69420 DAO takes a stand against Twitter in the fight for free speech

Twitter is pulling retired each the stops to defy Elon Musk and his effort to bring escaped code to the platform.

Weeks earlier, the outspoken billionaire blasted the societal media elephantine for “failing to adhere to escaped code principles.” He teased the anticipation of buying Twitter to marque changes from within. But fixed Musk’s legendary trolling, fewer imagined helium would travel through.

Musk subsequently proved everyone incorrect by acquiring a 9.2% involvement successful Twitter for astir $2.9 billion, making him the company’s largest shareholder. However, past week, concern manager Vanguard upped its involvement successful Twitter to 10.3% to oust Musk arsenic the largest shareholder.

It seems determination are forces successful play trying to thwart Musk’s plans. However, enactment is arriving successful the signifier of 69420 Dao, which hopes to bargain Twitter shares to alteration their usage successful a proxy voting capableness successful enactment of escaped speech.

But who are 69420 Dao, and wherefore bash they privation to get involved?

Source: 69420dao.com

Who is 69420 DAO, and wherefore bash they attraction astir escaped speech?

69420 DAO is an on-chain governance operation that volition signifier a Delaware statutory spot to payment Web3 and Twitter users.

The entity hopes to rise $2 cardinal to bargain a 15% involvement successful Twitter. The extremity is to delegate these shares successful a proxy voting capableness to enactment escaped code connected the Twitter platform.

“By joining the 69420 DAO, you are advancing our ngo of upgrading escaped code principles for society.”

The radical down 69420 DAO picture themselves arsenic “a radical of freedom-lovers who hail from manufacture and Web3.” In a connection sent to CryptoSlate, Core Member Derrick Foote said 69420 Dao’s apical precedence is safeguarding and preserving escaped speech.

Foote added that the radical supports Musk’s takeover effort of Twitter, but lone connected the proviso that helium keeps his connection connected open-sourcing the code.

In repelling Musk’s takeover, Twitter approved a program allowing existing shareholders to bargain stocks astatine a important discount to dilute the holdings of caller investors. This “poison pill” volition activate if Musk purchased much than 15% of the company.

Foote said Musk needs the enactment of 69420 Dao and different like-minded entities to interruption the presumption quo and marque Twitter a escaped code platform.

Decentralized Autonomous Organizations

Decentralized Autonomous Organizations (DAOs) are a comparatively caller improvement calved from blockchain technology. The conception fundamentally refers to a community-led entity with nary cardinal authority. The decentralization is imaginable acknowledgment to astute contracts that enforce foundational rules and execute agreed-upon decisions.

DAOs archetypal usage lawsuit was arsenic an investor-directed crowdfunding mechanism. However, fixed the antiauthoritarian ethos they encourage, DAOs are gaining popularity arsenic a strategy that could succeed the incumbent governmental process, which galore reason is flawed.

69420 Dao is the archetypal DAO to advocator escaped speech