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"The DAO" is a smart contract on the Ethereum Blockchain. Its contains functions which, as a whole, have analogies to a crowdfunding vehicle governed by participants' votes, to seek out and fund proposals. The creators of these proposals act similar to a contractor with The DAO as its client. The DAO therefore does not "invest" in these proposals, because it does not acquire equity in the contractors. Instead, in return for receiving a funding by The DAO, contractors deliver services, infrastructures or products yielding a return to The DAO.

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The DAO is a for-profit DAO that will diligently use the ETH currency under its control to create value and provide benefits to its members while collaborating and improving the decentralized ecosystem as a whole. The DAO is at first

Central to the DAO system is the concept of decentralized autonomous entities.They can be corporations, companies or applications. Unfortunately, no one even knows what all of these individual terms mean, and there is a  lack of coherent terminology.

Decentralized autonomous corporation

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In this sense, The DAO is something entirely new. It’s something between a traditional corporation, a VC fund and a Kickstarter — only entirely decentralized, democratic and existing only in code.

But what if, with the power of modern information technology, we can encode the mission statement into code; that is, create an inviolable contract that generates revenue, pays people to perform some function, and finds hardware for itself to run on, all without any need for top-down human direction

Smart contracts

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A smart contract is a mechanism involving digital assets and two or more parties, where some or all of the parties put assets in and assets are automatically redistributed among those parties according to a formula based on certain data that is not known at the time the contract is initiated.

Token

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In exchange for supporting The DAO financially (in the form of Ether), backers get DAO tokens, which they can then use to vote on the direction of the organization. They can use their tokens to vote on big governance issues (akin to traditional shareholders) but also on minute details of how The DAO spends its resources. In this way, token holders have total control over The DAO’s assets and its actions.

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.

DAO token trading

Trading starts on May 28th.

The DAO token statistics

Etherscan website lets you find useful information about the DAO token, like its address, supply number, value in Ether, transaction numbers or holder number.

The website will list too all the proposals and votes once the mechanism starts to be active.

Decentralized applications

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