Docoh
Loading...

Wed. 1 Dec 2021, 2:35pm ETBenzinga
In: Cryptocurrency, Markets

Kimbal Musk — the billionaire brother of Tesla Inc. (NASDAQ:TSLA) technoking Elon Musk — has announced the launch of a decentralized autonomous organization (DAO) aimed to allow for "decentralized philanthropy."

What Happened: Musk announced the launch of the Big Green DAO in an attempt to "decentralize philanthropy," according to a Wednesday Coindesk report.

In a tweet Thursday announcing the project, he also wrote that he welcomes constructive feedback and will send the paper detailing the initiative to anyone requesting it via direct message.

Musk's DAO will be also legally registered as a charitable organization and be under the purview of a legal entity’s charter — as a consequence, it will have to focus on food justice.

To ensure compliance, an executive committee will be able to vote down any proposals that do not comply with regulations. Other than that, the Big Green DAO's deciding power will be largely in the hands of decentralized DAO members in accordance with a ranked-choice voting system.

Musk said "the majority of funds in philanthropy end up going towards expenses with giving and accepting money." His DAO aims to make this process more efficient.

He likened being at the Gates Foundation in Seattle to visiting the United Nations, noting that it is "the biggest building in the city" and that it has "thousands of people who work there."

While he does not doubt the good intentions, he said the foundation is "spending a fortune on their overhead, and there isn’t a lot of transparency." Talking about the Big Green DAO, Musk asked "Why do we need an office?" especially since the organization is "so decentralized that we couldn’t fill one."

During an interview with Coindesk, Musk said the DAO will attempt to overhaul the philanthropy industry by using blockchain technology to increase its efficiency. During the interview, he said that he believes that the crypto community can be divided into the “speculators” and “the religious.”

Musk admitted that the speculators nearly turned him away from the industry, but the "religious" did quite the opposite. He described them as "awesome" since "they are total believers that this will decentralize the world, change governance, bring power back to the masses. It’s a beautiful conversation when you’re connected to someone religious about it.”