Reno Developing Its Own DAO And A Token In Partnership With Tezos
Reno Developing Its Own DAO And A Token In Partnership With Tezos
March 6, 2021
Reno Developing Its Own DAO And A Token In Partnership With Tezos
Reno Developing Its Own DAO And A Token In Partnership With Tezos
March 6, 2021

Reno, the major city of the famous art festival Burning Man, is developing its own decentralized autonomous organization (DAO) and a token in partnership with Tezos.

It has been reported that Mayor Hillary Schieve announced the city’s plans to create the Reno DAO in a Tez Talks podcast hosted by the Tezos Commons Foundation.

Schieve said that the city will build its Reno DAO and Reno Coin on top of the Tezos blockchain network in order to monetize art objects and pieces as well as further explore the potential benefits of blockchain and crypto to solve some of its biggest pain points.

However, as part of the plan, the city also plans to digitize Burning Man artwork in the form of non-fungible tokens (NFTs).

According to Schieve, the city of Reno will create its first NFT for Burning Man’s Space Whale sculpture, a major festival artwork located in Reno.

ALSO READ :  CasperLabs Raises $14 Million In Private Validator Token Sale, With Over Dozen Investors Led By Digital Strategies

The mayor said that turning the artwork into an NFT would help the city monetize and support local art and serve as a starting point for the mainstream adoption of crypto.

He added:

“It’s gonna take a long time to adopt, we know that […] But eventually, this will end up being mainstream, where citizens will get it, and I think you also have to walk before you can run. There are really easy ways to get my community to start using cryptocurrency to pay for things like sewer payments.”

Likewise, Theodore Clapp, a local undergrad researcher involved in the initial design of the Reno DAO, chose the Tezos ecosystem for building the project. Clapp explained that he found Tezos the best fit for the DAO in terms of its resources and frameworks.

The researcher said:

“So I eventually decided on Tezos.”

Thus, he concluded:

“I’m not biased, I’m not like a Tezos maximalist or anything. I just went to CoinMarketCap and went down the list investigating the different blockchains and the technologies that were available, to actually develop a DAO, because I was trying to find the best platform for scalability, fees, long-term sustainability.” 

Source: Cointelegraph


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Coinbase Active Users Increase By 120%

Coinbase Active Users Increase By 120%

The active users of Coinbase, the major cryptocurrency exchange, have increased by 120%, while trade volumes tripled. It has been reported according to documents filed with the US Securities and Exchange...

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with experience of 1.5 years. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.