ETHDenver Recap

For the last nine days, Killer Whale has attended ETHDenver. Even though this event takes place each year, 2022 marked a milestone by being the largest and longest running cryptocurrency event of all time! in this piece, we will discuss the key takeaways of ETHDenver!

What Was ETHDenver all About

ETHDenver 2022 was incredibly multifaceted, however much of the focus of the event was centered around the development of web3. Even though cryptocurrency and blockchain technology both play an integral role in the development of web3 protocols, the human element behind this development plays an equally important part. ETHDenver was not only focused on the technology that will eventually power our internet, but the people behind it as well.

Changing the Way we do Business

ETHDenver was largely focused on the explanation and creation of new decentralized autonomous organizations, more commonly known as DAOs. Unlike what we are used to with traditional organizations, DAOs use a completely different system of governance. This new approach utilizes blockchain technology, smart contracts, and non-fungible tokens (NFTs) to streamline the way that social impact groups and similar projects can interact with the world.

There are different roles which are played in a DAO. The most important of the two are those who govern the project, and those who contribute to the project, by presenting ideas to the DAOs body of governance. Although not all DAOs are alike – due to the different parameters of each smart contract enabled cryptocurrency project – many of them share a few basic guidelines.

More often than not, elections are held to determine who is and isn’t a governor every quarter. Governors of a DOW who contribute a significant amount of content to the project that the DAO represents are likely to retain their position of governor, but only if they so choose to. Governors who do not participate in the DAO are more likely to be replaced by other members of the DAO who contribute more.

One of the most important things to understand about DAOs is that they do not function like traditional organizations. Governors of a DAO are paid based on how much work they submit to the DAO, based on a weekly schedule. When payment is disbursed, it requires the permission of the majority of the other governors working on the project, via a multi-signature wallet. A multi-signature wallet is a wallet that will not disperse funds unless a specified, yet equal number of DAO governors agree that the funds should be dispersed.

One of the most unique aspects of the DAO model is that no one – even governors – are required submit any work to the project unless they would like to. Each and every individual within a DAO has the free will to participate as much or as little as they want, without having to worry about honoring any commitment to the project. This makes the DAO model more freeing than the traditional structures of the organizations we have seen in the past, as there is no risk of getting fired. The driving force behind the DAO concept is entirely based on being rewarded by your peers, on a level playing field.

Creative NFT Use Cases

NFTs play a huge role at ETHDenver. There are QR codes scattered across the entire event for attendees to scan; most of which reward you with a unique and free NFT. Of course, there’s a heavy digital art presence at ETHDenver, but that’s to be expected. Even though the world of NFTs is largely dominated by digital art right now, many of the speakers discussed all sorts of alternative ways which NFT technology could be used. Many of the uses of NFTs extend far beyond the media aspect of this new technology, and much deeper into the concept of using NFTs to verify legal, medical and financial documents.

It's highly likely that NFTs may eventually be used to transfer vehicle and land titles between buyers and sellers, far more quickly and efficiently than the methods that we currently use. NFTs could also become an important tool for easily transferring medical records and prescriptions between patients, pharmacies, hospitals, and doctors. NFT technology may very well be an elegant solution for transferring produce and livestock, or to tracking warehouse inventory for any number of valuable commodities that we regularly use in our day-to-day lives.

Equality in Crypto

Making the cryptocurrency and web3 space equally accessible to everyone; regardless of race, religion, sex, and sexual orientation was a major focus of ETHDenver. Many of the talks that took place during ETHDenver were exclusively geared towards how important it is to make this rapidly growing and world changing industry a friendly place for those who are being marginalized by our current global society. This includes, but is not limited to those who are black, indigenous, or people of color (BIPOC), as well as those who are lesbian, gay bisexual, transgender, and queer (LGBTQ).

Since ETHDenver and the crypto community is for everyone, the event was also heavily focused on making the cryptocurrency and web3 space a friendly place for women. Many of the events were hosted by women who are actively making the crypto space a place of equality for everyone. Even though there is still a significant amount of progress to be made regarding equality, it was inspiring to see the degree of support coming from the majority of those who were in attendance of these events.

Conclusion

ETHDenver proved to be a monumental event for Killer Whale, and the crypto community. ETH events happen across the globe. We highly recommend that each of you attend an ETH event if possible! There is no limit to how much one can know when it comes to crypto!

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