Tag: DAO

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Crypto News DAO Metaverse

Sandbox Creator ‘Animoca Brands’ Launches DAO to Develop Metaverse Interoperability Standards

Animoca Brands has established an alliance with other prominent Web3 companies this week to create a new decentralised autonomous organisation (DAO) to prioritise users’ asset ownership capabilities.

The company behind smash hit metaverse game ‘The Sandbox’ has teamed up with a number of blockchain-based metaverse creators to establish the Open Metaverse Alliance for Web3 (OMA3). The DAO so far consists of popular names including Alien Worlds, Splinterlands, Dapper Labs, Upland, Star Atlas and, most notably, Decentraland. However, Animoca intends to invite many other creators on board.

Finer Detail Yet to be Revealed

The fine print of how this new DAO will operate, such as governance rules and voting power allocation, is yet to be revealed. However, it has been stated that OMA3’s main goals are to solve key challenges of the metaverse, such as the preservation of freedom of information owned by users:

We believe in a metaverse without restraining walls, where individual platforms are interconnected and fully interoperable … Users will immutably own these assets and transfer them to any OMA3 virtual worlds freely, without needing the platform’s permission.

OMA3 statement

This alliance would seem to be competition for the ‘Metaverse Standards Forum’ (MSF), which was announced earlier this week. Founded by big names in tech, such as Microsoft, Meta, Sony and Alibaba, all the companies in MSF are known for restricting user information usage and creating barriers when it comes to transfers.

OMA3 will set out to develop its infrastructure to ensure the metaverse operates as a unified system where digital assets and data are controlled by users, not platforms. Users of this infrastructure will own their assets and should be able to transfer them freely across the OMA3 world without requiring platform permission.

Animoca’s Recent Movements

‘Be Media’, an Australian digital marketing agency, sold a large stake of its company to Animoca Brands in April 2022. Animoca’s purchase is believed to be part of its incursion into Australia, as it hopes to induct more companies into Web3.

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Crypto News DAO Ethereum Optimism Tokens

ETH Scaling Solution ‘Optimism’ Launches DAO, Plans to Airdrop OP Token

Optimism, a leading Ethereum layer 2 scaling solution, has unveiled its new governance structure and is preparing to release a token called OP to help power the change: 

Governance of Two Houses

Optimism’s newly announced governance structure is to be split into two halves: the Citizens house and the Token house. The Citizens house will be governing the distribution of funding for retroactive public goods, whereas the Token house will focus on driving growth, protocol upgrades, and project incentives.

The new governance token, OP, will be the power behind the Token house. It will create incentives for users to contribute to governance, as much of the project’s decisions will be voter-based. This house will be established through a token airdrop to users.

This airdrop will not just be a one-time event, as users can expect a second drop in Q2. While awaiting an official date for the first airdrop, users can find eligibility information and an allocations link within the initial announcement.

Layer 2 and DAOs

Aside from Optimism, there is a wide range of projects working to continue the expansion of the DeFi ecosystem and resolve network performance issues. Crypto News Australia has compiled an informative list of projects worth watching.  

Decentralised autonomous organisations (DAOs) are the blockchain-based version of companies that are native to the internet. There’s a lot to know about DAOs, not to mention a list of risks and benefits, but it doesn’t have to be complicated. Crypto News Australia has also published a handy guide to DAOs.