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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 ideal of a decentralized autonomous organization is easy to describe: it is an entity that lives on the internet and exists autonomously, but also heavily relies on hiring individuals to perform certain tasks that the automaton itself cannot do.
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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
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
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
Decentralized applications
Curators
Contractors
Proposals
People with projects they’d like to build for The DAO can submit ideas in the form of a proposal written in plain English accompanied by smart contract code. The code automatically executes payments so long as certain agreed-upon conditions are met. Because this is all built on top of Ethereum, which allows for robust smart contracts, this can all be done autonomously.
Split
This feature allow DAO Token Holders to leave The DAO at anytime and retrieve their ETH not already assigned to proposals.
See also
https://daostats.github.io/index.html
This is the top page of all content related to "The DAO" (http://www.daohub.org)
https://blog.ethereum.org/2014/05/06/daos-dacs-das-and-more-an-incomplete-terminology-guide/
https://github.com/slockit/DAO
https://blog.ethereum.org/2014/08/21/introduction-futarchy/
https://dappsforbeginners.wordpress.com/
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https://en.wikipedia.org/wiki/The_DAO_%28organization%29Please visit the Smart contracts section of the Wiki to get informations.