The Community-Owned EOS Block Producer
and DAC Enabler
Watch this simple one-minute video explainer to find out more about eosDAC
The EOSIO Software being developed by Block.one facilitates the first highly scalable smart contract blockchains, with transaction fees covered through small levels of token inflation. This allows the development of genuinely scalable decentralised applications, and online/onblock businesses which are owned by their communities.
Instead of ‘mining’ on the Proof-of-Work algorithm like Bitcoin and Ethereum, EOSIO blockchains use the Delegated Proof of Stake algorithm, whereby token holders vote in 21 main block producers and reserve producers. These block producers require major infrastructure to handle enterprise class decentralised applications and need to be significant entities capable of scaling as required. Block producers are paid through the limited inflation of EOS tokens in circulation.
Introducing the Decentralised Autonomous Community (DAC)
A Decentralised Autonomous Community (DAC) is governed by its constitution, which is encoded in smart contracts on the blockchain. This revolutionary way of bringing a community together as a cooperative is made possible by the EOS software. The DAC is controlled by its token holders and the board members they vote to run its operations.
The Community-owned EOS Block Producer
It is the vision of eosDAC that EOS.IO block production should be open for everyone to contribute and benefit. To realise this vision, eosDAC is an evolving Decentralised Autonomous Community (DAC) focused on EOS.IO Block Production serving the EOS communities worldwide. In doing this, eosDAC will create the tools and smart contracts it needs to function. It will share these with the EOS communities to help other DACs thrive on the EOS.IO blockchains.
eosDAC is creating a DAC on the EOS blockchain at the beginning of June 2018, until then eosDAC is being run by its Launch Team. Members of the Launch Team have been deeply involved in the EOS community for the past 6 months and are already producing blocks on EOS community testnets. Currently eosDAC tokens exist on the Ethereum blockchain, these will transfer onto the EOS blockchain once it is operational.
Legal & Financial Interface
eosDAC has an exclusive arrangement with eosDAC Ltd to carry out all necessary interfacing with worldwide legal and financial regulations that must be met in order for the DAC to operate. eosDAC Ltd will maintain transparency on all its costs and will offer services to eosDAC at cost-price. This contract can be renegotiated or terminated at anytime in the future by eosDAC, should its token holders vote to do so.
Majority-Owned by the EOS Community
eosDAC tokens were airdropped at a rate of 1:1 to the EOS token holders as of the 15th April 2018. The rest of the tokens were given to the Launch Team, Advisors, Community Supporters and eosDAC Ltd. Without whose contribution of time, energy, and financial resources eosDAC would not have come into existence.
eosDAC Network Architecture
The key object has been to achieve a wide geographic and jurisdictional coverage with block-production infrastructuredeployed in the United Kingdom, Romania, Gibraltar and South Korea. The Launch Team will cotinue to use its considerable experience of high-level data centre operation and Tier 1 internetworking design & implentation to ensure shortest latency, maximum efficiency and solid redundancy within our network architecture.
June - December
eosDAC Core Principles
Excellence of Service Provision
Openness and Transparency
All decisions made by the eosDAC governance structures and all operations of eosDAC will be open and transparent.
Support of EOS Communities Worldwide
We want EOS.IO blockchains to flourish so we will engage with EOS communities with a view to initiating and supporting projects that benefit all EOS.IO blockchain communities. This will include tools for other DACs.