Black at Ripple co-leader Nate is creating new initiatives to connect blockchain-based Decentralized Autonomous Organizations (DAO) and Ripple’s Employee Resource Group (ERG).
This idea started when Nate sent out a survey to the Black at Ripple community, inquiring about the initiatives they want to participate in. The survey results showed the community’s interest in how blockchain, cryptocurrencies, and DeFi apply to the Black community. This topic extends to understanding Black ownership and crypto market literacy within the community.
A decentralized autonomous organization uses smart contracts to govern this organization. An assigned team will predetermine various policies like proposal handling, new membership, and other administrative tasks.
The organization will distribute voting credits to allow its members to vote on proposals in exchange for a certain monetary value. The funds accumulated would transfer to a wallet to carry out the proposal.
Nate intends to use DAO to better serve underrepresented communities. A Tech ERG Summit united different ERGs in large tech companies to decide how to make a larger impact in their communities.
DAO would provide a decentralized structure that encourages collaboration to mitigate employee retention, recruitment, and low influence in important executive decisions.
An example of an internet-native organization is the Black Lives Matter movement, which originated from decentralized virtual communities. Nate used this example as inspiration to determine how DAO can be an instrument to raise awareness about these communities.