A new DAO called ‘The Marketing DAO’ was formed by a group of Ethereum ecosystem supporters. The organization includes former chief marketing officers from ConsenSys and Shapeshift along with other key founders.
The Ethereum Foundation is focused on building out infrastructure for the technology and attracting developers while ‘The Marketing DAO’ is attempting to set a standard for how the protocol reaches out to the community and public- an area that has been overlooked.
The Marketing DAO
DAO or decentralized autonomous organizations use rules that are dedicated to blockchain smart contracts rather than agreeing upon legal documents. Through tokenized voting members are able to vote on initiatives and conduct governance much like a traditional corporation.
DAOs hold a rich history in the cryptocurrency market. An Ethereum-based DAO known as “The DAO” was hacked in 2016 for $70 million in Ether, which ultimately resulted in Ethereum’s first hardfork and created Ethereum Classic. Subsequently, other DAOs have begun to gain meaningful traction like crypto-asset backed lending platform MakerDAO and dxDAO.
Ethereum’s ‘Marketing DAO’ will fork from Moloch DAO- which went live earlier this year after raising $700,000 in funding from the Ethereum Foundation. Though Moloch DAO was designed to distribute grants to Ethereum projects it will be repurposed for marketing goals by the new organization.