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The DAO close to $100m in funding. Soon to be the largest crowdfunding ever

daohub.org

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Re: The DAO close to $100m in funding. Soon to be the largest crowdfunding ever

#51

Post by splintercell »

toddkazakov wrote: post #2

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.

It's nothing but an investment medium on the blockchain (Ethereum specifically). The Ethereum community is very interested in seeing great things being built on its platform, so someone came up with this idea to create a blockchain app which allows it's members to direct funds towards building of other blockchain apps.

Re: The DAO close to $100m in funding. Soon to be the largest crowdfunding ever

#52

Post by splintercell »

ivoras wrote: post #4

Ok, I have read the page at https://daohub.org/ and I still don't know what "the DAO" is? Is it a blockchain-centred crowdfunding platform?

> Is it a blockchain-centred crowdfunding platform?

Yes. It's a blockchain powered crowdfunding platform. Except it isn't just a medium to pre-order cool projects online(like Kickstarter is).

Re: The DAO close to $100m in funding. Soon to be the largest crowdfunding ever

#53

Post by balaa »

The DAO represents, at this time, an altruistic profit driven organization. That organization is comprised of people who have combined their financial resources to facilitate the autonomous expansion and decentralization of goods and services for the purpose of providing equitable financial benefit to all members (DAO token holders). Anyone can become a member by contributing Ether to the DAO during its creation phase or purchasing DAO tokens from someone who has them (an exchange). The DAO prides itself on transparency, collaborative engagement, and the focused wisdom of the crowd. The DAOs capabilities are strictly defined in computer software that executes on the Ethereum blockchain, and is deterministic based on its interactions with its members and other smart contracts. Fundamentally, the DAO facilitates collaborative financial interactions between its token holders and the entities it funds in a largely trustless manner. I say largely because it is still under active development as its community is constantly working to optimize its autonomy and decentralization. Members vote on proposals that decide on how the organization will spend its money. Generally, active member participation is(not?) required for a proposal to be successful. A member can, at anytime before a proposal in which they do not support is approved, withdraw all remaining Ether sans the Ether previously approved for the funding of a proposal (a process called splitting). In return for funding proposals, DAO members are issued "Reward Tokens" which can be used to redeem a proportional amount(their contribution) of the DAOs profits. Where did it come from? The DAO's development was initially lead by a German company called Slock.it (former members of the Ethereum foundation) but it is now being adapted and evolved by the community that has risen around it.

Re: The DAO close to $100m in funding. Soon to be the largest crowdfunding ever

#54

Post by DennisP »

natch wrote: post #39

This 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…

It's basically legalese that says you agree with what's inevitable on the platform anyway. The code governs what happens, and there's no recourse if you don't like it. Every full node on Ethereum makes sure that the code runs the way it's written to run.

My understanding is that this code is written, deployed, and verified by third parties. The ecosystem has tools to let people check sourcecode against deployed contracts.

Re: The DAO close to $100m in funding. Soon to be the largest crowdfunding ever

#55

Post by asadimatsu »

this should help you guys understand it a bit better.

http://www.chicagotribune.com/bluesky/ct-crowdfunders-decisi...

the DAO is basically a decentralized kickstarter that for now, is going to invest in blockchain startups, but it can fund whatever it wants :D

Re: The DAO close to $100m in funding. Soon to be the largest crowdfunding ever

#56

Post by kang »

splintercell wrote: post #50
fefe23 wrote: post #8

This 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 ca…

There are non-smartContract program that run on blockchain. That is not what a smart contract is.

Re: The DAO close to $100m in funding. Soon to be the largest crowdfunding ever

#57

Post by kang »

splintercell wrote: post #51
toddkazakov wrote: post #2

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.

It's nothing but an investment medium on the blockchain (Ethereum specifically). The Ethereum community is very interested in seeing great things being built on its platform, so someone came up with this idea to create a blockchain app which allows it's members to direct funds towards building of other blockchain apps.

Interestingly, that someone is the company being funded (slock.it).

Re: The DAO close to $100m in funding. Soon to be the largest crowdfunding ever

#58

Post by kang »

splintercell wrote: post #52
ivoras wrote: post #4

Ok, I have read the page at https://daohub.org/ and I still don't know what "the DAO" is? Is it a blockchain-centred crowdfunding platform?

> Is it a blockchain-centred crowdfunding platform? Yes. It's a blockchain powered crowdfunding platform. Except it isn't just a medium to pre-order cool projects online(like Kickstarter is).

No this is not crowdfunding over blockchains. This is just someone putting up an address to collect money and issuing homemade tokens.

Re: The DAO close to $100m in funding. Soon to be the largest crowdfunding ever

#59

Post by asadimatsu »

ChuckMcM wrote: post #21

is DAO an acronym? "Does Anyone Object" ? "Diabolical Ant Organization"? "Donuts And Onions" ? This web site reads like some of the really bad TEDx talks "its going to revolutionize the world" but what it is, well that is a mystery.

Don't Act Obtuse
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