Elon Musk's brother is launching the Big Green DAO to disrupt the philanthropic world.
Billionaire Kimbal Musk told CoinDesk if the DAO doesn't work, he'll try a different way.
DAOs have become the latest crypto term after one group tried to buy a copy of the US Constitution.
You've heard of ConstitutionDAO, but how about Big Green DAO?
The new DAO, short-hand for decentralized autonomous organization, is hoping to disrupt the philanthropic world and create food justice, according to its website. And Ark Invest's Cathie Wood is a contributor.
"I've decided to run an experiment to decentralize philanthropy. This #GivingTuesday I'm launching the first Giving DAO," Kimbal wrote in a tweet. He is the chief executive officer of Big Green, a nonprofit organization that focuses on teaching people how to grow food, and also sits on the boards of Tesla and SpaceX.
In an interview with CoinDesk, Kimbal said he loves that DAOs bring people together and decentralize power. When he released the white paper, or guide, on his new group, he told CoinDesk he expected trolls to flourish, but reported he didn't get a "single Twitter troll." Kimbal did not immediately respond to Insider's request for comment.
When it comes to philanthropy, he said DAOs offer a leaner model that avoids huge overhead expenses for buildings, like the one that hosts the Gates Foundation in Seattle. "They're spending a fortune on their overhead," he told CoinDesk, adding that a decentralized organization doesn't have a need for an office.
One function of DAOs is to allow online communities of people to pool resources to work toward common goals. A blockchain code underpins the group and enforces the rules governing the DAO.
CoinDesk noted that the Big Green DAO is also a 501(c)(3) charitable organization where the executive committee can nix proposals that don't comply with its food-justice goals, but DAO members still get the voting power on grants distribution.
Kimbal acknowledged to CoinDesk that his DAO is an experiment. "If this doesn't work, we'll go back to the drawing board and try it a different way."
Read the original article on Business Insider