If you’re not too sure what DAO technology is and want to learn more on how it can help in your cryptocurrency journey, look no further – Black Tech Green Money might clear up some of those lingering questions.
In the latest episode with AfroTech Brand Manager, Will Lucas, founder and CEO of DAO Labs Derrick ‘DT’ Thomas sheds light on everything one should know when it comes to starting a DAO and the importance of building a community within the Web3 space.
What Is A DAO?
“A DAO stands for decentralized autonomous organization,” Thomas shared. “As the name suggests, it’s a DAO which is an organization that’s automated by computer code and open for anyone to participate as long as they meet some basic requirements.”
He further explains that being autonomous just means that the smart contract can help run majority of processes without the use of a human interference
“A DAO is created and managed by a community, which collectively manages its funds and projects. So that’s kind of like how it works and in a very layman way of saying it, a DAO is essentially a group chat with a shared bank account and cap table,” said Thomas.
Building A Community Through Tech
As the founder and CEO at DAO Labs as well as the co-creator of MiamiTechRuns and LATechRuns, Thomas knows a thing or two (or three) about the importance of building a community in the tech space.He says having the ability to build a community is just as important as having the knowledge for building various platforms within the tech space.
“I think both are really, really important, but being good at the community, I think stands out because it’s more imperative,” he explained. “There’s tons of tools out there that allow us to spin up a DAO and not necessarily focus so heavily on the actual underlying technology, but essentially the way that the technology works is built on open source blockchains where anyone can see what’s written into the code. You can focus on the technology, but if there’s no community, then yeah.”
For more on how DAOs can be used to create and transform those communities, listen to the full BTGM episode below.