The DAO Vision

If you missed the last IOTA Americas meetup where TangleAccountant presented on DeFi, yield, and the new financial system that’s about to be built on IOTA, you can check it out here: IOTA Americas Meetup – DeFi Talk

From the IOTA Americas DeFi Meeting (Transcript):

“The vision of sharing this knowledge will come to fruition in the form of an entity called the IOTA DeFi Academy. As dapps start showing up on IOTA, people can visit this one-stop shop and check out a library of easy-to-follow tutorials. If you’re wondering, “Well, how do I actually use this DeFi system?”, the academy has been set-up to guide you through intuitively. There will also be an extensive list of other things you’ll be able to do within the site – details to come. The final form of the academy will truly be centered around the power of community.

Here’s the thing, I don’t want to own this. I have the current website for it, and I’ll build it out, but after that, we can create a DAO. Then, anyone who owns tokens in the DAO will have a voice in the future direction of the academy. Those who would want to contribute by providing things like content creation will be rewarded with more tokens, and in return, will have more of a voice in where the community is headed. Everyone in the IOTA Community will have the opportunity to help create the IOTA DeFi Academy.

I should mention something to everyone out there who might be looking to get involved. This is, as far as I see it, completely separate from the Treasury DAO. There’s a guy, Cooper Turley, in the Ethereum community, who’s a part of something like 90 DAOs. A DAO is just a type of LLC where, as you create more and contribute more, you receive more stake inside of that organization. So basically, we will create some type of IOTA DeFi Academy DAO, and the more you contribute to it, the more stake you will gain in it.

I’m willing to create the initial website, all the first podcasts, all the first tutorials, and then give up all ownership to the DAO in return for a small percentage of the DAO tokens. From there on out, anyone who holds those DAO tokens will have an incentive to make sure the IOTA DeFi Academy succeeds by becoming strong advocates. Plus, an additional incentive to do work for the DAO would be to receive a larger stake of tokens.

I just wanted to throw this idea out there before I started talking about DeFi because what’s going to happen is the system is going to explode. There’s going to be a million dapps on top of IOTA, and what we’re going to need to do is make it easy for people to understand how to interact with these dapps. That’s the goal of the IOTA DeFi Academy.”

What is a DAO?

A DAO (Decentralized Autonomous Organization) is just an internet community with a shared bank account looking to accomplish an objective.

Membership in a DAO is reflected through holding DAO tokens. Cooper articulates it well by saying, “Tokens represent liquid ownership. They represent access to the community and governance over the way that we grow.”

Most communities are brought together and collaborate on Discord. To restrict access to only DAO members, the Collab bot is used. What’s the Collab bot? It’s a Discord bot that links your Discord handle to one of your wallets (the one holding DAO tokens), and if it ever sees that you’ve moved those tokens out of your wallet, it removes you from the Discord server.

We could have an Academy Community Discord and to gain access you’ll need to hold something like 100 DAO tokens (these tokens will either be very cheap in the beginning, or I’ll just give them out for free). Social tokens are gaining traction because people are becoming more conscious about how they spend their time online. They want to be interacting with communities that they have a stake in.

A DAO called Friends with Benefits launched last year and you need 50 tokens to get into their Discord. In the beginning that would only cost you around $20. Now, that’ll run you about $10,000. Turns out exclusive online communities that generate content and work towards a common goal fill a huge gap in how we perceive value.

A quick note: All the tutorials and educational content on this website will always be available to the entire IOTA Community for free. The DAO tokens would only be necessary if you’re looking to join the Academy Community and dive deeper down the rabbit hole.

What’s Purpose of the Academy Community?

We’re a community with a shared vision of wanting to learn more about decentralized finance and how we can utilize the tools built on IOTA to enable complete financial freedom. Those who are part of the community will be able to view exclusive content, join town hall sessions with leading DeFi experts, and will be a part of conversations in a group at the forefront of everything DeFi on IOTA.

If this vision resonates with you, then joining the Academy Community may bring you some fulfillment.

The sheer amount of dapps that will be created on top of IOTA will make it impossible for one person to maintain the IOTA DeFi Academy. If you want to work, there will be work for you. If you just want to hang out, be a part of the community, and learn, that’s great and we will welcome that too!

Work will need to be segmented into different sectors of DeFi and then working groups will be formed to build content around each sector. Solid education should be our #1 priority and we’ll establish processes and proper governance to achieve that goal.

New DeFi protocols usually have a large budget for educating the public, so we can apply for grants that new protocols are giving out. We’ll use those funds to create content that will educate the IOTA Community and as our shared bank account grows, we’ll use that money to further educate the Academy Community.

This will allow us to stay at the cutting edge of DeFi innovation.

If you’re interested in staying up to date on this initiative, head over the Contact Page. I look forward to seeing what we can accomplish together.

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