The recent Solana Hyperdrive Hackathon saw a notable victory for Philippine technology as the Pinoy development team, DAOCre-8, took fourth place and earned a respectable USD 10,000 in prize money. Eight categories had over 7,000 competitors from 120 countries; DAOCre-8 won the DAOs & Network States category.

The competition was arranged by the cutting-edge blockchain platform Solana to encourage the growth of projects inside its bustling ecosystem. Blockchains are publicly shared databases that underpin a variety of transactions, including digital collectibles and financial transfers.

Decentralized Autonomous Organizations, or DAOs for short, are member-driven groups that run independently of a single centralized authority. These organizations use blockchain technology to handle their financial transactions and voting procedures.

Emmanuel Lorenzo (EL) Bonuan, Theo Roque, and the DAOCre-8 team created a platform that combines traditional crowdfunding with blockchain governance to help artists start their initiatives.

Comprehending the Objective of DAOCre-8

Consider a project like making personalized cakes. On DAOCre-8’s site, creators set project details and donors give money. Contributors may be rewarded with bespoke strawberry shortcakes in exchange for their support.

Every project on the site has a DAO supporting it, forming a community with both the creator and backers. A crucial component is governance, where money is disbursed gradually. The DAO chooses whether to distribute additional funds and cast votes on milestone reports. Furthermore, in the event that changes are made to the project in the middle, the DAO evaluates its viability. Backers have the option to withdraw their remaining funds if they believe certain milestones will not be met.

The Success Story of the Founders

A blockchain-based crowdfunding platform was EL’s proposal in 2021, but the state of the market prevented it from being implemented at that time. He attempted numerous business ventures and competed in a number of competitions throughout the course of the following two years, but his efforts were not very successful.

Theo and the third co-founder had comparable difficulties. They worked two part-time jobs and a full-time job to sustain themselves, devoting their weekends and late nights to their startup ventures.

The co-founders were individually invited to a chat group hosted by BLOKC, a Web3 talent business incubator. EL took advantage of the chance to work together and got in touch with Theo and their third team member.

In just 45 days, DAOCre-8 moved from a concept to a provable site, demonstrating the rapid benefits of the trio’s synergy. In order to discover the potential of the platform, creators are now urged to sign up for the waitlist.

Filipino Brilliance in the World Arena

The goal of DAOCre-8 is to dispel the myth that Filipinos are only good for cheap labor outsourcing. The team aims to demonstrate that the tech and Web3 industries can compete globally using the skill sets of Filipinos.

The group emphasizes the abundance of online and offline tools made available by groups such as The BLOKC, which provide professional networking and skill-building platforms. Employees located in the Philippines can work with worldwide Web3 firms in the rapidly growing technology sector and get paid highly internationally.

The successful voyage of DAOCre-8 challenges preconceived notions and opens the door for the Philippines’ tech scene to become internationally recognized, demonstrating the strength and promise of the country’s tech talent.