Elon Musk's brother has organized a crypto collective to overhaul the philanthropy industry and address food inequality
Elon Musk's brother is launching the Big Green DAOto disrupt the philanthropic world.
Kimbal Musktold CoinDesk if the DAO doesn't work, he'll try a different way.
You've heard of ConstitutionDAO, but how about Big Green DAO?
The new DAO, short-hand for decentralized autonomous organization, is hoping to disrupt the philanthropic world and create food justice, according to its website. And Ark Invest's Cathie Wood is a contributor.
"I've decided to run an experiment to decentralize philanthropy. This #GivingTuesday I'm launching the first Giving DAO," Kimbal wrote in a tweet. He is the chief executive officer of Big Green, a nonprofit organization that focuses on teaching people how to grow food, and also sits on the boards of Tesla and SpaceX.
In an interview with CoinDesk, Kimbal said he loves that
When it comes to philanthropy, he said DAOs offer a leaner model that avoids huge overhead expenses for buildings, like the one that hosts the Gates Foundation in Seattle. "They're spending a fortune on their overhead," he told CoinDesk, adding that a decentralized organization doesn't have a need for an office.
One function of DAOs is to allow online communities of people to pool resources to work toward common goals. A blockchain code underpins the group and enforces the rules governing the DAO.
CoinDesk noted that the Big Green DAO is also a 501(c)(3) charitable organization where the executive committee can nix proposals that don't comply with its food-justice goals, but DAO members still get the voting power on grants distribution.
Kimbal acknowledged to CoinDesk that his DAO is an experiment. "If this doesn't work, we'll go back to the drawing board and try it a different way."
- World Heart Day: What treatments cost across top Indian cities and how to stay covered
- World Heart Day delights: Yoga, exercise, and heart-healthy living
- TCS retains No 1 spot as India’s top brand but tech sector takes a hit
- Brewing capital: Third Wave Coffee raises Series C funding with participation from existing investors
- Asian Paints' non-executive director Ashwin Dani passes away