• Days
  • Hours
  • Mins
  • Secs
  • Thu, 19 Sep 2019, 07:07 PM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Web3 Foundation Director to step down to pursue DAO project

Tue, 06 Aug 2019, 05:36 am UTC

In a series of Twitter post on Monday, Ryan Zurrer, director at Web3 Foundation (W3F), has announced that he will be stepping down from his role.

Zurrer has been serving as the director of the web-focused non-profit since October 2017. He was also Principal and Venture Partner at Polychain Capital until November 2018.

In his tweet, Zurrer said that he will be leaving Web3 Foundation at the end of this year to “focus on investing [and] specifically DAOs.”


Speaking of his interest in decentralized autonomous organizations (or DAOs), Zurrer said that the 2016 DAO was one of the “coolest projects” that he has come across. He said:

“If it hadn’t imploded, today it would be the largest capital deployer in the space & the quality of due diligence that we saw from the community in those early days would have tempered the ICO craze of 2017.”

It can be recalled that The DAO was one of the much-hyped projects of 2016 and had raised a massive $150 million worth of ether in a public crowdsale. However, the project suffered a major hack in which $50 million in ether was stolen.

He added that there was a lack of certain tools back in 2016, along with the lack of regulatory clarity in several jurisdictions and deeper understanding of smart contracts, crypto-economics, and decentralized coordination.

“All of these tools exist now. It is the right time to explore this venture,” Zurrer added.


According to the draft of his upcoming project’s white paper, it appears that Zurrer intends to create a for-profit, decentralized company, which will also be called The DAO, CoinDesk reported. The white paper states:

“DAO is a decentralized autonomous organization designed to sustainably develop a diversified portfolio of crypto-assets and accrue value for DAO members.”

Zurrer said that he will be making some key announcements along with a detailed overview of some of the new DAO concepts at the Web3 Summit on August 19th.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,056.10 (-1.62%)
  • Ethereum (ETH) $220.51 (+3.51%)
  • XRP (XRP) $0.302300 (-3.64%)
  • Bitcoin Cash (BCH) $317.51 (-2.99%)
  • Litecoin (LTC) $77.16 (-2.15%)
  • Bitcoin (BTC) $10,056.10 (-1.62%)
Sep 19, 2019 (Thursday)
12:27
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:27
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:57
Chinese financial institutions increasingly adopting big data, blockchain and AI: Moody’s
10:50
Crypto Technicals: Monero fails to hold 200-DMA break, erases most of previous session's gains
10:16
North Korea reportedly in early stages of developing bitcoin-like national cryptocurrency
09:37
UAE’s Ministry of Health and Prevention rolls out blockchain-based system
09:17
PUBLISH’s native token ‘NEWS’ listed on CoinMarketCap
08:44
Craig Wright asks 30-day extension as he holds talks to settle $10B lawsuit
08:33
Crypto Technicals: Litecoin (LTC) flashing signs of weakness, bearish engulfing and overbought oscillators weigh
07:40
Germany adopts comprehensive blockchain strategy to block Facebook's cryptocurrency Libra
07:36
Litecoin Foundation selects Celsius Network as preferred interest bearing wallet
06:42
Turkey plans to create National Blockchain Infrastructure and regulatory sandbox
06:29
Crypto Technicals: ETH/USD retreats from 6-week highs at 217.49, close below 200-DMA to see further weakness
05:33
Tata Motors looks to collaborate with startups on blockchain-based solutions amid automotive sector slowdown
04:49
Cybersecurity startup GK8 scores $4M to conduct cryptocurrency transactions without connecting to the Internet
04:48
Crypto Technicals: Bitcoin turns bearish, slumps below $10,000 mark
03:56
SpaceChain wins €60K grant from European Space Agency for blockchain satellite wallet
03:52
Huobi launches fiat-to-cryptocurrency exchange in Argentina
Sep 18, 2019 (Wednesday)
04:56
Crypto exchange Binance.US to not launch in 13 U.S. states
04:29
VanEck, SolidX pull out bitcoin ETF proposal from SEC
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft