BitDAO, a decentralized autonomous organization with over $US2.5 billion in assets under management, is assisting in developing a financing channel for student-led blockchain and Web3 initiatives.
They confirmed the establishment of EduDAO, a separate DAO, with partner Mirana Ventures, whose investment portfolio includes tokens, on Friday, in collaboration with eight of the world’s top educational institutions, namely Harvard University, the University of Oxford in England, Tsinghua University in China, and the University of California, Berkeley.
EduDAO, which will function as an independent steering committee and grant up to $US11 ($AU15) million to distinct university-centric DAOs, will be funded by BitDAO’s treasury.
EduDAO will be given a $US33 ($AU46) million kickstart. The goal is to attract early-stage venture capital funding to help develop the next generation of blockchain and Web3 technology.
Web3 is the next edition of the internet, which features the metaverse’s immersive reality. A DAO is simply a community of online pals that get together for a shared goal. The rules of that group are then formed and enforced using a blockchain-based underlying code.
The most promising technological products and ideas are being developed at the university level, but Jonathan Allen, who co-founded Mirana Ventures and designed EduDAO, stated in a release that investment cash is critically needed.
In a video introduction to the concept broadcast on Twitter, he suggested that if a university-based DAO succeeds, an investment of $US25,000 ($AU34,995) or $US50,000 ($AU69,991) might be multiplied by ten or even fifty times.
He noted that such expansion brings a lot of revenue back to the organization, which they can then use to further educate more students. Consequently, a virtuous cycle emerges, with organizations assisting students and students constructing projects that finance the university DAO, which then returns to assisting students.
Beyond the first eight educational institutions, including MIT and the University of Pennsylvania, EduDAO may eventually spread to hundreds of institutions.