Kimbal Musk Says Most DAOs Are Not Actually Decentralized
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Along with the buzz surrounding non-fungible tokens (NFTs) and Web3, the DOA concept has experienced a surge in interest. These ostensibly leaderless organizations and online investment collectives, on the other hand, have been mockingly dubbed "group chats with a bank account."
Musk - DAOs Must Constantly Decentralize
Musk believes that DAOs must constantly decentralize to avoid power accumulation, which is why the contributors and nonprofit organizations that get to vote in the Big Green DOA have term restrictions, which means they must give up their seats at the table and be voted back in every quarter. Term limitations, on the other hand, aren't common in DAOs, according to Musk.
"I had to feel myself giving up control of this beautiful thing I had spent 1,000 hours working on, and I think everyone should go through this process," Musk said. "I think we started with six non-profits. I've watched them go through the process of giving up control."
Regarding a status update, Musk stated that ten new non-profits had been added to the program, with another 86 set to be added this quarter out of 400 submissions. Musk points out that traditional organizations spend 15% of their revenue on overhead before giving out a single penny when it comes to the openness of DAO-based generosity.
