Table content
- Kevin Owocki presents the DAO idea in his recent publication.
- Decentralized autonomous organizations have experienced a difficult period.
- Owocki offers fresh justifications for blockchain-supported groups.
DAOs have had a difficult few years.
These blockchain-run collectives have forfeited a substantial amount of capital as a result of cyberattacks, become embroiled in judicial conflicts, and been the target of numerous economic frauds.
In addition, decentralized autonomous organizations were intended to inaugurate an egalitarian transformation in the way online entities are administered.
However, a small number of individuals frequently have control over the governance tokens that determine the course of DAOs. Even worse, practically no one casts a vote on important proposals.
However, Kevin Owocki is still a supporter.
Instructions for DAO
The computer expert has just released a book called “How to DAO,” in which he explains why these organizations will be essential to the development of decentralized finance.
He informed DL News that “different eras have different frontiers where people can seek adventure, self-actualization, and fortune.” “DAOs are an excellent instrument for accomplishing this.”
Owocki, a co-founder of Gitcoin, the eight-year-old grant platform, has been essential to the public goods movement, which is focused on developing crypto infrastructure.
His initiatives have made it possible to donate more than $60 million to 5,000 different open-source crypto projects, as well as non-profit and humanitarian organizations, by connecting grant-givers with recipients. Gitcoin itself evolved into a DAO in 2021.
“DAOs will make it possible for us to have cooperatives that are geographically dispersed all over the world.”
— Kevin Owocki
As a result, Owocki’s platform has been crucial in the launch of some of the industry’s most well-known decentralized initiatives.
According to DefiLlama, Uniswap, which received Gitcoin grants in 2019, is now the tenth largest DeFi protocol, with user deposits totaling $6 billion.
Alternatively, one might state:
DefiLlama indicates that Uniswap, currently a DeFi titan with $6 billion and rated tenth overall, was one of the initial recipients of Gitcoin grants in 2019. Their progress is remarkable!
A noteworthy judgment was issued by a United States court during 2023: Ooki DAO, the operator of a digital currency derivatives market, was considered a conventional business and thus was required to enroll TruBit Collaborates with Morpho to Introduce DeFi Unearned Revenue in Latin America the CFTC (Commodity Futures Trading Commission).
Although the people participating in the DAO were not individually declared culpable, the magistrate nonetheless imposed a substantial penalty of $650,000 upon them. Their method of payment for this sum remains uncertain.
Moving ahead to 2024, a different legal matter emerged concerning Lido DAO, which supports a distributed staking system. The assertion was that it is essentially governed by powerful financial entities – venture capital organizations possessing the majority of tokens. The magistrate appeared to accept this viewpoint, and the legal proceedings are still in progress.
Milestones
However, Owocki is not concerned about these judicial obstacles. He regards them as vital “milestones” in the lawful development of DAOs. He mentioned that conventional businesses possess centuries of legal history to resolve matters.
Owocki stated plainly: “DAOs are still quite young, merely a few years in existence. It is necessary to permit their maturation!”
And regardless of the lawful difficulties, DAOs are expanding more rapidly than previously.
As per DeepDAO’s data, there are currently in excess of 50,000 DAOs within the digital currency domain, possessing an astonishing $31 billion in diverse cryptocurrencies within their combined funds.
Despite these virtual societies accumulating considerable wealth, his publication overlooks several genuinely complicated practical issues.
However, for a genuine advocate, this is all a component of the progression, correct?
Owocki, while speaking with *DL News*, summarized it thus: “If we are assessing optimism on a spectrum from 1 to 10 – where 10 represents extreme positivity and 0 signifies ‘crypto is entirely fraudulent’ – I would suggest this book is approximately at a 6.5.”
*Liam Kelly serves as a journalist situated in Berlin for *DL News*. Possess a valuable piece of information? Forward him an electronic message at *[email protected]*.
