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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. |
"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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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 is granted voting rights and complete control over The DAO's digital assets proportional to the amount of DAO tokens they hold.
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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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.
Smart contracts
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From Vitalik Buterin in ethereum blog: 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.
The key property of a smart contract is simple: there is only a fixed number of parties
Smart contracts can run on forever
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