- Vitalik Buterin shared the need for awareness among the public on DAO
- He commented that both the elite and non-elite communities can utilize DAO in their own ways.
- Ethereum DAO’s clear advantage over the other blockchains was clearly commented on by Vitalik.
Vitalik Buterin, the co-founder of Ethereum, pointed out the necessity to be aware of the equal opportunities for both the rich and poor on Ethereum. He tweeted that wealthy crypto customers use DAO for “tribal affiliation and fun and self-expression” whereas long-target audiences use it for “pragmatic needs”.
Vitalik’s tweet, on September 11, proved to be an important piece of information for “the people building in the crypto space”:
This is an important disconnect that people building in the crypto space do need to be aware of. Crypto-wealthy people often join DAOs for tribal affiliation and fun and self-expression, but our long-term target audience wants DAOs designed around very pragmatic needs. https://t.co/Dj5lV6Y6EC
— vitalik.eth (@VitalikButerin) September 11, 2022
DAOs (Decentralized autonomous organizations) were launched in 2016 on the Ethereum blockchain which intended to act as an “investor-directed venture capital firm”. Ethereum claimed that DAOs are the safest way to cooperate and mingle with alike people.
Ethereum has a clear advantage in the number of DAOs compared to any other blockchains. It owns more than 4,200 DAOs and protocols, making the blockchain much more effective.
According to the CEO at Deep DAO, Eyal Eithcowich, the dominance of Ethereum on accounts of DAO is that Ethereum is “the chain where the DAO movement started.”
More importantly, Ethereum is the most mature ecosystem in terms of tools for starting and managing all facets of DAOs, mostly financial but not only.
Ethereum’s official site holds a detailed description of the decentralized autonomous organizations. It defined DAOs as “the member-owned communities without centralized leadership”. DAO is the safest place to “commit funds”, said Ethereum.
There was an earlier tweet from Vitalik on the same day in which he talked about how rich people as well as rich countries are overrated. He opined that even among “the good people”, there is a binary opposition between the rich and the poor just because of the misinterpretation of elite politics.
Modern rich-country elite politics is not about economics, it’s about vibes, exhibit #247.
(Poor countries and even non-elites in rich countries definitely operate this way much less. They can’t afford to) https://t.co/05q3PSDmeV
— vitalik.eth (@VitalikButerin) September 11, 2022
Consequently, Vitalik received many comments, mostly based on the benefits of Ethereum’s DAO; the opportunities it created. All the related activities are completely transparent and automatic. Even charity-related activities of Ethereum make it unique among the other blockchains.
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