It’s one thing to be immersed in the world of cryptocurrency and Web3 platforms, but to be self-taught and successful in the industry is worth a round (or two) of applause.
During the latest episode of AfroTech’s Black Tech Green Money (BTGM), host Will Lucas is joined by the self-taught crypto trader and Web3 enthusiast, Ashley Caines to discuss just how decentralized autonomous organizations (DAOs) work, governance structures, and token rewards along with what is to be expected at the highly anticipated AfroTech Executive conference in Miami this year.
As a true mover and shaker in the space, Caines is using her expertise to fuel her passion for educating and mentoring Black women as it pertains to all things crypto, blockchain technology, and more.
How DAOs Work
During BTGM, Caines breaks down the acronym (DAO) that she says often has a way of confusing people.
“If you take the decentralized part, it boils down to votes,” Caines explained. “In most cases, there are widgets that are put into either the telegram, the discord, or wherever the community gathers, and the large decisions are made by vote. That’s the decentralized part of it.”
From there, she explains how the governance team oversees the decisions and goes in to vote which leads to the next term, autonomous.
“This comes up when I think about potentially having an AfroTech DAO or DAOs that are linked to larger corporations or other entities,” she continued. “They are by definition intended to be autonomous and to be free of any sort of larger agenda than the one that is set forth by the governing body and the voting people that fill out the ‘d’ part of that acronym.”
Changing The Future
DAOs are significant to the way individuals will exercise their purchasing power in the future. Caines explains just how timely they are, and how eventually they will have a huge impact on the way that we live and work. However, first, she notes that it isn’t necessary to have a token to take advantage of DAOs.
“You don’t necessarily really need a coin to have a DAO, not all DAOs have their own treasury and coins that they launch, but many do,” Caines explained. “When they do, it’s that pulled financial power that I see being the greatest instrument going forward. There are real estate DAOs, there’s a DAO to buy football teams, basketball teams and there’s one to buy the constitution — even NFTs, Bored Apes, things that people couldn’t buy as individuals, but can now sort of buy into as a collective. I think that’s their greatest power moving forward.”
To learn more on how it all works listen to the full episode of Black Tech Green Money below.