thecoinrise.com
A group of enthusiastic individuals has floated the BuyTheBroncos Decentralized Autonomous Organization (DAO) with the sole aim of acquiring the professional American Football franchise, the Denver Broncos. As reported by CNBC, the DAO aims to raise as much as 25% of the approximately $4 billion required to purchase the franchise as listed, while sourcing the remaining balance from traditional investors or partners.
DAOs are some of the next big things around in the digital currency ecosystem today, as the innovation creates an avenue to run a firm or a common cause through the governance inspired by smart contracts.
With no figurehead leader, a DAO gives members equal preference based on their individual contributions and predefined features. One of the most popular DAOs in recent times is the ConstitutionDAO, launched in a bid to acquire an original copy of the US constitution. While the DAO gained massive traction, the $47 million funds raised were not enough to see its agenda pull through.
The BuyTheBroncos DAO is an ambitious one as its quoted amount is much bigger than any other preceding DAO project.
“We know it sounds a bit crazy, but it’s also a bit badass,” said Sean O’Brien, one of the major personalities behind the DAO. “The purpose essentially is to establish an infrastructure so that fans from all walks of life can be owners of the Denver Broncos.”
The BuyTheBroncos DAO is just picking up momentum on social media, and the team which includes a mix of attorneys, accountants, software developers, pro athletes, and at least one mathematician are convinced their cause is going to gain massive embrace from members of the public.
With the sale of the Denver Broncos slated to go live in early in March before the start of the NFL season, the group reckoned that they will have to step up their pace in raising the funds and having a chance to be part of the bidding process.
BuyTheBroncos DAO is Backed by the Governor
The initiative currently being driven by the BuyTheBroncos DAO has resonated with Governor Jared Polis, an acclaimed Bitcoin proponent who recently unveiled plans to steer the state to accept tax payments in cryptocurrencies as early as this summer.
“I would be excited to be part of it myself,” said Gov. Polis. “The challenge will be it’ll take a lot of money…but you know what, if your imagination is big enough, then it can happen. And anything I can do to make it happen, I’d be happy to.”
However, the Governor said no single bidder will be favored, and that his administration will ensure whoever wins the bid is the best for the Denver Broncos team. In the advent of a win or a loss, the BuyTheBroncos DAO organizers said at the end, the initiative would have garnered a lot of interest which will be favorable for related initiatives in the long term.