Kimbal Musk, the younger brother of popular businessman Elon Musk, is trying to decentralize philanthropy through Decentralized Autonomous Organizations (DAOs).
The DAO – called Big Green DAO – will be launched as an experiment to “decentralize philanthropy”. It will focus on food justice and regenerative agriculture, and aims to deconstruct “embedded power structures by putting nonprofits in the driver’s seat.”
Wow, #Web3 has been teaching me a lot. I’ve decided to run an experiment to decentralize philanthropy. This #GivingTuesday I’m launching the first Giving DAO. Want to read the Lite Paper? DM me. Constructive Twitter feedback welcome 🙏
— Kimbal Musk (@kimbal) November 26, 2021
Kimbal Musk owns The Kitchen Restaurant Group, founded nonprofit Big Green, and is one of the board of directors at Elon Musk’s EV giant Tesla.”I’ve decided to run an experiment to decentralize philanthropy. This #GivingTuesday I’m launching the first Giving DAO,” Kimbal tweeted, announcing the new initiative.
The whitepaper of Big Green DAO was released last week, which received a significantly positive response from the crypto community. As per the paper, the DAO will announce 5 additional members of the DAO Committee who will receive $50,000 as an incentive to support the corporate philosophy.
To run its mechanism, the governance token “Exec Token”, ERC-20 standardized token, will be used for governance management. Big Green and two to five organizations were chosen by Big Green will be appointed as members of the DAO Committee, and governance tokens will be used to determine how to use the funds.
The Big Green DAO will also comply with the Internal Revenue Service (IRS) so tax deductions will be possible when donating to the DAO.