BitDAO formed DAO with Oxford and Harvard student groups to cater to college students with the help of investor Mirana Ventures so let’s read more today in our latest cryptocurrency news.
BitDAO formed DAO with student groups and will facilitate some of the world’s most prestigious universities. EduDAO will serve as an independent steering committee for research, product development, and project grants. There’s a generation gap in crypto as one survey from Mastercard shows that the millennials are more interested in crypto than any other age group.
1/ @Edu_DAO has been approved and is the world’s first student-led multi-university DAO organization that will lead the charge in bringing the next generation of Web3 thinkers from 0 to 1. Hear from @jonathantallen1 about what EduDAO is about and what it can accomplish. $BIT pic.twitter.com/obe7IPwo89
— BitDAO (@BitDAO_Official) December 16, 2021
To capitalize on the enthusiasm for digital assets, BitDAO as a decentralized asset manager that boasts $2.5 billion in AUM as well as token investor Mirana Ventures formed a new decentralized autonomous organization that will cater to college students dubbed EduDao. The DAO is made up of different student and campus research organizations in China, the US, and the UK including Blockchain at Berkeley, Berkeley Center for Responsible, Decentralized Intelligence, Blockchain at Michigan, Blockchain at USC, Harvard Blockchain Club, Oxford Blockchain Society, MIT Sloan Blockchain Club, Penn Blockchain and more.
DAO’s took off as a popular way to raise funds for various purchases and causes as they are online communities in which the members use the token to cast votes and make management decisions. BitDAO raised its billions via digital asset management and now plans to allocate $11 million per year to EduDAO so that the member groups can conduct the research and design blockchain innovations. The concept for EduDAO came from Jon Allen as the managing partner for Mirana Ventures:
“The idea is to create autonomous entities like EduDAO in which BitDAO helps identify motivated experts in a specific domain. Set a mandate and structure, capitalize it, and let this autonomous entity do what it thinks is best.”
Allen says to manage risks, the funds will be distributed in six-month intervals so if BitDAO holders no longer believe that the DAO is meeting the expectations, they can vote to discontinue the funding. BitDAO says in return for the funding, EduDao members will take part in governance votes and can determine that protocol’s development. They will also give back to bitDAO itself by building governance or treasury tools or will contribute to other BitDAO projects which are receiving funding. EduDao says the goal is to provide the university groups with a broader reach and to enable blockchain innovation via funding and advancing collaboration and information. The research will be shared among other participants and universities as well as the public via the BitDAO protocol.
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While the short-term goal is to fund innovation in universities, Allen noted that the long-term goal is to democratize the education so it doesn’t matter what university the student goes to:
“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.”
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