On August 5, Ryan Zurrer, who is the director of the Web3 Foundation, announced in a series of Twitter posts that he would be leaving his position at the decentralized web-focused nonprofit so that can pursue projects relating to decentralized autonomous organizations (DAOs) as well as partake in certain investments.
The Twitter posts indicated that Zurrer would be gradually leaving his position at the foundation. They also indicated that part of his reason for leaving the organization is that it has succeeded. This past June, the company completed a successful token sale of Polkadot, which is a blockchain interoperability protocol.
Zurrer said that, because of the token sale and the success of the Web3 Summit, the foundation is now in a strong position, which allows him to pursue what he considers his true love: investing capital and providing help to startups in their early phases.
He also mentioned his desire to help advance DAOs, which is a special type of organization in which smart contracts functioning on a blockchain manage the organization instead of people. He said to him the most compelling projects are those that create sustainable DAOs that can do the following:
Attract talent Supports innovation and experimentation Deliver value to its members
Zurrer further mentioned that he would be unveiling some new DAO ideas at the upcoming 2019 Web3 Summit.
Before becoming the director of Web3, Zurrer spent two years working as both a principal and partner at the blockchain venture capital firm Polychain Capital. He worked at Web3 for about the same amount of time.
DAOs have been very much in the news lately. In June, a law firm called Gravel & Sheathe said that it had helped dOrg, which is a software development cooperative, create a DAO that had full legal status. It was reportedly the first legally organized DAO in the United States and runs on the Ethereum blockchain while being licensed in the state of Vermont.
Also in June, Ethfinex, which is a digital currency exchange associated with Bitfinex, created a test DAO for internal purposes.