How DAOs are helping in the war efforts
Following Russia’s invasion of Ukraine, a decentralized autonomous organization (DAO) known as Ukraine DAO has been established to gather funds for Ukrainian soldiers who are fighting the Russian army. The DAO has already raised over 3 million dollars in Ethereum-based tokens.
UkraineDAO is kicking off with issuing a 1/1 NFT of the Ukrainian flag, minted by CXIP, to generate donations for Ukrainian civilian groups to assist people affected by Putin’s conflict. The launch is scheduled to last 72 hours.
Jeff Gluck, the CEO of CXIP, said:
On Thursday, CXIP received news that several of our development partners located in Ukraine had been displaced from their homes and raced to move their families to safety, while some of them remained in Ukraine, trapped and unable to leave. During the past year, these partners have become some of our closest friends– part of the CXIP family and our core team. When Pussy Riot’s Nadya Tolokonnikova and PleaserDAO asked CXIP to create a custom contract for the UkraineDAO NFT initiative, we immediately refocused our efforts to support this critical campaign.
The rollout coincides with the introduction of a PartyBid (a mechanism that enables individuals to bid collectively and, if they win, obtain fractionalized ownership of the flag), allowing anybody to pay any amount of money and earn a POAP (proof of attendance, a digital souvenir).
UkraineDAO was formed as soon as it was learned that the Russian military was invading Ukraine. Nadya Tolokonnikova from Pussy Riot, Alona of FreeRossDAO, CryptoStv of PleasrDAO, and Trippy of Trippy Labs began to organize and gather community members from their multiple DAOs together.
Nadya Tolokonnikova of Pussy Riot, Alona of FreeRossDAO, CryptoStv of PleasrDAO, Trippy of Trippy Labs, and members of their respective communities make up UkraineDAO, which CXIP and Moonpay support. FreeRossDAO’s recent successful charitable efforts encouraged this campaign.
Nadya Tolokonnikova from Pussy Riot, said:
We purposefully avoided adding our own art to this release, in a way it’s our strong conceptual artistic statement. People can have different aesthetics, but it's not about what color we prefer, it's about uniting to save lives. The Ukrainian flag unites us.
Vitaliy Deynega, an IT professional from Kyiv, launched “Come Back Alive” in 2014. Their guiding values include political impartiality, transparent reporting of revenue and spending, and help disbursement to the most vulnerable. According to a study released by the Ukrainian Philanthropists Association in 2014, 2015, 2017, 2018, and 2019, “Come Back Alive” is one of the most successful and transparent Ukrainian philanthropic and volunteer efforts.
DAOs for Charity - Saving Humanity
DAOs are the most decentralized form of organization currently available. They lay the groundwork for creating customer-driven applications and platforms that reflect the future technological and interpersonal communication trends, which is decentralized and community-run. During this early stage of DAO development, the sector must capitalize on its skyrocketing financial positions and token values to promote a positive influence - energizing a social accountability practice within these new enterprises.
Cryptocurrency pioneers have already proved the immense potential of crypto-charity. It’s time to elaborate on this idea and discover what this new sort of decentralized charity might resemble. DAOs are organizations that operate in various disciplines, from art to sports, and use both crowdsourcing and cryptocurrency to do it. They’re now showing up in the field of philanthropy as well, with UkraineDAO being one of them.
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Image credits: Wilhelm Gunkel and Maksym Tymchyk.
Disclaimer: The purpose of this article is to remove informational asymmetry existing today in our digital markets by performing due diligence, asking the right questions, and equipping readers with better opinions to make informed decisions. The writer holds Bitcoin, Ethereum, Cardano, Solana and Cosmos. The writer has a vested interest in the story.