I went to their website, read a few pages of the content, and I still have no idea what is this and why they're close to $100MM funding.
Makes you wonder who is contributing the 100MM and how they know what they know.
The DAO close to $100m in funding. Soon to be the largest crowdfunding ever
41–50 of 84 posts
Re: The DAO close to $100m in funding. Soon to be the largest crowdfunding ever
#42Re: The DAO close to $100m in funding. Soon to be the largest crowdfunding ever
#43A DAO is a Decentralized Autonomous Organization. Participating in the governance of a DAO can happen from anywhere that can read/write to the blockchain, and the rules are autonomously enforced across all participants because they are encoded in the blockchain.
The DAO is a DAO specifically designed to raise money for other DAOs. The unique thing about it over other crowdfunding platforms is that voting rights are implemented in an Ethereum contract hence enforceable with no central authority.
Re: The DAO close to $100m in funding. Soon to be the largest crowdfunding ever
#44I agree that the website is terrible. Over the past few weeks I've dug deep into it and think it is a really awesome experiment, although a very risky 'investment'. I will attempt to explain it below:
The DAO is a group of people putting together their money to manage it and make more. This is done through proposals and members voting on passing them.
Based on the proposals that are accepted, the DAO can be anything really: a hedge fund, VC fund, lottery-system, gambling pot, etc.
What it becomes is still undefined and we can only see with time based on proposals and how the members vote. That alone is really interesting and exciting to me: will members actually make intelligent decisions or will it crash and burn?
The DAO also shows the power of the underlying crypto, Ethereum, on which this was built.
Re: The DAO close to $100m in funding. Soon to be the largest crowdfunding ever
#45Re: The DAO close to $100m in funding. Soon to be the largest crowdfunding ever
#46Re: The DAO close to $100m in funding. Soon to be the largest crowdfunding ever
#47I'm in the hacker news borard ya? Cuz yall sound a bit illinfoemed.
Re: The DAO close to $100m in funding. Soon to be the largest crowdfunding ever
#48This is just bonkers: >By Creating DAO tokens through interaction with The DAO’s smart contract code, you expressly agree to all of the terms and conditions set forth in that code. If you do not understand or do not agree to those terms, you should not Create DAO tokens. They are saying you need to fully understand all the code, in order to responsibly decide whether you should click a button. But the code is off som…
The code is here: https://github.com/slockit/DAO/blob/master/DAO.sol
Also pretty much entirely contained in the whitepaper.
Re: The DAO close to $100m in funding. Soon to be the largest crowdfunding ever
#49I clicked, read the webpage, went back to HN for an explanation in the comments. Unfortunately there just other human beings as confused as I am. So I googled it and found this: “decentralized autonomous organizations” (DAOs) https://blog.ethereum.org/2014/05/06/daos-dacs-das-and-more-... The way I understand it, it is for building an organization that is somehow "autonomous" and decentralized. I put the autonomous i…
Although intended as a critique, a blog post I wrote earlier this week might help explain some of it: http://www.cameronhuff.com/blog/slock-it-dao-paper/index.htm....
And the original proposal for "The DAO" can be found here: https://download.slock.it/public/DAO/WhitePaper.pdf.
Re: The DAO close to $100m in funding. Soon to be the largest crowdfunding ever
#50This is a good example of a completely useless web page. What is a DAO? Why should I care? Who is running this? Is this a for-profit enterprise? A non-profit? An NGO? A performance art collective? > The DAO’s Mission: To blaze a new path in business organization for the betterment of its members, existing simultaneously nowhere and everywhere and operating solely with the steadfast iron will of unstoppable code. This…
The DAO is essentially a 'Smart Contract' (read: a computer program which runs over the blockchain) between the willing investors to collectively fund various projects (in exchange of a certain return).
People are investing in this because they want to participate in the future blockchain/non-blockchain projects which will seek funding from the DAO.
Others can submit proposals to this smart contract, and community can vote on it (in proportion of their investment).