In Brief:
- BitDAO is launching ‘EduDAO’ to help fund youngsters for extensive research on digital assets.
- EduDAO will be composed of students and campus research organisations including Oxford Blockchain Society, Harvard Blockchain Club.
- BitDAO will allocate a massive fund worth $11 million annually to EduDAO
To capitalize on the growing popularity in digital assets, BitDAO is trying to form a new decentralized autonomous organization, ‘EduDAO’ to help fund youngsters for extensive research on blockchain and Web3 innovations.
As the tweet suggests, EduDAO will be comprised of various students and campus research organizations in the U.S., U.K, and China, including Oxford Blockchain Society, Harvard Blockchain Club, MIT Sloan Blockchain Club, Blockchain at Michigan, Berkeley Center for Responsible, Decentralized Intelligence, Blockchain at Berkeley, Blockchain@USC, Penn Blockchain, and Tsinghua University Students Blockchain Association.
BitDAO will allocate a massive fund worth $11 million annually to EduDAO so that member groups can carry out research and design blockchain innovations.
EduDAO is the brainchild of Jonathan Allen, the managing partner for Mirana Ventures. “The idea is to create autonomous entities like EduDAO in which BitDAO helps identify motivated experts in a specific domain,” said Allen. “Set a mandate and structure, capitalize it, and let this autonomous entity do what it thinks is best.”
Moreover, in case the BitDAO holders no longer think that the DAO is meeting expectations, the DAO holders can vote to discontinue funding. However, to manage risks, funds will be distributed in six-month intervals, as informed by Allen.
It is also mentioned that in return for funding received by EduDAO, their members will participate in BitDAO governance votes to work and determine on protocol’s development.
They will also work on building governance or treasury tools or by even contributing to other BitDAO projects.
Allen suggested that EduDAO might make use of a multisig wallet instead of a customary token. With the multisig wallet, multiple member groups will have to use their crypto private keys to sign off on expenditures.
In the recent months, several DAOs have been formed on social media platforms to unite people with the same causes, interests and motives. For instance, recently, FreeRossDAO had won ‘The Ross Ulbricht Genesis non-fungible token (NFT) collection’ auction with the aim of bringing prison reforms and freeing Ross Ulbricht.
