A recent panel discussion took place in the SXSW stage named “Move Over NFTs. Here Come the DAOs” with Kimbal Musk, Nadya Tolokonnikova, and Alex Zhang, according to cryptocurrency news today live.
In the panel, the members had a discussion about whether DAOs can have the power to replace not just the corporate structures but also pose a challenge to different governance models. Tolokonnikova was a member of the Russian protest punk rock band named the Pussy Riot.
she is also the co-founder of UkraineDAO and UnicornDAO. Alex Zhang founded the social club Friends with Benefits DAO. Kimbal Musk is the co-founder of the Philanthropic Big Green DAO. The panel was moderated by Journalist Michael Casey.
Throughout the entire discussion, the panel members labeled their different and opposing use cases behind their own decentralized autonomous organizations or DAOs. They came to this conclusion after the discussion that possession, transparency as well as localization are the major principles of a successful DAO.
Going as a self-proclaimed anarchist, Tolokonnikova said that the reason she entered Web3 was “to find better tools for activism” and found that DAOs could provide a “better governance model than a national government.”
She stated that UkraineDAO was more than a $7 million fundraising effort that gathered people behind the image of the Ukrainian flag, and is a “big jump for crypto” that even Ethereum’s founder Vitalik Buterin supported.
She also mentioned further that UkraineDAO managed to break the perception of nonfungible tokens (NFTs) being “just cartoon images” to show how NFTs can solve local problems. In this case, it was able to “distribute money really quickly” to help offer medical assistance to the people affected by the Russia-Ukraine conflict.
On the other hand, Zhang’s Friends With Benefits, or FWB DAO, was created as “an online accident” in 2020 and has actually managed to grow into a particular community of people with “social and financial alignment.”
FWB was created using 6,000 token holders, which also include some very well-known public figures & celebrities. They work in unison to launch Web3 products. It also incorporates the recently announced FWB. Archive tool that can archive different digital events.
Benefits of DAOs As Explained By Panelists in SXSW
Musk also explained that any DAO “isn’t regulated by America or by any country in the world”. It enables its members to have proper ownership over the value of the organization’s outcome.
He mentioned that his Big Green DAO “really wanted to experiment with the governance system” of nonprofits by “giving power to a community” over its treasury and grant donation process.
Tolokonnikova also added that bureaucracy poses a problem in nongovernmental organizations or NGOs. This is due to the fact that there isn’t that transparency around fund distribution and the treasury. DAOs don’t avoid bureaucracy and promote transparency. Also, they can provide for a better governance model than nation-states around the world.
The UkraineDAO co-founder, who was imprisoned for two years in Russia for hooliganism, offered her “best example” of a weird personal limitation: “A chocolate bar can move from one country to another with no problems, but I can’t.”
Musk then considered the idea of offering legal protection. Big Green DAO is majorly focused on the liabilities of nonprofit organizations. So, he asked a question whether Web3 businesses that operate as DAOs actually have the chance and capability to go against centralized governmental legal systems.
As Zhang said, “laws are working to catch up” and during this time “a lot of amazing DAO infrastructure is being built that wants to operate in the real world,” which is important for a DAO like FWB, which hosts physical experiences.
When asked to further expand on this particular point, he said that he hopes DAOs will eventually replace LLCs or C Corporations and “that no one even says DAO anymore” but simply organization. According to cryptocurrency news today live, FWB is also working to automize payroll and issue W-2 tax forms to its members.
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