CuraDAO – Complete Overview
A non-technical breakdown of the CuraDAO, a social impact fund powered in Curaçao by Blockchain technology.
Since the beginning of time humanity has endeavored to develop the most appropriate systems of social organization to meet the challenges of a particular era. We currently live in the informational age, where large parts of the world are connected through the internet with digital devices. Information exchange is happening at incredibly fast speeds, something the younger generations seem to leverage exceptionally well.
Although our means of transferring information have greatly improved, the very foundation on which we build our organizations has not. Our traditional models of Accounting, Finance, and Governance are proving to be unable to keep up with the speed of the digital age and are creating bottlenecks that hinder organizations in reaching their goals, and thus should be improved.
CuraDAO aims to empower any individual or group of individuals to contribute to social development projects by curating high impact projects and providing resources and support to execute these plans. CuraDAO stands for Inclusion, Creativity, and Integrity to smoothen out the process of ideation, co-creation, (crowd) funding and execution of social impact projects in Curaçao.
The main organizational bottleneck the CuraDAO aims to solve is – lack of transparency, distribution of decision-making power and accountability: Traditionally, organizations are siloed, hierarchically structured that aims to capture as many resources as possible. This tends to lead to a small group of people making the decisions, information not being openly shared (or even hidden) and a lot of overhead costs for accounting and controlling. In addition, starting a business or project is a lengthy and often stressful process within the current ecosystem. Finally, financial transactions are happening in separate networks from the information transactions and frankly can’t keep up with the speed of informational transactions.
Through hard work by various socially driven thinkers and developers, new types or digital organizations are being created that do remove these bottlenecks. The so-called Decentralized Autonomous Organizations or short DAOs are future-proof digital organizations that utilize Blockchain Technology.
Blockchain technology allows CuraDAO to keep a distributed (shared) databases amongst all members, effectively allowing all participants to collectively create a shared truth.
The blockchain allows for the creation of a fund that is connected to the worldwide ecosystem of cryptocurrencies, meaning anybody, from anywhere in the world can interact with the CuraDAO in seconds. A donation from, for example, The Netherlands to the CuraDAO would take around 10 seconds to process!
The blockchain allows for the creation of a fund that is connected to the worldwide ecosystem of cryptocurrencies, meaning anybody, from anywhere in the world can interact with the CuraDAO in seconds. A donation from for example The Netherlands the CuraDAO would take around 10 seconds!
Blockchain also allows multiple stakeholders to vote in a secure way. In the CuraDAO each member is rewarded with voting power according to their contribution to the CuraDAO. Decisions are only passed if a relative majority of the members vote in favor.
Another big benefit is the fact that the CuraDAO is completely transparent, meaning all transactions and proposals are viewable by everybody. This improves accountability, accessibility and could make nepotism & embezzlement nearly impossible.
Combining this all together we get CuraDAO, a social impact fund that is managed collectively by all contributors.
Danki di antemano
CuraDAO is built using Alchemy a decentralized application by DAOstack which runs on the Ethereum Blockchain. Want to know more about the tech? Visit the full technical explanation of the CuraDAO here.