DAOSaka: The facts and figures – KnownOrigin

DAOSaka: The facts and figures – KnownOrigin

From funding the DAO, to commissioning the art, selling the digital assets, and returning a shareholder profit! 😍

After Berlin Blockchain week we had seen the power of community through DAOs (Decentralised Autonomous Organisations) with the MetaCartel demo day and DAO. Read more about their efforts to promote dApps here.

The MetaCartel! (can you spot us in the picture 👀)

After we got back to Manchester and arranged a call with Peter ‘pet3rpan’ to discuss an experiment. Most DAOs act more like a funding charity (money in, grants out) but we wanted to try and run a DAICO to coincide with DevCon V in Osaka that would attempt to turn a profit for the share-holders by selling tokens (in this case digital art assets).

Digital assets that are great example of creativity creating value through tokenisation. KnownOrigin’s platform had the tooling and artists community to test this idea out.

We forked and deployed Moloch DAO, the standard lightweight proven DAO right now, and let the world know we were open for business:

Thankfully, via DAOHaus, we started to receive pledges. We then started to process these approvals to funds, in our case DAI (a USD stable coin), into the DAO.

incoming!

In parallel to setting up the DAO we started a creative challenge on the KnownOrigin platform that invited artists to create artwork for a commissioned fee of 150 DAI (in DAI & DAO shares) where the DAO would receive 95% of future revenue of the asset sales, the remaining 5% to the artists themselves.

In true DAO style we voted, announced the winners, and priced & minted the artwork ready for the conference 👊

Published at Thu, 07 Nov 2019 10:23:56 +0000

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