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What is a DAO?

**DAO (noun - Decentralized Autonomous Organization)

DAOs are an effective and safe way to work with like-minded folks around the globe. Think of them like an internet-native business that's collectively owned and managed by its members. They have built-in treasuries that no one has the authority to access without the approval of the group. Decisions are governed by proposals and voting to ensure everyone in the organization has a voice.

Starting an organisation with someone that involves funding and money requires a lot of trust in the people you're working with. But it’s hard to trust someone you’ve only ever interacted with on the internet. With DAOs you don’t need to trust anyone else in the group, just the DAO’s code, which is 100% transparent and verifiable by anyone. This opens up so many new opportunities for global collaboration and coordination.

A Comparison

What is BanklessDAO?

BanklessDAO is the organization behind the Bankless brand. The Bankless mandate, having started as a centralized media outlet, has been handed to the BanklessDAO. Together, the BanklessDAO community collaborates to create user-friendly onramps for people to discover decentralized financial technologies through education, media, and culture.

BanklessDAO launched on May 4th, 2021 (📜Announcing Bankless DAO). It's mission is to coordinate and propagate bankless media, culture, and education. It’s goal is to drive adoption and awareness of truly bankless money systems like Ethereum, DeFi, and Bitcoin.

$BANK

BANK is the DAO’s native governance token which coordinates activity and gets distributed to community members for active participation in this movement. Bankless wants to reach 1 billion people. So there will be 1 billion BANK at genesis.

1 billion people. 1 billion BANK.

BANK has no financial value. It is a valueless token that simply represents participation in the bankless community. There is no sale. There are no investors. This is by design. BANK is a fair launch distribution. The only recipients of BANK at genesis are individual community participants. The only way to get BANK is to participate in the bankless community. And the Bankless DAO will determine what qualifies as participation through token vote.

On May 4th, 2021, a retroactive allocation of BANK went out to those that have already participated in the bankless community. Here’s the genesis distribution: