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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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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.
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
You can have a bunch of information about the DAO token on Etherscan : number of transaction, proposal list, token holders,votes...
DAO token trading places
Trading started on May 28th. DAO token has been steady between 0.00022 and 0.00023 Bitcoin per DAO during its first day fo trading.
As of 2016-06-07, here is the list of markets where you will be able to trade DAO token:
- BTC Markets: you will find instructions on how to transfert your token from Mist or MyEtherWallet
- Poloniex : very professional trading interface; margin trading; lending. Already leader in Bitcoin market
- Kraken
- Bittrex
- Yunbi, chinese company
It should be noted that with The DAO Tokens specifically, you cannot send the tokens if they are currently "tied up" in a vote. This prevents a single token from voting more than once.
Smart contracts
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Please visit the Smart contracts section of the Wiki to get informations.
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