This discussion at the Black Blockchain Summit 2024 focused on how DAOs (decentralized autonomous organizations) and DeFi (decentralized finance) can empower the Black community through transparent, democratic financial collaboration. Panelists highlighted DAOs as internet communities with shared funds governed by coded voting, enabling collective decision-making without centralized control. Successful DAO examples like Constitution DAO showed the potential for large-scale fundraising, though sustainability challenges remain due to the need for incentives and ongoing community engagement. DeFi offers ways to lend, borrow, and earn without banks but requires education to avoid scams, especially for less tech-savvy members. Overall, DAOs and DeFi present significant opportunities for financial inclusion, trust-building, and raising capital within the Black community, fostering empowerment and innovation with transparency and collective governance.
