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The legal status of The DAO is subject to intense discussion. None of the contents of this wiki is intended to be, nor should it be construed as, legal advice. |
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Note | There is a common confusion floating around you shall be aware of and avoid. A DAO is the term to qualify a decentralized autonomous organization. The DAO is the chosen name given by its creators to the first created DAO on the Ethereum network. |
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A standard DAO framework has been written by Slock it and can be found on its Github. This framework is written in Solidity to run on the Ethereum blockchain. It has been developed free and open source, so everyone can reuse it to create its own Decentralized Autonomous Organization.
Token
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DAO tokens do not represent or constitute an equity ownership stake, share, or equivalent in ANY public or private company, corporation, or other entity in any jurisdiction; DAO tokens are only for use in connection with The DAO under the terms of The DAO’s smart contract code and do not entitle any holder of DAO tokens to any additional rights with respect to any other corporation, company, or entity in any jurisdiction. |
During the initial creation phase where 'The DAO' is funded via ETH, new DAO tokens have been created. Each DAO token holder (a.k.a. DAOTH) is granted voting rights and complete control over The DAO's digital assets proportional to the amount of DAO tokens they hold. The simplest way to buy tokens during the sale period will be to send ETH directly to The DAO's contract. In return, the contract will automatically send you your tokens. Thismust be done from a wallet in which you own the private keys, and ideally should be done using a wallet like Mist where you can watch and interact with contracts and track the corresponding tokens.
There is no cap to the number of tokens which may be sold nor the total value which could be raised during the creation period.
DAO tokens:
- Allow the holder to vote on any expenditure the DAO could make
- Are fully transferable. They can be traded peer-to-peer or on an exchange
- Represent a relative portion of The DAO's crypto assets at any given time
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During its 28 day creation period, DAO token prices have been fixed this way:
- A price of 1ETH / 100DAO for the first 14 days,
- an increase of 0.05ETH each day for the next 10 days
- finally a 4 day period of 1.5ETH / 100DAO.
Once the creation period is over, the DAO token will be traded on some exchanges like any other market.
Contractors
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A DAO is purely software: in itself it does not have the capabilities to manufacture a product, write code, develop hardware or sweep the streets. It requires actors in the physical world for this purpose, called Contractors. Contractors submit Proposals for the development of products or services—these Proposals are written in plain English and backed by a software code in the form of a smart contract that defines the relationship between The DAO and the Contractor: deliverables, responsibilities, and operating parameters.
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The DAO may also select a replacement Contractor for any given Proposal, meaning projects can continue where they left off rather than being abandoned outright. |
Smart contracts
Status colour Yellow title INCOMPLETE
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Nick Szabo theorised the notion of smart contracts as far back as 1994. His design postulated the ability of our emerging financial cryptography technology to automate the performance of human agreements within computer programs that also handled money. That is, they are computer programs that manage performance of a contract with little or less human intervention.
Smart contracts are short computer programs which encode business logic and are automatically enforced by the network’s consensus algorithm.
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