Kuala Lumpur, 20 Nov: Decentralized Autonomous Organization (DAO) is something very new. There are only a few dozen functioning DAOs in the entire world. Thus, we were happy when our team attended the first-ever workshop on DAO organized by BitcoinMalaysia at Found8, KL Sentral, Malaysia.
The speaker, Jason Chew from BitcoinMalaysia recently attended a DAO workshop during the Devcon 5 developer conference in Osaka, Japan. The valuable experience and lesson gained from the workshop inspired him to share the DAO capabilities in Malaysia.
The workshop started with the background of DAO and the achievements DAOs developers and a demonstration of active DAOs and how they look like. One of the most active and functioning DAO is Genesis DAO – a grant DAO that incubates more DAOs that uses the open source software tools made by DAOstack.
DAOs are primarily useful for decentralized decision making on money management e.g. grants, donations or venture capital. DAO is special in a few ways compared to conventional venture capital because decentralized decision making will curb funding mismanagement by the fund manager. DAO promotes a community voting system and direct fund transfer to a project without a third party in between.
Apart from the background and theories, Jason shared his own experiences and surprisingly the DAO workshop was one of them. He managed to secure funds for his idea, to promote and educate DAO in the region starting from Thailand, Singapore, and Malaysia. He will be conducting DAO workshops in Indonesia next.
After all the background and sharing, the participants had to engage in a DAO project ideation activity. According to Jason, he wanted the participants to experience first-hand the excitement and the experience he had previously. The participants were separated into groups and had to come out with a solution or an idea to be solved using a DAO. Each group was given a DAOcanvas, time to share and discuss their project among each group member.
By the end of the discussion, each group must present their project. The projects will be shared with the DAO community and the best-selected project will get a chance to execute it. The winning group will also receive a generous amount of mysterious cryptocurrency. When interviewed by our Techcryption team, he hopes that Malaysians will be able to harness the potential of DAOs and solve problems using the technology. He created the spark of interest, but the decision lies in Malaysian to embrace or ignore.
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A writer, hustler, believer in continuous learning, and believer in creativity can change the world for the better. In Techcryption, Jumali is the Broadcast News Analyst for Bahasa Malaysia and English, covering the 4.0 Industry.