AlgoDAO, Blueshift, EY-Parthenon, Milkomeda and Symbiosis launch first Reverse Hackathon Offering (RHO)
11 August 2022 — AlgoDAO, a next-generation decentralized primary market infrastructure and Web3 accelerator for Algorand, is excited to unveil the first cohort of ecosystem partners involved in its innovative Reverse Hackathon Offering (RHO). AlgoDAO is thrilled to have Blueshift and Symbiosis as the Tier 1 sponsors and to have confirmed the collaboration of EY-Parthenon and Milkomeda as partners in the inaugural RHO.
AlgoDAO’s Reverse Hackathon Offering (RHO) is an innovative design for delivering community-centric hackathons that equalizes the playing field for its DAO members. The RHO gives AlgoDAO community members a chance for early-stage investment in three Web3 projects well ahead of a public IDO or exchange listing.
The actual RHO event brings together developers, project leads, business leaders, and Web3 enthusiasts together in a collaborative event in which the top three projects emerge as winners to benefit from AlgoDAO’s incubation and eventually, an IDO on the AlgoDAO platform.
Nathan Kaiser, AlgoDAO’s Appointed Managing Director, is convinced that the RHO could be the start of a new era in democratizing access to early-stage Web3 investments and he is appreciative of the support of the organizations partnering with AlgoDAO to make it a success.
In his words, “It is great to be working on the RHO alongside organizations such as Blueshift, EY-Parthenon, Milkomeda, and Symbiosis. These are organizations that have consistently demonstrated their belief that the future of the global economy is decentralized and they actively find ways to support the blockchain industry. We are especially excited to have them collaborate with us on the RHO and we cannot wait to see how our collaboration helps redefine the very idea of early-stage investing.”
“The RHO is one of the most promising use cases applying the business model of a DAO and ethos of decentralization to innovate the traditional early-stage startup ecosystem. I believe that this way, we will be able to validate and fund disruptive ideas faster and with more scale,” according to Igor Mikhalev, Partner in Emerging Technologies at EY-Parthenon and the DAO Chairman at Blueshift, a Tier 1 sponsor of the RHO.
The Tier 1 sponsor Symbiosis’s Co-Founder, Nick Avramov, says: “Honored to join AlgoDAO, Algorand ecosystem and Milkomeda for this event. I believe we will see a lot of bright projects that will pave the way for Web3.”
The inaugural AlgoDAO RHO is coming up sometime in the next few months and the RHO fund is already open to interested participants.
Read more about how AlgoDAO’s RHO works here.
About AlgoDAO
AlgoDAO is a next-generation decentralized primary market infrastructure and Web3 accelerator for the Algorand ecosystem. It is on its way to being a community-owned and community-driven ecosystem for incubation, launching, accelerating, and collectively investing in high-quality projects building on Algorand. https://algodao.fi
