BitDAO and cryptocurrency investor Mirana Ventures have collaborated to create EduDAO, a decentralized autonomous organization aimed at college students
A DAO for Students is being launched by BitDAO and Mirana Ventures
In the crypto world, there is a generation gap. According to a Mastercard survey conducted in May, millennials are more interested in learning about digital assets than any other age group.
To capitalize on college students’ passion for digital assets, BitDAO, a decentralized asset management with $2.5 billion in AUM, and token investor Mirana Ventures have launched EduDAO, a new decentralized autonomous organization.
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 comprise the DAO.
DAOs have exploded in popularity as a rapid way to generate funds for a variety of purchases and causes. They are online communities in which members vote and make management choices using tokens.
BitDAO, which has amassed billions of dollars through digital asset management, intends to donate $11 million per year to EduDAO so that member organizations can undertake research and build blockchain innovations.
The The Aims of BitDAO and Mirana Ventures for EduDAO
Jon Allen, the 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 on a certain topic, developing a mandate and structure, capitalizing on it, and allowing this autonomous organization to do what it believes is best. Allen explained.
To limit risk, Allen says cash will be disbursed in six-month increments; if BitDAO holders no longer believe the DAO is meeting expectations, they can vote to stop funding.
According to BitDAO, in exchange for funding, EduDAO members will participate in BitDAO governance elections to determine the development of that protocol. They will also give back to BitDAO by developing governance and treasury tools, as well as contributing to other BitDAO initiatives that are getting financing.
Whereas DAOs normally require a token to function, Allen suggested that EduDAO may instead use a multisig wallet, which would require multiple member groups to sign off on expenditures using their crypto private keys.
Now the real work begins. Want to get your school involved? Visit https://t.co/17PBhPJrur
— BitDAO (@BitDAO_Official) December 16, 2021
EduDAO’s Objectives
According to EduDAO, the goal is to expand the reach of academic groups by sponsoring blockchain innovation and improving collaboration and information. The BitDAO protocol will be used to distribute EduDAO research to participating universities and the general public.
While the short-term goal is to fund university innovation, Allen’s long-term ambition is to democratize education so that it doesn’t matter what university a student attends or where they live; all they need is access to a basic internet connection and a desire to learn.
“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,” Allen explained.
