The DAOstack ICO
What is DAOstack?
DAOstack hopes to change the nature of work and organization.
The DAOstack team believes that current hierarchical organizations such as corporations and governments are useful because they allow cooperation between large numbers of agents. However, these organizations possess a flaw because they cannot grow beyond a certain point. When an organization becomes too large, it must adopt rigid rules that prevent it from responding adequately to challenges. The DAOstack team see this as fundamental problem in human relations today.
In the team’s view, the Internet has allowed for peer-to-peer exchanges that have made organizations more scalable and more efficient. However, this innovation has only occurred in regard to media organizations and has only helped information be distributed. It has not led to a more widespread revolution in organizational governance.
In the past, some blockchain engineers have tried to fix this problem by creating Decentralized Autonomous Organizations (DAOs), organizations controlled by code rather than authorities. However, these projects failed because they had rules that were too rigid.
In the DAOstack team’s view, this problem needs to be solved by creating an open-source platform that allows individuals to create DAOs that can evolve over time.
How does DAOstack work?
In the DAOstack system, large organizations are made up of units called agencies or smart companies. These agencies consist of individuals called agents. Agents can submit proposals that require a "yes" or "no" answer and vote on proposals made by other agents within the agency.
An agent has voting power proportionate to his/her reputation within the agency. When proposals are first made, they go into a queue, where they wait to be voted upon. When a proposal exits the queue, it is considered to be open. Once a proposal is open, it will be closed within a finite amount of time, with the length of time being decided according to the rules of the agency. If the majority changes from "yes" to “no” on the last day, the proposal will remain open for an additional day. This will continue until the majority does not change on the last day. After this point, the proposal will be considered closed.
If an agent wants a proposal to be voted on more quickly, he/she can stake tokens to have it moved up in the queue. If the proposal succeeds, the agent that staked tokens gets his/her tokens returned. Otherwise, the tokens are destroyed.
The DAOstack team believes these tools will allow decentralized autonomous organizations to flourish like never before, making the world a better place while at the same time giving DAOstack token purchasers a return on their investment.
How is DAOstack unique?
Because of its revolutionary nature, DAOstack has no clear competitors.
Who makes up the team behind DAOstack?
The team behind DAOstack is made up of experts in blockchain engineering, marketing, law, and finance. This includes CEO Matan Field, a blockchain entrepreneur with 4 years experience. It also includes CTO Adam Levi, a coder with 22 years experience.
In addition, the team includes Roberto Klein (an expert in regulatory issues and corporate finance), Josh Zemel (communication and marketing), Yehonatan Goldman, Primavera de Filippi, Jordan Greenhill, and Seth Taube.
More details about the DAOstack ICO
The DAOstack ICO is launching at 4am (GMT) on 8 May, 2018 and is due to end at 4am (GMT) on 8 June, 2018. Investors wanting to participate will need to sign up for the whitelist, found here. For the public, tokens will be transferable immediately after the ICO ends.
This crowdsale will follow the 4am (GMT) May 1 - 4am (GMT) May 3 presale, in which up to US$100,000 in DAOstack tokens will be sold. Investors purchasing during the presale will receive an additional 10% in bonus tokens.
The minimum purchase amount for an an individual investor is 1 ETH.
The DAOstack tokens are abbreviated as "GEN" tokens. They will cost an estimated US$1 per token, to be paid in ETH equivalent. The team’s goal is to raise US$30 million in total.
The May 8 ICO will comply with the following allocation strategy:
- 40% will be sold to investors in the presale and crowdsale
- 40% will be minted and allocated by the Genesis DAO, once it has proved itself to be secure
- 10% will be given to the team, advisors, and service providers of DAOstack. Tokens given to the team and advisors will be locked for two years
- 10% will be held in reserve by the DAOstack team, to be given out to future contributors.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. It's a mere summary of the details of this ICO. Please conduct your own thorough research before investing in any cryptocurrencies.