Difference between revisions of "DAO"

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DAO refers both to decentralized autonomous organizations generally and to
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DAO refers both to decentralized autonomous organizations generally and to the [[Ethereum]]-based [[DAO (organization)]] of the same name that collapsed in 2016.<ref>{{cite web|url=http://www.businessinsider.com/coinbase-ethereum-classic-2018-6|name=Coinbase is adding another cryptocurrency to its platform|org=Business Insider|date=June 22, 2018}}</ref>
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DAO stands for "decentralized autonomous organization," the concept for which was described in a March 2016 white paper written by Christoph Jentsch who helped found the DAO. The point of a DAO is to automate decision-making in an investment fund. The fund is created by individuals paying in ether and receiving a proportionate number of DAO tokens. The DAO holders can propose to use some of the ether to fund projects that employ smart contracts on Ethereum, the ether platform. DAO holders vote to approve or disapprove an individual project and share in the revenues generated by successful projects. The white paper is general, meant to apply to any venture capital decentralized autonomous organization.<ref>{{cite web|url=https://download.slock.it/public/DAO/WhitePaper.pdf|name=DECENTRALIZED AUTONOMOUS ORGANIZATION TO AUTOMATE GOVERNANCE|org=Slock.it|date=June 13, 2018}}</ref>
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The DAO organization was an early experiment that failed due to a glitch in the protocol that was exploited by an unidentified developer.
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A Singapore company, DigixGlobal, launched another one of the early DAOs, DigixDAO, which is governed by the holders of its DGD coins. DigixGlobal raised $5.5 million worth of ether in a half day-long crowd sale in April 2016 to create DigixDAO.<ref>{{cite web|url=https://www.forbes.com/sites/rogeraitken/2016/04/23/digital-gold-done-right-with-digixdao-crypto-trading-on-openledger/#61434f985204|name=Digital Gold 'Done Right' With DigixDAO Crypto-Trading On OpenLedger|org=Forbes|date=November 29, 2018}}</ref> Since then, DigixDAO launched the gold-based [[stablecoin]] [[Digix]].
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== References ==
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<references />
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[[Category:Ethereum]]
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[[Category:cryptocurrency]]
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[[Category:regulation]]
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[[Category:criminal activity]]

Latest revision as of 17:09, 30 July 2020

DAO refers both to decentralized autonomous organizations generally and to the Ethereum-based DAO (organization) of the same name that collapsed in 2016.[1]

DAO stands for "decentralized autonomous organization," the concept for which was described in a March 2016 white paper written by Christoph Jentsch who helped found the DAO. The point of a DAO is to automate decision-making in an investment fund. The fund is created by individuals paying in ether and receiving a proportionate number of DAO tokens. The DAO holders can propose to use some of the ether to fund projects that employ smart contracts on Ethereum, the ether platform. DAO holders vote to approve or disapprove an individual project and share in the revenues generated by successful projects. The white paper is general, meant to apply to any venture capital decentralized autonomous organization.[2]

The DAO organization was an early experiment that failed due to a glitch in the protocol that was exploited by an unidentified developer.

A Singapore company, DigixGlobal, launched another one of the early DAOs, DigixDAO, which is governed by the holders of its DGD coins. DigixGlobal raised $5.5 million worth of ether in a half day-long crowd sale in April 2016 to create DigixDAO.[3] Since then, DigixDAO launched the gold-based stablecoin Digix.

References