BitDAO is helping to launch a funding channel for student-led projects focused on blockchain and Web3 innovation
Along with partner Mirana Ventures, whose investment portfolio includes tokens, they announced Friday the creation of EduDAO, a separate DAO that will partner with eight of the world’s top educational institutions, including Harvard University, the University of Oxford in England, Tsinghua University in China and the University of California, Berkeley.
Financed by the BitDAO treasury, EduDAO will serve as an independent steering committee, allocating up to $11m in funding annually for project grants, research, and standalone product development with $33m in the fund to start. The funds will be used to fund academic research for next-generation blockchain and Web 3.0 technologies.
Additionally, university groups will take part in BitDAO governance votes to help determine the protocol’s future development and provide “recurring contributions” back to the project. The latter may include “building governance or treasury tooling improvements, contributing to other BitDAO funded DAOs, or building standalone products that benefit the BitDAO ecosystem.”
“Placing the power of targeted funding and information distribution in the hands of a decentralized collective of students, faculty members, and alumni is a revolutionary step forward for institutions such as Harvard,” shared Roman Ugarte and Virat Talwar, co-presidents of the Harvard Blockchain Club.
“Tomorrow’s most promising products and designs are being devised at the university level right now; this partnership facilitates that growth at a scalable level by giving students and faculties access to sorely needed investment capital. Bridging early-stage VC investments with innovative academic research will build the foundation for the next generation of Web3 technologies. We’re starting with these eight universities to prove the concept but will soon be onboarding hundreds of schools.” shares Allen.