A crypto-focused startup accelerator is turning into a web3-focused decentralized autonomous organization (DAO).
DeFi Alliance, a web3 accelerator, announced yesterday that it would rebrand as Alliance DAO. The decision comes at a time when decentralized autonomous organizations (DAOs) have demonstrated the potential to generate enormous sums of money in a short period of time for a variety of causes. The reason for this move is that reaching the target of one billion Web3 users would require more work than DeFi Alliance alone can give.
1) 📢 Announcing Alliance DAO 📢
DeFi Alliance and hundreds of other top builders are coming together to form Alliance, the world’s first digital startup nation, to accelerate the best Web3 startups.https://t.co/Tp2Ms38yBB pic.twitter.com/DklY5akJQK
— Alliance is hiring (@alliancedao) January 13, 2022
Above all, the DeFi Alliance team described the DAO as a “digital startup nation”. In fact, they said that it was established by a collaborative community of founders from various crypto and non-crypto companies. According to Alliance DAO, approximately 300 contributors have joined. And they raised $50 million in initial contributions. For instance, here are some of the contributors:
- Twitch co-founder Kevin Lin
- Gemini founders Cameron and Tyler Winklevoss
- OpenSea co-founder & CEO Devin Finzer
- Terra founder Do Kwon
- Aave founder Stani Kulechov
- Circle founder & CEO Jeremy Allaire
- Crypto.com co-founder Bobby Bao
Also, AllianceDAO contributors will join as mentors to future Web3 firms. Above all, Web3 is seen as the next iteration of the decentralized Internet, and it runs on public blockchains such as Ethereum.
While starting with cohort-based accelerator services, the idea is to develop the DAO over time to provide services such as:
In fact, the project’s future direction will be explained in future documentation. And the documentation will explain:
- How the DAO will work?
- What services will DAO provide?
- Governance and economic models
- The release of a dedicated token
What is DAO?
A DAO is an organization that uses smart contracts hosted on a blockchain to implement encoded, automatic rules. In fact, DAOs are a new organizational structure. For example, it allows a community or group to organize themselves and make decisions through a token-based voting procedure.
DAOs are at the crossroads of all of these megatrends:
- Digitization of everything
- Decentralization of global superpowers
- The Fourth Turning
- Rise of Web3
In fact, it was the ConstitutionDAO that arguably pushed DAOs to the public in November. That’s because it raised $45 million in a campaign to purchase an original copy of the United States Constitution.
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