokens are often used by members to vote on DAO decisions, such as fund allocation. In many DAOs, the weight of a member’s vote is proportional to how much they have given to the project. The result may be determined by the level of participation as well as voting preferences.

Why DAOs are important

DAOs offer significant advantages over traditional organizations since they are internet-native. The lack of trust required between two parties is a significant advantage of DAOs. While a typical organization demands a great deal of faith in the people who run it, particularly on behalf of investors, DAOs just require trust in the code.

It’s easier to trust that code because it’s open-source and can be thoroughly tested before being released. After a DAO is started, every action it performs must be approved by the community and is totally public and verifiable.

There is no hierarchy in such an organization. Despite this, it can still complete tasks and grow while being governed by its native token. Because there is no hierarchy, any stakeholder can propose an original concept that will be considered and improved by the entire group.


Internal conflicts are frequently resolved quickly using the voting method, which follows the smart contract’s pre-written regulations. Also, DAOs let investors to combine assets and invest in early-stage enterprises and decentralized initiatives while sharing the risk and potential gains.


However, since they are decentralized, they are slower to operate as decision making processes take long. Additionally, they have no legal framework.

Examples of DAOs

Decentralized autonomous organizations have gained traction over the last few years and are now fully incorporated into many blockchain projects. The decentralized finance (DeFi) space uses DAOs to allow applications to become fully decentralized, for example.

To some, the Bitcoin (BTC) network is the earliest example of a DAO there is. The network scales via community agreement, even though most network participants have never met each other. It also does not have an organized governance mechanism, and instead, miners and nodes have to signal support.

However, Bitcoin is not seen as a DAO by today’s standards. By current measures, Dash would be the first true DAO, as the project has a governance mechanism that allows stakeholders to vote on the use of its treasury.

Other, more advanced DAOs, including decentralized networks built on top of the Ethereum blockchain, are responsible for launching cryptocurrency-backed stablecoins. In some cases, the organizations that initially launched these DAOs slowly give away control of the project to one day become irrelevant. Token holders can actively vote on governance proposals to hire new contributors, add new tokens as collateral for their coins, or adjust other parameters.

The Future of DAOs
In the last few years, there has been a surge in interest in decentralized autonomous organizations (DAOs), with hundreds of developers working on technical breakthroughs, governance systems, and voting solutions.

DAOs have formed to establish “headless” fashion brands, fragrances, and filmmaking communities, with DAOs emerging to create “headless” fashion brands, perfumes, and filmmaking communities. In many situations, these creative DAOs maintain a degree of centralization; for example, while filmmaking DAO Decentralized Pictures allows token holders to vote for a shortlist of film proposals to gain funding, a board of judges makes the final choice on which movie receives the award. 

Enthusiasts believe that DAOs will soon become more sophisticated. Trends include anonymity, progressive decentralization, and better incentives towards participation. Future DAOs may employ prediction markets, and begin voting and acting as delegators in other DAOs.

Will DAOs start to change the way that companies operate and raise money? Soon you too might be a member of a DAO, voting on the right way for your business to move forward, without having a boss telling you what to do.

Categories
Business

A Legal Analysis of the 102 Million Kenya Shillings Crypto Saga

Kenya was shocked recently when word spread on social media that a 21-year-old woman had 102 million Kenyan Shillings (about $900,000) deposited in her bank account. It was revealed that the money was a present from the lady’s cryptonaire partner, Marc De Mesel. The cryptonaire explained on his YouTube channel that the money was part of the profits he had made trading and that he had given it to her account in various transactions, taking into mind the applicable laws and regulations.

However, under the provisions of the Proceeds of Crime and Anti-Money Laundering Act, 2009, the Asset Recovery Agency filed an application in the High Court (Anti-corruption and Economic Crimes Division) seeking Preservation Orders for the money in the aforementioned bank account (POCLAMA).

The injunction was issued and will be in effect for 90 days to allow the Agency to perform its investigations and determine the source of the funds.

Various challenges in the blockchain and crypto realm are highlighted in this scenario:

  • The case for bitcoin as laid out in the Whitepaper by Satoshi
  • Laws that regulate the transmission of money
  • Claims that bitcoin facilitates crime with the aim of discouraging any form of investments

Satoshi developed a mechanism that allows parties to make online payments without the use of financial institutions. These institutions are recognized as trusted partners in transactions under the traditional system, and they function within various constraints imposed by governments.

Take for example, in Kenya, banks are required to:

  • Conduct customer due diligence on their clients
  • Keep a record of all business transactions and parties involved with their clients as per the POCLAMA

Other stipulations include:

  • Stating the source of funds when depositing or transferring a certain amount
  • Disclosing particulars of the transacting parties when required
  • In some circumstances, obtaining approvals to make certain money transmissions

Without a doubt, if the parties had utilized crypto exchanges and wallets to conduct the transfer and store the money, they would not be in this situation today, dealing with agents and police officers raiding their homes, arresting them, and revealing their identities.

Because the public keys are anonymous, Bitcoin is considered a permission-less system that assures transaction privacy. Most crucially, because crypto exchanges are not formally recognized as reporting institutions, they are not required to monitor and disclose the activity of their customers to regulators. However, regulators are concerned about the possibilities created by the system, particularly since the transactions are anonymous. There have been worrisome rumors that the anonymity provides a platform for criminals to launder money, transfer proceeds from illicit activity, and finance criminal acts like terrorism.

Some exchanges have taken notice of this and established a set of guidelines relating to Know Your Customer (KYC) processes for identifying and verifying their clients, as well as Anti-Money Laundering rules that span multiple countries to create a system for compliance with the Financial Action Task Force.

As such instances are projected to become more common in the crypto community, participants must understand how preservation orders, also known as freezing orders or asset freezing, are granted and reviewed.

The orders are gazetted once the agency seeks to the court for them to be granted, and the Court grants them. They are effective for 90 days after being gazetted unless the Agency seeks seizure orders for the property that was frozen. The other party can, however, file an application to have the orders revised or varied on the grounds that he or she has been deprived of a means to provide for his or her living expenses, and that the undue hardship caused as a result outweighs the risk that the property will be looted, destroyed, or transferred.

They can also show that the preservation order is malicious, that it is based on bad faith, and that it is an abuse of authority or court processes.

After the Agency submits evidence before the court, the court must assess if the property includes proceeds of crime or money laundering.

Millions of people now have legitimate sources of income thanks to blockchain technology and cryptocurrencies, and they should be acknowledged as such. Regulators have the responsibility of ensuring that public funds are preserved, and they should do so while remembering that everyone is presumed innocent until proven guilty in the eyes of the law.



 



Categories
Business

Zimbabwe’s Central bank chief declares “Disbelief” in cryptocurrencies.

This is not the first time an African country leader comes out to refute cryptocurrencies. John Mangudya , governor of the Reserve Bank of Zimbabwe (RBZ) is added to this list when he stated that his organization is interested in developing a central bank digital currency (CBDC). However, the central bank does not believe in cryptocurrency.

According to Bloomberg, Mangudya made these remarks during an interview with Trevor Ncube, a well-known Zimbabwean journalist. In words that appeared to be a reiteration of the government’s previously proclaimed position on digital currency, Mangudya offered the central bank’s thoughts on how it expects to follow in the footsteps of other governments that have rolled out CBDCs.

“We don’t believe in cryptocurrency as a central bank. We believe in central bank digital money, which is essentially attempting to answer the question of “how can we have an e-Zimbabwe dollar instead of cryptocurrencies.” – he stated

A Zimbabwean government official confirmed in November that his agency is gathering information on CBDCs and cryptocurrencies, as previously reported. The official’s remarks stoked speculation that Zimbabwe will adopt cryptocurrencies. These reports were eventually denied by the country’s information minister.

According to the story, rather than adopting cryptocurrencies, the RBZ would send a team to Nigeria, the first African country to install a CBDC. The team will learn from the Central Bank of Nigeria’s (CBN) experiences with the e-naira rollout, according to the story.

Aside from the upcoming trip to Nigeria, Mangudya believes that the RBZ already has a fintech team that is hard at work. The central bank’s aim, according to the governor, is to ensure that the RBZ does not fall behind other central banks in building their own CBDCs.

Categories
Opinions

How Unigrid plans to tackle Internet’s major shortcomings

Unigrid, a blockchain network, has vowed to become “The first totally decentralized and anonymous alternative to the ordinary internet.”

While the internet now pervades every part of our lives, it is not without its flaws. With high-profile data breaches exposing sensitive information, digital footprints have sparked persistent privacy worries. Censorship is also a concern, with some regimes censoring websites and jamming communications.

Today’s internet, according to Unigrid, is centralized and controlled by giant enterprises running huge data centers,” putting regular users’ personal data in their hands. Its network is dubbed a “low-level backbone” for a completely decentralized internet. Grid Nodes provide storage and communication routes, as well as acting as a swarm of proxies to keep data encrypted at all times.

Unlike traditional blockchains, which store data in a vertical structure by adding new blocks to previous ones, the Unigrid network shards data across an ever-growing number of blockchains for “redundancy, speed, security, and the ability to scale.”

Unigrid says its approach may help increase internet adoption and usage while also addressing the industry’s pain issues, such as high prices and limited product offers.

“Unigrid will give the world a global and democratic network constructed for the people, by the people,” Network Co-founder, Adam Waldenberg stated.

“With redundant storage and services on a global scale, we can put an end to unpredictable downtimes and make them a thing of the past,” adds Waldenberg, on Unigrid’s potential to improve internet efficiency.

For a long time, outages have been a major topic, with Amazon Web Services recently experiencing its third outage in 2021. Coinbase, Robinhood, Disney, and Netflix were among the major businesses hit. The network also intends to expand internet access by lowering prices with blockchain technology.

Unigrid emphasizes that the cloud computing market is worth a staggering $300 billion at present and these figures are only set to grow in the coming years. To spread adoption, the Unigrid Foundation is planning a series of hackathons to educate developers and partner with universities and scientific facilities, donating storage space on the network.

Additionally, the network has a number of use cases, including providing a safe environment in which medical records can be shared with trustworthy parties. Data on the network is also delivered from low-latency servers, and new decentralized apps can be built using popular programming languages. It also claims it will be the ideal site for storing unique photos and files, with high fees on the Ethereum network compelling NFT authors to store material on centralized Web 2.0 platforms.

According to Unigrid, many projects claim to be decentralized but in reality, many do not allow nodes to democratically contribute to the network. The project adds that this effectively moves the centralization to another point of failure rather than solving the underlying problem once and for all. 

The blockchain network has a data center based in Gothenburg, Sweden with hundreds of servers ready and raring to go. 

Unigrid and the Unigrid Foundation have enormous aspirations for the network, even if it is still in its infancy. They have a number of projects planned for the following year. For starters, they are excited by the prospect of integrating data storage. They also plan to add virtual private network (VPN) connections to the network. Finally, a new JavaFX wallet will be released.

Categories
Technology

Why the world’s largest museum is embracing NFT technology

According to Dmitry Ozerkov, the Head of the State Hermitage Museum’s Modern Art department, all museums will eventually develop their digital copies in the metaverse. 

Ozerkov is now working on a digital version of the iconic Russian museum, the Celestial Hermitage, which will feature non fungible (NFT) paintings. In an exclusive interview, Ozerkov said, “We are all moving into the digital era, and our digital twin will be following us everywhere.”

With about 3 million works of art, the State Hermitage in Saint Petersburg, Russia, is the world’s largest museum by exhibition space. The museum made its first foray into the NFT realm in September 2021, when it sold five digital replicas of its most famous masterpieces as NFTs, raising nearly $450,000. The Hermitage opened its first totally digital exhibition, dubbed “The Ethereal Aether,” in November, featuring 38 NFTs in a digital reconstruction of the museum.

Unlike the physical Hermitage, where visitors can only look at the works on display, the virtual exhibition allows visitors to interact with the NFTs on display. 

“You can pass through these doors without touching anything, while in the virtual world, you can do anything: you can play with artworks, you can make them interactive, you can add data to it”, explained Ozerkov. 

The show is free to view online until December 10th.

The Hermitage’s interest in NFTs, as Ozerkov points out, goes beyond market dynamics and attempts to study the creative value that NFTs might bring to the modern art world.

“My idea was to take a selection of existing works out of the market and to put them into the museum and to have a look: what remains in them as art? Is there any art there or we like, what we value in them is only money?”.

Categories
Business

Cryptocurrencies are risky, Bank of Tanzania (BoT) claims


More scrutiny of cryptocurrencies is needed, according to Prof. Florens Luoga the Governor of the Bank of Tanzania.

The Governor, speaking at the Conference of Financial Institutions in Dodoma in November 2021, stated that they do not have a clear deadline for developing legislation to protect the sector.

“As far as we are aware, cryptocurrencies are not secure. We can’t say when regulations will be issued because we’re currently studying; we’ll publish regulations once we’ve completed our research.”

Tanzania’s current President, Samia Suluhu Hassan, asked Tanzania’s financial authorities to “look into” cryptocurrencies in June 2021 so that the country does not fall behind.

However, there hasn’t been much progress from the country in adopting cryptocurrencies since then, until the governor spoke about plans for a CBDC and regulation at the just ended Conference.

Many people assumed President Suluhu was endorsing cryptocurrencies when she made her remarks on Bitcoin, especially because they came so soon after El Salvador announced that the Government was accepting Bitcoin legally.

However, Prof. Florens Luoga’s recent remarks indicate that the country is taking its time implementing the same concepts that other African countries are pondering about when it comes to crypto and blockchains.

Tanzania recently announced its preparations to own a Central Bank Digital Currency(CBDC) in November. Apart from Tanzania, Kenya has also announced plans for a CBDC through its Central Bank Governor. 

Categories
Business

Solana Lab distances itself from Melania Trump’s NFT Project.

Public blockchain network poses several advantages but one of them is that anyone may build on it—but such an open approach also implies that creators and initiatives may bring with them controversy or infamy.

Melania Trump, the former First Lady of the United States, debuted her first NFT collection on the network on Thursday, 16th December 2021, and Solana’s producers may be feeling the heat. Melania Trump announced her plans this morning, and shortly after, a representative from Solana Labs contacted the Decrypt blog to stress that the company is not responsible for the project’s arrival on its network.

“I wanted to inform you, to avoid any confusion, that her choice to use the Solana blockchain was completely organic, and this project is not part of any Solana-led initiative,” the representative told the blog in a statement.

Solana Labs represents the blockchain ecosystem’s core crew, including the platform’s original founders. In the meantime, the Solana Foundation was established in June 2020, with Solana Labs transferring all IP and a significant quantity of SOL coin to the foundation in order to promote its long-term development.

Melania’s NFT, a painting by artist Marc-Antoine Coulon titled “Melania’s Vision,” will be available for purchase on her website from December 16th to December 31st, 2021, for 1 SOL (about $185)

She intends to produce more NFT items in the future, as well as hold an auction on January 11, 2022, featuring both digital and physical artwork, as well as an undefined “physical one-of-a-kind accessory.” An NFT functions as a blockchain-backed receipt for a one-of-a-kind digital object, such as photographs, video files, or video game goods.

The former first lady’s NFT platform is “driven by Parler,” a social networking service popular among far-right conservatives and extremists, according to a statement released by her. Following the January 6th insurgency at the US Capitol, Parler was pulled from a number of app shops and marketplaces. Trump’s NFT platform uses MoonPay to process credit card payments.

The NFT project will help Melania Trump’s Be Best public awareness campaign, and she will give an undefined part of earnings from the NFT sale to “assist youngsters aging out of the foster care system,” according to her.

Categories
Technology

Bitcoin mining: Is it really an environmental disaster?

It is safe to say that the more popular something gets, the more critics come up to challenge and share concerns. Just like the growth of bitcoin mining has attracted crypto critics and environmentalists to talk about the amount of electricity Bitcoin mining consumes. Some have exaggerated that the activity “uses more electricity than Ireland.”  This is leading towards an environmental disaster. But is it?

Unlike the fiat currencies that are produced by a financial institution, Bitcoin is usually mined by solving mathematical puzzles with fast computers that consume huge amounts of energy which is considered wasteful and bad for the environment. 

It is true that Bitcoin mining consumes a lot of energy but this is majorly due to the fact the energy is used for network security as the Proof of Work Algorithm makes it difficult for people to participate and mine the Bitcoin. This makes it hard for hackers to access the algorithm hence keeping its authenticity on a high.

The argument above justifies the energy usage in Bitcoin mining. However, environmentalists still claim that Bitcoin could cost us our renewable energy future because it is slowing the effort to achieve a rapid transition away from fossil fuels. However, the stats and metrics say otherwise when compared to the energy banks use.

Understanding the Proof of Work Algorithm

We are not properly assessing the efficiency of Bitcoin and PoW and these are the reasons why.

  1. The way we create energy is wasteful.

Energy can be derived from natural sources such as water, but we choose to obtain 80% of the world’s energy from non-renewable resources such as fossil fuels.

The argument is that any energy derived from fossil fuels is wasteful, and we should shift the conversation away from “wastefulness” and toward more practical topics like “how can we employ renewable energy to lessen Bitcoin’s environmental footprint?”

  1. We are comparing Bitcoin’s energy use to the wrong industries.

When compared to these other money sources like banks, bitcoin mining is a fraction of the cost, but it’s also worth noting that its cost-to-market-cap ratio is far greater.

According to one analysis, the bitcoin network consumes 30 terawatt hours of electricity every year, which is enough to power an entire country like Ireland for a year. Without a doubt, that’s a lot of energy, but it’s only a third of what banks use annually. Banks utilize roughly 100 terawatt hours each year, which “pales in comparison to the 25-30 terawatts consumed by Bitcoin.”

In that light, Bitcoin isn’t as appealing, but it’s still an improvement; due to the intricacy of Bitcoin’s difficulty adjustment, it’s doubtful that the expenses of securing Bitcoin will increase as quickly as gold mining.

  1. Critics are using the wrong metrics

According to some critics, climate change will force China to build more coal-fired power facilities to augment certain hydro-power stations in order to meet Bitcoin’s growing need… For starters, forecasting the future is quite the adventure. Bitcoin consumes energy per block rather than per transaction, and due to batching, the number of transactions in a block is growing all the time.

  1. Everything requires energy

Critics can argue that Bitcoin is a waste of time at this moment because it has yet to replace any other industry. It is undeniably a net contribution to the world’s total energy production at the moment, and as such, if it serves no useful function, its detractors are correct in their assessment that it is wasteful.

Categories
Amber Group Technology

Amber Group Reimagines Digital Wealth Management In The Metaverse With Launch Of WhaleFin

Singapore, 14 December, 2021 — Amber Group, a global leader in digital assets, today announced the launch of WhaleFin, its flagship digital asset platform that is uniquely positioned to empower mainstream investors to build wealth in the digital era and further democratize access to the world of crypto finance. Built with the deep expertise that Amber Group has developed serving both institutional and retail markets, WhaleFin is an all-in-one platform that bridges the demands from both markets, serving as the preferred gateway to crypto for users, regardless of their experience. 

The launch of WhaleFin marks an important milestone for Amber Group, delivering on its mission to unlock the value of crypto finance for individuals and organizations, at a time when digital assets are gaining mainstream acceptance and adoption across global financial ecosystems. Designed with universality in mind, the WhaleFin combines institutional-grade features of the Amber Pro, launched in 2019, with the intuitive user interface and features of the Amber App, launched in 2020. 

“The concept of wealth has changed radically over the last few years and there is an urgent need for investors to rethink the way they build wealth in a future that is increasingly digital and decentralized”, said Michael Wu, CEO and Co-founder of Amber Group. “WhaleFin represents the gateway into the new world of finance, one that will be underpinned by the growth of the metaverse and the rising prominence of digital assets.  At Amber Group, we are incredibly excited to help shape this decentralized future, as we onboard investors at all levels into the world of crypto finance.”

With WhaleFin, all users can now access institutional-grade digital asset trading tools through a seamless interface on both web browser and mobile app. The platform comes in two versions to cover the full spectrum of investing needs – the ‘pro’ version lends comprehensive trading features for diversified investing activities, while the ‘lite’ version enables crypto beginners to buy, earn and swap digital assets simply and securely. 

Long-term value generation, next generation algorithmic trading, investment flexibility and state-of-the-art security are at the core of WhaleFin’s product offering. Key features of WhaleFin include:

  • Long term value generation – WhaleFin users can maximize their yields to build their digital wealth with WhaleFin’s structured products that are designed to monetize their market views. Users are also afforded a high degree of customization that includes investment currency, linked price and maturity dates, offering them innovative ways to grow their portfolio of digital assets.
  • Cutting edge algorithmic trading – WhaleFin supports customized algorithmic executions with automated ICEBERG, TWAP and VWAP orders with minimal price impact. Automated transaction cost analysis reports are also generated for users, providing them with a smarter and more transparent way to trade. 
  • Investment flexibility – Built with cutting-edge earn features that include a daily interest payout and early funds redemption, users can easily trade over 100+ digital assets at competitive prices on WhaleFin. Users will also enjoy the flexibility of using digital assets as collateral, allowing them to manage their portfolio risk as they implement margin trading strategies with highly customizable loan tenures. 
  • State-of-the-art-security – WhaleFin leverages multi-party computation technology, in partnership with leading security infrastructure providers in the industry to ensure users are able to invest and grow their digital assets with total peace of mind. 

Beyond empowering users with the best tools to make sound investment decisions, WhaleFin also empowers users with the opportunity to invest in a sustainable future. WhaleFin plans to harness resources from across the industry to support public education campaigns on the climate crisis as well as to mobilise communities to take action for our planet.

“The launch of WhaleFin is a landmark moment for us. At Amber Group, we want to continue developing the digital assets ecosystem by empowering everyone with institutional-grade tools and new touchpoints for people to easily access their digital assets. As the ecosystem matures and becomes increasingly sophisticated, it is important that we help facilitate a connected and inclusive global market and uphold the democratic spirit of DeFi. Not only does this critically drive innovation for the advancement of our global economy, it is also the spirit of opportunity and the seed to create a better world for everyone,” Wu added.

For more information about WhaleFin, please visit https://www.whalefin.com. Due to regulatory reasons, WhaleFin does not currently support or provide services to customers from some jurisdictions. 

***

Media Contact

Stella Wang

pr@ambergroup.io

About Amber Group

Amber Group is a leading digital asset platform operating globally with offices in Asia, Europe, and the Americas. The firm provides a full range of digital asset services spanning investing, financing, and trading. Amber is backed by prominent investors including Paradigm, Dragonfly, Pantera, Polychain, Sequoia, and Tiger Global.

For more information, please visit www.ambergroup.io, or contact them at pr@ambergroup.io.

Categories
Business

BitDAO Forms DAO With Harvard, Oxford Student Groups to Fund Crypto Research & Development



In the crypto world, there is a generational divide. According to a Mastercard survey from May, millennials are more interested in learning about digital assets than any other age group.

BitDAO, a decentralized asset manager with $2.5 billion in assets under management (AUM), and token investor Mirana Ventures have created EduDAO, a new decentralized autonomous organization that caters to college students.

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.

DAOs have become a popular tool to generate funds fast for a variety of purchases and causes. They are online communities in which members vote and make management choices using a token. BitDAO, which made its billions through digital asset management, intends to provide EduDAO $11 million each year to undertake research and develop blockchain ideas.

Jonathan Allen, Managing Partner of Mirana Ventures, came up with the idea for EduDAO. “The aim is to create autonomous entities like EduDAO, in which BitDAO assists in identifying motivated specialists in a certain topic,” Allen explained. “Give this autonomous entity a mandate and structure, capitalize it, and let it do what it believes is best.”

To mitigate risk, monies will be disbursed in six-month periods, according to Allen; BitDAO holders can vote to stop financing if they no longer believe the DAO is meeting expectations.

EduDAO members will participate in BitDAO governance elections to determine the protocol’s development in exchange for financing, according to BitDAO. They will also contribute to BitDAO by developing governance and treasury tools, as well as contributing to other BitDAO initiatives that are getting funds.


Whereas most DAOs require a token to function, Allen suggested that EduDAO might instead use a multisig wallet, which would require multiple member groups to sign off on expenditures using their crypto private keys.

The goal, according to EduDAO, is to provide academic groups a wider reach, allowing them to support blockchain research while also improving collaboration and information. The BitDAO protocol will be used to share EduDAO’s research with other universities and the general public.

While the short-term goal is to support university innovation, Allen said the long-term goal is to democratize education so that it doesn’t matter which university a student attends or where they live; all they need is a basic internet connection and a desire to learn.

Said Allen: “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.”