In Brief:
- Timbal Musk announced the launch of Big Green decentralized anonymous organization.
- The DAO will help to overhaul the philanthropy industry and shift to a decentralized platform.
- The members of DAO will be able to take the decision on proposals and regulations.
World’s top billionaire and owner of tech-giant companies such as SpaceX, Tesla, Elon Musk’s brother Kimbal Musk has introduced a decentralized anonymous organization (DAO) named Big Green with the vision of “decentralized Philanthropy”.
Musk is confident about his steps towards blockchain as he believes that the DAO will help to advance the philanthropy industry. He has welcomed everyone by posting a tweet, in which he mentioned that the users can share their constructive feedback and get the detailed paper through direct message.
The platform will also get registered as a charitable organization and will stay under the preview of the legal entity charter.
Also, to comply with regulators, The executive committee will be able to vote down any unfair proposal. The decision power will be largely transferred to the decentralized DAO members in harmony with a ranked-choice voting system.
Musk said, “the majority of funds in philanthropy end up going towards expenses with giving and accepting money.” His DAO aims to make this process more efficient. He is looking for a more flexible
While talking about the DAO launch, Musk said that the foundation is “spending a fortune on their overhead, and there isn’t a lot of transparency.” Talking about the Big Green DAO, Musk asked “Why do we need an office?” especially since the organization is “so decentralized that we couldn’t fill one.”
Many business sectors are taking steps into a decentralized system after watching its potential growth in the future. Yesterday, the real estate industry CitaDAO announced integration with the oracle infrastructure Chainlink to unlock tokenized real estate use cases in decentralized finance (DeFi).
