Disclaimer
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.
"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.
Because DAOs consist of computer code, they interact with the physical world through Contractors.
Central to the DAO system is the notion of decentralized autonomous entities.
Creation
The DAO is the first Ethereum blockchain DAO ever created. Its creation period ended on 28 May 09:00 GMT and is, as of Jun 2016, the highest ever crowdfunded project in the world.
Its address on the Ethereum blockchain is 0xbb9bc244d798123fde783fcc1c72d3bb8c189413. Visiting the link will show you a balance of 11,727,782.774716786 Ether, roughly Million $162.
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
Disclaimer
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 will have a lot of information about the DAO token on Etherscan : number of transaction, proposal list, ongoing votes, smart contract source, token holders...One can see the Etherscan website like a search engine.
Token price
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.
There is no cap to the number of tokens which may be sold nor the total value which could be raised.
Smart contracts
Please visit the Smart contracts section of the Wiki to get information.
Smart contract source verification
Contract Source Code Verified
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