The ADAO Bank at MozFest
Woo hoo! We are coming out to the world at MozFest this weekend! We’re on the decentralization floor and would love to meet folks and give away grants. :-)
Sadly, I got dengue, Archana and I had to cancel our tickets but our co-Founder Tej and awesomely stepped in to be the BANK.
Here’s our program write-up
The ADAO Bank — A philanthropic cryptocurrency
Presented at Mozfest 2017 at Ravensbourne College, Oct 28–29
Archana Prasad, is an artist from Bangalore, India. Her work is a particular conjunction of visual art, technology and urban community art, stewed in design and research methodologies. As Founder of Jaaga.in, Archana has a unique artist-activist role.
We are concerned about the unjust assignment of value, thus currency, that tilts towards mechanisms of successful acquisition based models and stockpiling capital, rather than rewarding innovation and creation, especially around work that fulfills important societal goals but do not create large profits.
To address this, we propose the ADAO (www.TheADAO.org), a cryptocurrency-based philanthropy fund that supports creatives who advance the Sustainable Development Goals. The ADAO offers ada coins as a normative currency for international transactions with 30% of coins allocated to form an endowment. Borrowing from Ethereum’s DAO, currency holders in the ADAO will be able to vote on which socially beneficial projects are funded from the endowment. As the value of the currency pool grows, the endowment will grow with it, with the ultimate goal of creating one of the world’s largest democratically run philanthropy funds.
Our 2017 MozFest exhibit will be modeled after a bank branch and encourage members of the public to pledge their own actions to advance the SDGs and in exchange receive ada coins towards these efforts, printed on customized credit cards.