Hey everyone meet kevin here. Kimball musk is the brother of elon musk and in 2011 he founded an organization called big green, and the purpose of this organization was to encourage individuals to help community members and children get exposed to gardening and the benefits of growing our own food, whether they're psychological Therapeutic or just for the benefit of education and learning, you can learn more about big green by going to big green dot org. But this video isn't so much about what this organization is about. It's about the dao that kimball musk is now wanting to use to.

Potentially lead to decentralized finance and blockchain making decisions in terms of who gets funding from the big green nonprofit, i did receive a message from kimball musk, with a link to his white paper on or, i should say, light paper uh on exactly uh. What uh? What what this dow is, how it's going to operate, how decentralized it actually will be, and i spent a few hours going through it. I don't fully understand everything, so it is entirely possible that i may make a mistake and i don't like to make mistakes, but i'm going to do my absolute best to go through this and, if you're familiar with anything in here, please feel free to reach out And correct me in the comments down below, but let's go ahead and work on this together. Right now, quick note: the programs on building your wealth do have a coupon code expiring tonight, at 11, 59 pm black friday coupon code enjoy your black friday.

Let's get into this dow document, though here so take a look at this, so big green is a 501c3 non-profit this. The reason i mention this is this becomes extremely important, because there are many references throughout this light paper. That essentially say it is very important for this company to be referr considered a 501 c 3. So that way, individuals who make donations, whether in the future, through cryptocurrency or with fiat, can receive a tax donation for contributing to this organization.

I think, unfortunately, this is one of the things that is going to end up keeping this dow a more of a cow. Can we say that or is that insulting more of a centralized autonomous organization? But there are some really cool things that i think are going to come out of the first year that this dow is in operation. And so i'm going to talk a little bit about how this works so first they're calling this an experiment and what they want to do is democratize and decentralize philanthropy, which i, the last thing i want to hear more about. Is people democratizing stuff after robin hood? I'm a little over that one, but that's okay! I don't blame them for saying that, and what they're going to do is they're going to use erc 20 governance tokens to try to essentially give the community the ability to decide where money goes now here they talk about what a dow is and how there is No central decision-making authority - i have a little bit of beef with this, though, based on how things are structured in this down.

We're probably going to be a lot more centralized here, but for experimentation purposes. This could be the new frontier for how nonprofits operate because remember. If non-profit funding is distributed through blockchain, now, all of a sudden, you have complete transparency of what's actually going on at non-profits. See one of the disasters of non-profits is that a lot of people have this failure of trust that hey, if i donate to a certain non-profit, what if 90 is just going to pay the salaries and executives of these organizations, and only you know, 10 cents out Of every dollar i donate is actually going to the charitable cause right.

That would be very frustrating, and that is one of the things that people see blockchain as a potential solution for, but how cool would it be to actually have a decentralized organization, be able to vote on which uh company or organ other organization wants funding and the Community can ultimately vote and decide. Well, we want to give money to that group or that group or that group. You know we resonate with their message versus theirs kind of interesting, like i think the concept and the experiment will be very, very cool. Let's go through some of the details of how as to how it works, we're not going to go through absolutely everything in here, but i'm going to give you the really big highlights.

So first there's going to be well. There are going to be two pieces of this, so piece number one is the dao committee and then piece number two is the dao community. So here's how this works anytime, somebody donates money to uh, big, green and the dow. The community is going to get that person or organization.

That's donating is going to get one garden token, so they're going to get one garden token and that will allow them to vote in community votes. But what i thought was interesting is the way this. This light paper actually is is listed. Is that the executives over at the dow committee also get one garden token, and so most of the decisions in terms of where money ends up going from this non-profit are made via a two-thirds vote.

So let's say you have a community of garden tokens because 500 people or organizations donated money and then 500 garden tokens were given to the community and 500 garden. Tokens were given to the committee. Well, now you need that entire pie to get to 67 and then they can decide on which organization to give money to the the beef that i have here is that the dow committee has two opportunities to have massive influence on this. The dow committee, which is presumably going to be a group of five to six individuals or organizations that are picked or appointed by a kimball, musk or or maybe other people around him.

These folks will already have fifty percent of the community vote. Remember they're getting one for one community votes for every donation, so 500 donations, 500 organizations donate each organization or donor gets one token. The committee also gets one token now 500 times. Two means you have a thousand tokens.

If the committee has half of those - and you need 670 votes to get to a decision making authority well, the committee already has 50 percent sway. Like i'm sorry, no, they have more than that. You divide you divide 500, divided by 670, so assuming the committee votes together, the committee has already reached, let's see 500 divided by 670 needed votes. The committee has already reached 74.6 of what they need to get to to have control of where the money ends up going.

So that was one of the first things. I noticed that made me scratch my head a little bit like okay, we got a little bit of work to do on the decentralization portion, but i think it's very interesting, because what one of the things they do mention is that every donor, no matter how much They donate will only get one garden token and they want to make sure that individuals can't transfer these tokens so that way, there's less of a chance of some bad actor, taking advantage of collecting a bunch of coins and then misdirecting the non-profit, funding right. That's that's! Obviously not good, we talked a little bit about their goals with with uh gardening in that earlier, here's some more details here about a two-third majority vote of the dow community and two-thirds majority ratification by the dao committee to uh change, principles or governance. The dow committee here has a lot of power.

That's why i think this was a little heavily centralized, but again it's an experiment of using dow technology. So i respect that and i think, if you're going to get involved in this dow, you really just have to trust kimble, musk and and the committees that are the committee members that are chosen uh. Now there are ways for the community to kind of like vote or or issue a vote of no confidence against individuals who are in the committee, but votes of no confidence endow. I don't know if they're necessarily going to directly turn into okay kimball's, going to pick somebody else in that spot right, and there are many people to pick from, but anyway take a look at some of the neat things here.

So they're trying to be as transparent as possible, they're saying look we're going to start with a million dollars and we're going to give out 800 000 in grants. We're going to use 200 000 for coming up with all of the documents, the paperwork and the infrastructure that we need for our dow and the goal is once they have an architecture that they can use, that they can take more donations and spread more money out. Right right here is where you'll notice, the dow community formation each donor, that donates funds and each organization that receives funds receives one garden governance. Token now like again like if one recipient gets one token, that's virtually relatively meaningless.

I feel like they really only would use that token to end up burning as a way of trying to apply for more funding in the future. So really it's the donors who are getting the voting right plus right here. The dow committee members also receive one garden token right, then, of course, here's where you could see that, regardless of the grant or donation size, these tokens will also have strict parameters to prevent token holders from transferring ownership they're really trying to prevent somebody from taking over The the non-profit right - and this makes a lot of sense and they've - got a lot of of controls in here to to make sure of that uh now. You'll also notice that they're going to end up using the snapshot platform for voting.

This is very, very common for dows, you link your wallet and then you go to vote. Voting is very, very important if you're part of this they've got a few different methods for voting as well rank choice is, is likely going to be the most popular method that they end up using for voting and one of the benefits i'm going to jump to It one of the benefits of ranked choice voting over here is that it really prevents a mutual exclusivity. So i'm going to give you a quick little example of that. Let's say you hate, donald trump, and - and this is not to be political at all - let's just say you whatever you want what no matter what you do not want.

Donald trump as president right, but you kind of, would prefer a yang or romney as president. Well, with the voting system that we have in america, which is you get one vote and if your person doesn't win, you lose your vote, you're kind of disincentivized from voting for yang or romney. The reason is, if you spend your vote on them and then biden gets less votes, then it's potentially more likely that trump wins right, so ranked choice. Voting says that hey, maybe you have three choices, just rank your top three choices and you might go in here and go fine one.

Two three or you might say, hey well. I actually want one of these moderates or maybe not necessarily moderates, but somebody in the middle or maybe not even in the middle, whatever in in this picture middle trying to be politically neutral. Okay, it's so hard to do these days. It's crazy but anyway, let's say you're like well.

I kind of really want romney, but i'd be okay with yang and then i'll take biden over trump, for example. Right, if you do that kind of example. Now, if romney gets kicked out, your vote automatically goes to yang. If yang doesn't make it.

Your vote automatically goes fine. It's not like. You lost your vote, voting on on a less popular idea and they're planning on using this for voting for who's going to get funding in the charity, which i actually think is really cool in fact, take a look at this. What they want to do is they want to streamline how people request funding.

You start with a one to two sentence, overview of your proposal on twitter and you attach a picture of like a 300 word description. You explain your motivations and whatever whatever uh in a budget, and then they set up a voting period which voting is is pretty stringent uh, and this is very, very common for the snapshot platform. They do make voting pretty intensive. You could see how voting would work here now.

This is just an example of voting. They use the uni swap system just to give you an example where on uni swap, for example, before a proposal is immelmann implemented or some rules change or, for example, you would, as a charity, give money away. You'd have a four day period to do. Your initial voting four days to do a consensus, voting and then a full seven days thereafter to do your finalized voting.

These are just examples exhibited in the back here. This gives you a little bit of an overview of how they want to break this down. One thing that i did think was interesting here is the dow committee, via two-thirds vote of the committee, can actually override any decision or veto. Any decision of the community so again really gives a lot of power to the the committee here right now, uh over here, individuals in the community can vote uh or issue a vote of no confidence of a dow committee member.

But then, of course over here you would end up having appointments or nominations. Maybe i should say: nominations on appointments. You'd have the dao committee nominating new members and then the community would would vote, but then again, uh, ultimately they'd be voting on somebody that the committee selected right. So a lot of this still very very centralized.

I see this as a lot more of an experiment than something that's actually decentralized non-profit, but i love it like. I think this is a very, very cool experiment and i'm all for it, because it means people are going to be submitting proposals for donations related to big green style projects and we're really going to use blockchain style technology to evaluate deals. Decentralize. The evaluation of those deals try to find out where the popularity is, and i think, as long as the committee is, is in it for the right reasons, which i believe they are with kimball musk.

Then uh, then they can really let the community take the first shot at votes and deciding, even though they are also going to have a control or have control of a lot of the garden tokens. Now it does say that your gov tokens will be burned as a community member which the only gov token i really found was the governance token known as garden, and so it seems like that'll, be burned. If you end up missing a couple votes, oh yep, actually right here, organizations must use their garden token to vote in each quarterly proposed cycle. In the event, an organization does not vote in two consecutive cycles which recycles a quarter.

Their token will be disempowered or burned. This is really a mechanism to make sure that it's an easy way for people to opt out of the process, but it also makes sure that they have the proper percentage of active voters. Because if, for example, you had 50 of people that just weren't active, how are you ever going to get to 67 you'd have to basically burn these people out uh. So that way, there's there's still some opportunity to actually make progress here.

So i i mean i look i i i hope i understood this as well, as i think i do. I know there are probably some holes in my explanation here. I don't profess to be perfect at understanding the dow that kimball musk here is creating. I do recognize that a this is an experiment b.

I think it's a good cause c. I think it's got a great leader, a d. I think this is a great way of evaluating if community members are actually interested in donating to projects and then basically having their funding or having a say in where their funding goes. It's a great test for all of that together now also worth noting that the donation criteria is going to be pretty strict when it first starts.

Now, take a look at this. You have donation tiers. First, they're going to start with 1 million donations, then they'll go down to 100 000 donations and they're really trying to make this difficult up front. So that way, it's very or potentially impossible for a bad actor to take control of too many tokens, uh and and then uh, potentially misallocate funding.

So uh you can see a little bit more broken down here. All donors are required to go through uh kyc, which is know your customer. So that's social security number date of birth, uh name address. You know all that good stuff uh.

So there are a lot of aspects of this being a tax, uh deduction and being a charity that kind of take away a lot of the d uh endow, especially since you can't let it basically all be open to the community. But it's a good first step and i think this really opens the door to good news for decentralized finance in non-profit fundraising. I think this is really cool. I support this project, i'm behind it uh.

Let me know what you think down below. I think it's really cool i'd like to hear from you i'll check the comments thanks so much check out the programs on building your wealth with that black friday coupon code expiring tonight, and we'll see you soon, thanks, bye.