Osaka, Japan—“This year was the year of the DAO,” Makoto Inoue told us at Devcon 5 . But he would say that, being the creator of Orochi DAO , the decentralized autonomous organization ( DAO ) that was used to organize events at Devcon 5 this week. Including, naturally, events about DAOs themselves.
A decentralized autonomous organization functions as if a computer program went rogue and operated all on its own accord. They essentially work as a non-partial arbitrator between multiple individuals or parties and can be used for such purposes as choosing which grants to fund, or where to allocate money for events.
This is exactly what happened at Devcon 5, with Orochi. Large chunks of the sponsorship money for the four-day Ethereum -focused conference were plugged into this DAO. Then, each of the respective parties communicated among themselves to organize ideas. When a proposal looked good, it would be proposed on the DAO and voted on. If approved, the money would be directly sent to the organizer, who would use it to run the event.
And it worked really well. The DAO was used to fund two events—using up its funding of $6,500—to show it was a successful proof of concept. Two days before Devcon 5 started, DAO fans eagerly gathered together on the 6th floor of the conference hall, to listen to DAO-themed talks. The event was largely focused on Moloch DAO —the funding scheme laid out by Spankchain CEO Ameen Soleimani that Orochi was based on. This was […]
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