ICO Analysis: eosDAC
As the EOS.IO main net gets closer to launching in June, hundreds of candidates are springing up to compete to be one of 21 major block producers. These 21 producers are voted in by EOS token holders through a Delegated Proof of Stake algorithm. These block producers are going to require millions of dollars worth of infrastructure in order to handle enterprise sized DAPPs with DACs. As a reward for their block producing efforts, they will receive their share of a 5% yearly inflation. This share adds up to millions of dollars worth of EOS.
eosDAC is a community-owned block producer candidate. It is a DAC (Decentralized Autonomous Community) that will allow every eosDAC holder to get the benefits that are typically reserved for block producers only. The idea of this DAC is that eosDAC holders call the shots, hire the right team and reap the rewards. Earning EOS just by holding eosDAC incentivizes the community to continuously vote eosDAC in as a block producer.
This is not an ICO. The eosDAC token is not for sale – it is airdropped to EOS token holders at a 1:1 ratio.
The team plans to have the operational facilities fully implemented by the end of May. They will be collaborating with other block producers, and constantly testing, to provide the best possible infrastructure. They expect to be able to scale block producer nodes up to 2TB RAM, 10GB bandwidth and 50TB storage within hours of those requirements being identified. And that’s just the early phase.
“Through continuous review eosDAC will ensure that its infrastructure bears positive comparison to the average of other top tier block producers.”
Along with producing blocks, eosDAC will help create the tools needed to set up and run a DAC. This “DAC Toolkit” will be open sourced and shared with the entire EOS community. It will help to make sure all the cogs in the DAC machine run smooth.
Activated EOS accounts with eosDAC tokens will have the rights to participate in the eosDAC activities and gain eosDAC benefits. In due course, it is probable that eosDAC will provide DAPPs and utility based services which can be used by members. The main benefit of holding these coins is the DAC will be set up to pay eosDAC holders a share of the EOS produced by their infrastructure. In other words, if eosDAC becomes one of the 21 block producers, each eosDAC token will pay out small amounts of EOS to holders.
There is a total supply of 1.2 billion tokens, as discussed here.
Three-quarters (75%) of eosDAC will be airdropped directly to EOS token holders; 20% of the tokens will be given to the launch team and advisers. The other 5% of tokens will go to eosDAC Ltd, for capital reserve.
eosDAC tokens can only be acquired thru an airdrop on Apr. 15, 2018 at 01:00:00 UTC.
All Ethereum accounts that have 100 or more EOS tokens in them at the snapshot on the 15th April will automatically receive the airdrop.
Any accounts with less than 100 tokens will not automatically receive the airdrop but will be eligible (until May 15, 2018) to apply through a method, which will not require any personally identifiable data, detailed closer to the date of the snapshot. Sign up here for updates.
Most exchanges have yet to confirm they will be accommodating this airdrop for EOS holders, so it is very important to get your EOS off of exchanges and into a wallet that you control the private keys to.
Like EOS tokens, eosDAC tokens will start off as ERC-20 and then transfer onto the EOS blockchain once it is operational.
The current team of 12, seemingly capable individuals, are working diligently towards launch on the EOS blockchain. The team has specified the following timeline and goals for its project:”After the DAC is launched on the EOS blockchain in June 2018, eosDAC will be a Decentralised Autonomous Community, run by its token holders. eosDAC token holders may or may not choose to vote for this team, or a combination of this team and new members, to continue eosDAC’s operations.”
The three heads seem to have loads of proper experience. Rob Allen, who seems to be the leader, is convinced that the true power of the EOS.IO software is that it will facilitate DACs which will have a significant far-reaching positive social impact. He goes on to explain his love for DACS, Allen has issued the following statement in support of his vision:
“In my view it is just the same as mutual societies but with a load more transparency, trust and direct interaction made possible through technology.”
They are also putting in great effort to grow their international community, especially Korea, a country that loves EOS. Sunny and Soyoung Kim will be in charge of community development.
Decentralized Autonomous Communities (DACs) are the next step in blockchain. Thanks to EOS software, communities can now cooperate in ways never before imagined. With eosDAC, a constitution will be encoded into the smart contract that enables the entire project to be controlled by the token holders and the board members they vote in.
- If you already own EOS before knowing about eosDAC, then this is a free token. A free token that gives you voting rights into a possible major block producer for what could be the next big thing, EOS. Basically, this projects growth will run right along side EOS’s growth +2
- The team plans on being a major contributor in developing a DAC toolkit, as well as to provide DAPPs and utility based services that any DAC that wishes to build on EOS can use. +2
- Distributing eosDAC by airdrop should be very effective in getting eosDAC the required votes in order to be a producer. Thousands of EOS fans will now own part of this project, and since they will receive a share of the EOS produced, minus operating costs, they will be incentivized to vote eosDAC in over and over again. +6
- The name is sneaky; eosDAC makes it sound like it’s the main DAC for EOS. When in actuality, it’s just another block producer candidate. Is this sneakiness going to translate into other areas which could lead to disaster? Or is this just the type of sneaky needed to make eosDAC a success? Only time will tell. -1
- Although they are currently in great shape to start out as one of the 21, competition will only get stiffer. Will their side idea of creating DAC toolkits for the EOS community, as well as possibly creating DAPPs, be enough to attract enough votes in the future? -1
- The launch team and advisers are receiving 20% of the airdrop tokens. It seems like this will give them a voter monopoly. Since all this DAC creating is such a fresh idea, it remains a mystery as to how this might become a problem later on. It would be great to see more transparency regarding who received how many tokens. -2
This is a promising project, and could very well be one of the block producers for a long time. If that happens, eosDAC holders will be very happy. If you aren’t yet a holder of EOS, you may want to think about entering now. As a result, we reserve a score of 6 out of 10 for this project.
- Sale type: Airdrop https://eosdac.io/tokens/
- Airdrop Date: April 15th (1:00:00 UTC)
- Platform: EOS
- Total Supply: 1.2 billion
- Distribution: 75% EOS holders, 20% launch team/advisors, 5%eosDAC Inc
- Ratio: 1:1 (1 eosDAC dropped for every 1 EOS)
Instructions: Must have 100 or more EOS off exchanges and in a private wallet to receive drop. If have less than 100 EOS, find instructions on how to claim your tokens here https://eosdac.io/tokens/
Image courtesy of Shutterstock
Disclaimer: We here at Hacked feel EOS.IO could become a pretty big deal. Therefore, we will continue to keep our readers up to date on the latest important ICOs and airdrops, so that you don’t miss out on all the value.