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What is the future of the Dao?

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What is the future of the Dao?

About a month ago, AssangeDao won the auction for Censored, an NFT created by digital artist Pak and Julian Assange, founder of WikiLeaks. The winning bid was $ 53 million paid in Ethereum cryptocurrency. Pak, in fact, had put up for sale an NFT created in collaboration with Julian Assange and AssangeDao had therefore decided to raise funds to buy it, giving in exchange to those who had contributed to the cause of the tokens called Justice.

While most NFTs are defined primarily as an investment and second (or third or fourth) as a “work of art,” Censored represents Assange’s time in prison and is essentially a fundraiser for his legal defense. This transaction is highly likely to represent a change in the public’s perception of the Dao and what they can do.

What is a DAO?

A Dao (decentralized autonomous organizations) is a new way of organizing and managing organizations, making use of cryptocurrencies and blockchain technology to provide transparency, immutability, autonomy and security. The organization is fundamentally controlled by those who are part of it and everything is regulated by so-called smart contracts, intelligent contracts that enforce or not the decisions made by those who are part of the Dao.

To vote, the members of the Dao have tokens, and they can vote based on the number of tokens in their possession: whoever has the most tokens has greater weight in the voting and vice versa.

How AssangeDao works

Although the money was pooled to acquire a museum relic, AssangeDao’s winning bid demonstrates the platform’s potential real-world impact. AssangeDao raised over 16,593 Eth, or $ 52.26 million in just one week. However, things could be different if you look at it from another perspective.

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It is undeniable that many participants make donations due to the potential wealth effect. AssangeDao distributes $ Justice as a governance token. People receive 1,000,000 Justice tokens by donating 1 Eth. The token has now been listed on exchanges such as Mexc Global, priced around $ 0.2 per token. The story sounds familiar, if we take ConstitutionDao’s previous success story as an example.

What is Constitution Dao

Three months ago, ConstitutionDao made history by raising $ 47 million in an attempt to purchase a rare copy of the US constitution. The organization chose to close and provide refunds to its buyers after losing its offer to billionaire Ken Griffin, giving them the option to redeem their donation (minus transaction costs) via Ethereum or the People token.

In December, the People token hit an all-time high of around $ 0.18, an increase of more than 400% from its initial listing price in a week. Now the tokens are worth $ 300 million even after the dissolution. So what is the real deciding factor for people to support a person or cause or not? Kindness? Greed? We will never know. Different perceptions of DAOs raise even more social discussions about this new form of organization. In the future, we can expect more social experiments like AssangeDao in the spotlight.

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