Difference between revisions of "DAO"

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''DAO''' (Decentralized Autonomous Organization)  first created on the Ethereum platform as a digital organization and a form of venture capital fund.
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DAO is not attached to any particular place in space, state or people who could conduct the usual company management.
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As a result, the question of regulatory authorities and their interaction with a stateless company is still open.
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== History ==
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In 2016. Ethereum DAO was one of the first and largest projects of its kind in the history of cryptocurrencies rising 150 million dollars in investment. In the case of Ethereum, DAO's reputation was tarnished by the row realization of smart contracts. Hackers have used the vulnerability in DAO code and have transferred one-third of DAO funds on their account. The Ethereum community decided to restore the funds, which led to a fork that led to a new [[blockchain]] ETC.
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== How DAO works ==
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The "DAO idea" - the rules by which the company operates - are migrated to code and digital form.
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Decisions are made by shareholders, nodes or network members who control a certain number of tokens or smart contracts. The share in the project gives the right to vote according to the weight of the member's share.
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Pre-programmed rules describe what will happen in the system in one way or another depending on the decision of the shareholders. The use of such infrastructure is almost unlimited in scale and application areas.
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Revision as of 13:35, 11 October 2019

DAO.png

DAO' (Decentralized Autonomous Organization) first created on the Ethereum platform as a digital organization and a form of venture capital fund.

DAO is not attached to any particular place in space, state or people who could conduct the usual company management.

As a result, the question of regulatory authorities and their interaction with a stateless company is still open.

History

In 2016. Ethereum DAO was one of the first and largest projects of its kind in the history of cryptocurrencies rising 150 million dollars in investment. In the case of Ethereum, DAO's reputation was tarnished by the row realization of smart contracts. Hackers have used the vulnerability in DAO code and have transferred one-third of DAO funds on their account. The Ethereum community decided to restore the funds, which led to a fork that led to a new blockchain ETC.

How DAO works

The "DAO idea" - the rules by which the company operates - are migrated to code and digital form.

Decisions are made by shareholders, nodes or network members who control a certain number of tokens or smart contracts. The share in the project gives the right to vote according to the weight of the member's share.

Pre-programmed rules describe what will happen in the system in one way or another depending on the decision of the shareholders. The use of such infrastructure is almost unlimited in scale and application areas.