Harvard, MIT, Oxford, others tap $2.5 billion BitDAO to aid blockchain education

by Gordon James

The BitDegree Foundation has partnered with the San Francisco-based blockchain education company, BlockCumulus. The goal of this partnership is to provide universities and educators access to resources that will help them better understand how blockchains work and offer courses teaching students the fundamentals of cryptoeconomics

The “edx” is a blockchain-based education platform that offers courses from Harvard, MIT, Oxford, and others. It has raised $2.5 billion in its initial coin offering (ICO).

A new decentralized autonomous organization (DAO) has been created by eight world-renowned institutions, including UC Berkeley, Harvard, MIT, and Oxford, to solve the “funding crisis and skills gap” in blockchain research and teaching.

According to a statement made today, the new organization, dubbed Education DAO (EduDAO), would have access to a pool of $2.5 billion in assets given by BitDAO—which bills itself as “the world’s biggest DAO-directed treasury”—to finance research in the domains of blockchain and the Web3 sector.

“For schools like Harvard, putting the power of targeted finance and information dissemination in the hands of a decentralized collective of students, faculty members, and alumni is a revolutionary step forward.”

Roman Ugarte and Virat Talwar, co-presidents of the Harvard Blockchain Club, announced in a news statement.

“More broadly, we’re ecstatic to be able to pioneer this unique concept and promote blockchain education for the general public, as well as help the overall growth of Web 3.”

Blockchain at Berkeley, Penn Blockchain, Harvard Blockchain Club, MIT Sloan Blockchain Club, Blockchain at Michigan, [email protected], Oxford Blockchain Society, and Tsinghua Academic Students Blockchain Association are among EduDAO’s university partners.

“Tomorrow’s innovators”

The EduDAO will function as an independent committee, awarding up to $11 million each year “for project funding, research, and standalone product development, with $33 million in the fund to begin.”

Furthermore, university groups will vote in BitDAO governance elections to assist define the protocol’s future development and give “recurring contributions” to the project. “Building governance or treasury tools enhancements, contributing to other BitDAO sponsored DAOs, or developing independent businesses that help the BitDAO ecosystem” are examples of the latter.

“[The funding from BitDAO will be utilized to support initiatives in the priority areas of DAOs and blockchain for the three RDI pillars—Research, Education, and Community/Entrepreneurship] at UC Berkeley,” said Jocelyn Weber Phipps, UC Berkeley’s deputy director for RDI. “In the next year, we look forward to collaborating with all members of the EducationDAO community.”

As previously stated, decentralized autonomous organizations (DAOs) are becoming more popular as a method of governance. Kickstarter, one of the most popular crowdfunding sites, has revealed intentions to build a decentralized version of its infrastructure on Celo last week.

Harvard, MIT, Oxford, others tap $2.5 billion BitDAO to aid blockchain education

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The “edx ownership” is a blockchain-based educational platform that will be used by Harvard, MIT, Oxford, and others. The project has raised $2.5 billion in the first round of their ICO.

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