The ICP Community Conference is set to undergo a transformation into a decentralized autonomous organization (DAO) after the upcoming live event on May 10. Decentralization is a core principle in the blockchain industry, and DAOs are the governing bodies for protocols. In a DAO, each member has voting power to approve or reject proposals, allowing for collective decision-making. However, some smart contract setups can lead to a concentration of voting power in a few wallets or enable actions to be taken without community consent, which goes against the idea of decentralization. The Internet Computer Protocol’s (ICP) SNS framework aims to address these issues by creating fully decentralized DAOs that empower the community.
The ICP Community Conference (ICPCC) is a global event brand centered around the ICP ecosystem. Its objective is to educate the Web3 industry about the fundamentals of ICP and demonstrate its potential for integration with popular chains like Bitcoin, Ethereum, and Solana. ICPCC 2024, scheduled for May 10, will be a global livestream event accompanied by meetup watch parties in more than 25 cities worldwide. The event will feature content creators, live MCs, and innovators showcasing the capabilities of ICP in the Web3 ecosystem.
The livestream has been strategically planned to cover prime times in three different time zones. The Asia-Pacific stage will kick off with a standalone ICPCC pre-party livestream hosted by Yuku metaverse. The main 9-hour livestream will begin during the European time zone and conclude during the prime time in the United States.
This experimental event aims to take decentralization to the next level. After the event, the entire series will transition into a DAO that will oversee the ICPCC brand moving forward.
The new DAO will not have a core or central team but will be governed by elected council members. Known as the ICPCC Council, these members will be paid vendors responsible for drafting complex proposals to keep the DAO aligned with its primary goals. However, they will not have the authority to act on behalf of the DAO. Their role is limited to preparing high-quality proposals, while other DAO members can directly elect or remove council members.
As an SNS DAO, the new organization will leverage unique features to enhance decentralization and streamline participation. All components of decentralized applications (DApps), including the front end, back end, and data, will be on the blockchain. This allows the DAO to have full control over every aspect of a DApp through voting. Additionally, front-end interactions will be gas-free, eliminating a significant barrier to blockchain-based development.
The DAO will not use multisig or custodians for its treasury wallet, ensuring that it remains completely under the control of the organization. This will create a gasless and affordable environment for managing the treasury.
The upcoming DAO will be responsible for organizing and promoting the ICPCC brand and its events. This means that it will need to own intellectual property rights and hire vendors. To facilitate this, the DAO is registered as Marshall Islands DAO LLC, giving it legal entity status to sign contracts and manage intellectual property exclusively through on-chain proposals. The annual registration fee will be paid directly in USD Coin (USDC), marking a milestone in crypto adoption.
Attendees of the ICPCC event will also have the opportunity to become owners of the DAO. Currently organized by Code & State, an ICP-focused venture studio, all rights related to ICPCC will be delegated to the DAO, and council members will be elected through a voting process.
Isaac Valadez, the venture lead at Code & State, expressed excitement about the DAO launch and highlighted that the event will offer a chance to win airdrops of various tokens and NFTs. Participants who enter airdrop codes during the event will be whitelisted for future airdrop allocations. Starting from 2025, ICPCC DAO LLC will also host an annual in-person conference.
To learn more about the ICPCC event, visit their website. Please note that Cointelegraph does not endorse any content or product mentioned in this article. Readers should conduct their own research before making any decisions and take full responsibility for their actions. This article should not be considered investment advice.