What do Elon Musk’s brother and Jodorowsky’s “Dune” have in common? Ask the DAO, the new crypto craze – DiarioBitcoin

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What do Elon Musk's brother and Jodorowsky's “Dune” have in common? Ask the DAO, the new crypto craze - DiarioBitcoin By Hannah perez

The popularity of DAOs has been on the rise to become the latest crypto craze (even Elon Musk’s brother has one!). We take a look at the new trend.

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Decentralized autonomous organizations, better known by their acronym DAO, are starting to become an increasingly popular trend within the crypto space.

A few weeks ago, the A DAO experiment drew attention from the international news media after raising more than $ 40 million in a matter of days. Constitution DAO was born out of a group of friends looking to raise funds to buy an old and rare copy of the United States Constitution. Although it was very successful very quickly, the goal was not achieved and on the day of the auction in Sotheby’s another collector took home the award to the tune of $ 43 million.

However, the success of the project seems to anticipate what some suggest will be the next big thing in the crypto world: DAOs. More recently, such an organization set its sights on the work of filmmaker Alejandro Jodorowsky, and even billionaire Elon Musk’s brother has created his own DAO.

A DAO wants to buy Jodorowsky’s work

This week Dune DAO, now renamed Spice DAO, made a similar crowdfunding effort after raising more than $ 700,000 to purchase the physical copy of Jodorowsky’s massive manuscript for the novel’s film adaptation “Dune“By Frank Herbert. The group sought to participate in the auction for the document in Christie’s.

The book, called the “Dune Bible” is conceived as a historical piece of Hollywood, which for Some It represents “the best movie ever made“. The huge volume is a virtually unique copy that contains everything from the script to the concept art of Jodorowsky’s film project, a film that would have contributors such as Salvador Dalí, Orson Welles and Pink Floyd.

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But the film, which was estimated to last more than 14 hours, was never filmed and ended up going down in history. Instead, David Lynch ended up directing the first “Dune” movie in 1984. A new version directed by Denis Villeneuve was also released last month.

Having raised $ 750,000, Spice DAO’s plans ran into some hurdles on auction day after the manuscript’s value rose above $ 2 million (the auction house had estimated a price of between 25,000 and 30,000 euros). . However, the bid turned in favor of the DAO when its co-founder, Soban Saqib, stepped in to save the project.

Saqib, who uses the pseudonym Soby on the Internet, he pulled out of his own pocket so he could buy the “Dune Bible”, which reached a price of USD $ 3 million. The co-founder told Decrypt I didn’t want the same thing to happen to Constitution DAO. “Nobody wants to fail, nobody wants to raise all this money and not win, so I did“He commented.

Objective accomplished, but who has the property?

The DAO continued to raise funds to be able to pay Saqib to acquire ownership of the manuscript. In general, it seems that things have turned out well. As reported by the same medium, the organization has already raised about USD $ 12 million in ETH; a sum that will not only allow him to pay off the debt with Saqib but also to finance a movie or animated series, “inspired by Jodorowsky’s vision“.

However, as much as the goal appears to have been completed, doubts remain about the manuscript’s ownership. At the moment, the physical copy is kept by Saqib at home, but once it goes to DAO, they will have to collectively agree on where to keep the precious work. The DAO has a governance token called SPICE, although it does not provide fractional ownership of the work.

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Meanwhile, the group has expressed plans to digitally safeguard the document, as well as make it accessible to the public for the first time. “To the extent permitted by law“, As highlighted in a statement cited by CoinDesk.

Elon Musk’s brother has a philanthropic DAO

The rise of DAOs has even reached some high-profile entrepreneurs who have decided to try the governance model based on Blockchain personally. Kimbal Musk, the brother of the CEO of Tesla and Spacex, Elon Musk, recently announced the launch of Big Green DAO, an organization that conceives as an experiment in decentralized philanthropy.

Musk, who is a member of the board of Tesla, said to CoinDesk which is exploring the DAO model as a tool to bring greater transparency and direct funding to charitable projects, which it believes could remedy many of the inefficiencies, including embezzlement, currently seen by the charity industry.

Most philanthropic funds end up going toward expenses by giving and accepting money. There is a lot of waste in paying for procedures and bureaucracyMusk told that outlet. He also shared in a tweet his vision of the Web 3, which refers to a version of the Internet built on public blockchains and that is decentralized, and how it could disrupt the sector.

Using Web3 to decentralize philanthropy has the potential to unlock [USD]$ 100 billion per year, in the United States alone, spent on bureaucracy.

The businessman, who previously founded Big green, a non-profit organization that has built outdoor classrooms in the United States, assured that its DAO has already been registered as a legal entity in the North American country. Although, initially, it is a project with a duration of one year and that will distribute more than USD $ 1 million in funds. After that point, Musk and his team will pause and assess the extent to which the DAO framework has enabled the organization to achieve its goals.

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DAO: the next big trend in crypto?

Although the concept is not new, this year the idea of ​​DAOs has entered the mainstream strongly in the wake of the formation of new groups that have succeeded in using the structure to raise funds quickly. Although these groups may have different objectives, rules and forms of government, DAO can be understood as “Internet communities with a shared bank account“, As defined Cooper turley, who has supported the creation of several DAOs.

The successful Constitution DAO move appears to have drawn attention to the power that online communities can have, not only within the digital space, but also in the real world. The experiment also appears to have motivated other groups to form DAOs with the goal of raising funds to acquire ownership of valuable physical items; a phenomenon that was already observed within the NFT ecosystem (tokens non-fungible), where DAOs arise for the purpose of acquiring joint ownership of a digital work.

Only in recent weeks have several cryptocurrency collectives formed for similar purposes. For instance, PleasrDAO tried to buy the copy of Once Upon a Time in Shaolin”From Wu-Tang Clan, an album that only exists in a CD edition. Meanwhile, the organization Krause house He’s raising money for something slightly more ambitious: buying an NBA franchise.

It is difficult to anticipate in the short term what will be the developments of this growing trend; although, like other innovations of Blockchain, DAOs now seem to advertise as the next revolution for social structures by providing greater transparency and decentralization to organizations and decision-making.


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Article by Hannah Estefanía Pérez / Daily bitcoin

Unsplash image edited in Canva

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