Dear Bankless Nation 🏴,

Monday’s governance call focused on revising the new purpose statement and gathering feedback from members. The feedback made it clear that we needed to revisit the drawing board to ensure the statement was not too wordy and that it accurately represented our community. This spurred the Transition Council into action, and during yesterday’s community call, they presented two new purpose statements for us to choose from. Along with addressing the name issue, it's safe to say we can expect a refined statement soon that truly captures what we stand for.

In other exciting news, BCard, an affiliated community project, has been accepted into the Octant Accelerator program. This four-week initiative, running from September 26 to October 24, 2024, is designed to help builders in the web3 space focus on growth and sustainability, which is exactly what BCard is all about. Congrats to the BCard team.

This week’s editorial addresses the discussion around our name; should we use the acronyms DOO, DAO, or DOC? What do these terms mean, and how do they set us apart? Keep reading, it promises to be an interesting read.

Stay healthy, friends, and have a wonderful weekend!

Contributors: Lucent, Tonytad, Angelspeaks, Boluwatife, Kornekt, WinVerse

This is an official newsletter of BanklessDAO. Please subscribe and share to help us grow our audience as we fulfill our mission to build user-friendly crypto onramps.

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🏃‍♀️ Catch up: Catch up with this week's Community Call **recording;** listen-only here.

DOO, DAO, or DOC?

Author: Boluwatife

In recent weeks, our community has been buzzing with discussions about our core purpose and how we define ourselves. These conversations have been both exciting and challenging, pushing us to really think about who we are and what we're trying to achieve together.

Boiling Down Our Purpose

One of the main topics that came up during our last community call was the length of our purpose statement. Many felt it was too wordy, making it hard to remember and share with others. In response, two shorter versions were presented for everyone to consider:

1. "To build an onchain community of thriving changemakers vibing and exploring decentralized systems."

2. "To build an onchain community of changemakers enjoying and exploring decentralized systems."

Both of these capture the essence of what we're about – creating a space for people who want to make a difference, all while diving into the world of decentralized tech. The main difference? Whether we want to emphasize the "thriving" and "vibing" aspects or if we want to classify ourselves as “enjoyoors” and keep it a bit more straightforward.

DOO, DAO, or DOC?

Another hot topic has been what we call ourselves. We've been tossing around a few acronyms:

• DOO: Decentralized Onchain Org

• DAO: Decentralized Autonomous Organization

• DOC: Decentralized Onchain Community

Each option has its pros and cons, and folks have been debating which one fits us best. Interestingly, many members have mentioned that they're not so hung up on including "DAO" in our name anymore. This is because they are not really sure if our community is a DAO or if we want to operate that way.

Methods of Operation: More Than Just Names

It's crucial to understand that these terms – DAO, DOO, and DOC – aren't just fancy names. They represent different methods of operation, each with its own implications for how we function as a group.

Take DAOs, for instance. DAOs are all about using smart contracts and blockchain tech to make decisions and manage resources. It's actually very cool, but it can also be complex and intimidating for newcomers.

Decentralized Onchain Orgs (DOOs) are similar, but they might have a bit more flexibility in how they use blockchain tech. They're still all about transparency and community governance, but maybe with a softer touch on the automation side.

As for Decentralized Onchain Communities (DOCs), they put the emphasis squarely on the people. While they still use the blockchain, the focus is more on building connections and fostering collaboration among members.

The tricky part is that these terms are still evolving. What one person thinks of as a DAO might look more like a DOO to someone else, there's a lot of overlap and room for interpretation.

The Struggle to Explain: Breaking It Down

Now, let's talk about the elephant in the room — explaining what we do to outsiders. It's one thing to debate the nuances of DAOs vs. DOOs among ourselves, but try dropping those terms at a family dinner and watch the confused looks roll in.

Part of the challenge is that we're dealing with not widely known concepts. Decentralization, blockchain, and smart contracts are ideas that are reshaping how organizations can work, but they're not exactly household terms yet.

But here's the thing: the concepts behind what we're doing aren't that complicated. At its core, we're talking about a group of people coming together to make decisions and work towards common goals, just using some new tools to do it more efficiently and fairly.

So, how do we bridge this gap? Maybe it's about finding relatable analogies. Instead of diving into the tech details, we could talk about how we're like a digital co-op or a global club where everyone gets a say. Or we could focus on the problems we're trying to solve rather than the methods we're using to solve them.

The key is to remember that not everyone needs (or wants) to understand all the technical ins and outs. What they care about is what we're trying to achieve and how it might affect them or the world around them.

Vibes

Throughout all these discussions, one thing has become clear: the energy and enthusiasm of our community — our "vibes" — are what really make us special. As one member put it, "The life force of decentralized systems is vibes." It's not just about the tech or the structure; it's about the people and the passion we bring to the table.

This intangible quality is what breathes life into our community, regardless of what acronym we use or how we explain ourselves to others. It's the excitement of exploring new possibilities, the satisfaction of solving problems together, and the sense of belonging to something bigger than ourselves.

Moving Forward

As we continue to refine our purpose and identity, it's important to remember that these conversations are part of what makes our community unique. We're not just accepting labels or structures handed down, we're actively shaping who we are and how we operate.

So, let's keep the dialogue going. Share your thoughts on the purpose statements, throw out new ideas for what we should call ourselves, and most importantly, keep bringing those good vibes to everything we do.

Have an amazing weekend!

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