360eventDAO: Decentralizing World’s Main Events And Concerts
WHAT IS A DAO?
DAOs are self-managed organizations that are defined by a transparent set of rules encoded as a computer program. The unique aspect of a DAO is that they reduce the need for managers or traditional hierarchies, as the rules are embedded into the code, allowing the organization to function independently from the organization’s members.
They can therefore make organizational decisions collectively and autonomously through a process of decentralized governance, different from traditional centralized organizations where executives and large shareholders can often hold a disproportionate degree of control.
For example, in November 2021, a group of crypto enthusiasts set up a DAO called ConstitutionDAO to raise money to purchase one of 13 first printings of the U.S. Constitution. The group failed to win one of the Constitutions, which were auctioned by Sotheby’s, but did succeed in quickly raising $47 million for the cause, another DAO called LinksDAO has raised more than $10.5 million in an attempt to buy and develop its own crowdfunded golf course.
WHAT’S THE BENEFIT OF A DAO?
DAOs are set up so that they do not require the participants to “trust” each other. Indeed, they can be total strangers. That’s because participants either do or don’t fulfil the obligations prescribed in the smart contract. The contract terms–along with all actions by participants–are written into the code on the blockchain, where the information is public and permanent. Baked into the thinking behind DAOs is a mistrust of centralized human control. “There’s no CEO who can authorize spending based on their own whims,” reads the Ethereum FAQ, “and no chance of a dodgy CFO manipulating the books.”
There’s a school of thought that says human beings don’t misbehave in a vacuum because they’re evil, but because they act within an organization that affords them power that can be abused. They might act against the best interests of the organization because of greed, prejudice, desire for fame, or a hundred other flaws. Sometimes this happens behind closed doors (as when an executive pays $1,000 for a haircut and signs his own expense report), or in the open (as when a CEO decides to host disinformation on his company’s social network).
In theory, the decision-making power in a DAO is distributed to include all participants, and automated to minimize the need for day-to-day administration.
How does a DAO work?
A DAO can work in many ways depending on the project by creating a safe, decentralized voting system, controlled by no authority but the voters, so the community members can create proposals about the future operations of the project or structure they are in. The core rules of the DAO are handwritten by the creators of the system through smart contracts. These contracts are written onto the blockchain and kept there forever, the “Ballot” of the DAO may be an NFT or a token and can be minted, bought, or airdropped to participators, depending on the way the creators choose.
360eventDAO is the first event Cardano based “Decentralized Autonomous Organization.” 360eventDAO is a collaborative summon of a team of fun seekers, blockchain researchers and developers who like to enjoy some good music and have fun. At 360eventDAO we strive to create sustainable, profitable and most importantly fun musical, cultural and recreational events, created and directed by our DAO members, without the need of any centralized authority, like a profit-based company.
We will create, fund, promote and execute the projects that we created and voted for as a DAO without depending on other actors in the entertainment sector besides our partners. 360eventDAO will not only give you access to a world-star artist’s backstage IRL, but also will let you create and organize that event as a community and profit from it, even when it’s on the other side of the world.
Our mission is to decentralize events and concerts both online and IRL through a Decentralized Autonomous Organization on the Cardano Blockchain and share the profits with our community.
Why we chose to be a DAO?
We, as team that really love to have fun, whether we are in a concert, a workshop or in parties, and when creating 360EventDAO, our motto was “Let’s have the web3 fun!”
We wanted the let’s have fun idea to bigger than us, this is why we decided to develop a system that permits its members to decide where, when and how to have fun, this is why we are not just some random people who love to have fun, we are 360eventDAO, the fun loving community with a profit mindset.
How Do We Intend To Raise Funds ?
360eventDAO seeks to raise initial funding by selling of a percentage of the governance tokens to help facilitate its growth and initial phase (12months) development as explained below
Research & Development
This includes the research and governance tools, web3 wallet integration and testing of governance scripts.
The community funds will be held in a community multi-sig wallet when everyone can be able to view it.
To increase the adoption of 360eventDAO, the team has mapped out plans to offer incentives to individuals and Organizations that collaborate and participate in the DAO.
The 360eventDAO developers have already laid down the foundation for a functioning governance system for the DAO.
The project also looks to establish brand standards, membership rewards, and guidelines for members applicable both in the DAO and in other platforms as well.
Decentralizing the way we have fun