Web3 Foundation (W3F) manager Ryan Zurrer has announced that he is stepping downwardly from his role at the decentralized web-focused nonprofit to pursue his involvement in investments and decentralized autonomous organizations (DAOs).

Zurrer expounded on his departure in a series of Twitter posts on Aug. 5. Zurrer explained that he will be gradually removing himself from the arrangement, partially in light of its electric current success. In June, W3F managed the token sale of blockchain interoperability protocol Polkadot (DOT). Zurrer said:

"With the success of the DOTs sale, the success of the @web3summit & the Foundation in a strong position organizationally, I volition gradually footstep away at the end of this twelvemonth and go dorsum to what my primary passion is — deploying capital and helping early-stage teams build."

Zurrer also emphasized the high value he places on pursuing successful DAOs, remarking:

"The dream of a sustainable decentralized organization that attracts and filters for swell talent, supports genuine innovation and meaningful experimentation, and delivers outlier value to its members is really the most compelling projection in my humble opinion."

DAOs are a special type of organization that is autonomous and managed by smart contracts on a blockchain, not people.

The soonhoped-for-old manager additionally teased that he has some upcoming surprises to unveil aslope additional details on new DAO ideas at the upcoming Web3 Top 2019.

Co-ordinate to his LinkedIn profile, Zurrer worked as chief and venture partner at blockchain firm Polychain Capital for two years, before switching to his position at the W3F for a like amount of time.

DAOs on the rise

Every bit previously reported past Cointelegraph, the police force firm Gravel & Sheathe announced that information technology had helped the developer cooperative dOrg to create a DAO endowed with legal status. The business firm moreover believes that this DAO is the beginning legal entity of its kind within the United States. This DAO reportedly runs on the Ethereum blockchain and is licensed in Vermont under the championship "dOrg LLC."

In June, cryptocurrency commutation Ethfinex, the sis exchange of Bitfinex, launched a DAO. The DAO will purportedly deed equally a examination for how the exchange can decentralize its operations. The DAO was built by DAOstack and is known every bit efxDAO, with an initial funding upkeep of $five,000.