In the month of March 2018 eosDAC introduced itself as a community-owned EOS Block producer and highlighted its vision that EOS.IO block production should be open for everyone to contribute and benefit.
In order to create an EOS Block producer that is owned by the EOS community itself, eosDAC dropped 75% of eosDAC tokens to the EOS Token Holders, 20% were given to the launch team members, Advisors and to build a wider community. The remaining 5% of eosDAC tokens were given to eosDAC Ltd, which are intended to be used as a capital reserve.
You can read more about this intro here: https://steemit.com/eos/@eosdac/introducing-eosdac-the-community-owned-eos-block-producer
Later in the same month eosDAC announced its block producer candidacy introducing itself as a Block Producer candidate on EOSio along with details about its server infrastructure and a brief introduction to the launch team.
eosDAC Block producer candidacy announcement can be found here: https://steemit.com/eos/@eosdac/eosdac-block-producer-candidate-information
Beyond block production - The DAC Enabler
eosDAC was born out of Dan Larimer’s concept of Decentralized Autonomous Communities or DACs, around which Block.one developed EOS software led by Dan Larimer and Brendan Blumer.
Block.One’s early presentations talked about EOS.IO software ushering in ‘The Era of DACs’.(watch here). They showed how DACs were more transparent, auditable, trustworthy and inclusive than existing companies and how this would result in DACs being ultra competitive.
eosDAC shares the same vision for how DACs can disrupt how business can be done. We believe that these new business models can challenge how we think about what a company will be. Blockchain technologies introduce new business opportunities which create value and give it back to the community, rather than only extracting resources from their environment. All connected parties to the DAC are incentivized to continually add value, therefore stimulating creativity and growth.
In order to function, DACs need tools that aren’t currently available. eosDAC has created these tools and, through its commitment to open source software, will share them as a “DAC Factory” that anyone can take and use to set up and run a DAC.
The DAC Factory will evolve organically and over time and will include the core concepts of membership, voting, custodians, and proposals. Any account holding EOSDAC tokens can become a Member and get rights to benefit from the DAC, stand as a custodian, vote for custodians and submit proposals. Custodians are the DAC decision makers and will be continually voted for and held accountable by members. Proposals will be voted for by custodians and once approved (subject to available funds being available) will be implemented, checked and paid for. All proposals will provide some deliverables and benefits to the DAC ecosystem.
The DAC Factory will need to make sure that all of the different cogs of the DAC machine run smoothly.
Over time, other DAC structures and tools could be supported. It is also envisaged that other individuals, groups, and DACs will join and build upon the tools we create. Beyond software, the DAC Factory will also include best practices alongside legal and regulatory guidance for different jurisdictions. This will include a case study on eosDAC’s endeavors.
eosDAC will continue to work on suitable ‘off-the-shelf’ structures for DACs to interact with the worldwide legal and financial systems, in fact, everything that a new DAC will need in order to be established and flourish.
Airdrop completion and token burn on the Ethereum network.
eosDAC finished airdropping eosDAC tokens on May 15 2018, the final figures of the airdrop were.
238,080,898.455 tokens were burned. This amount will be sent to the unrecoverable Ethereum account 0x0000000000000000000000000000000000e05dac later today.
Leaving a circulating supply of 961 919 101.545 eosDAC Tokens.
Full information on airdrop completion and burn can be found here: https://steemit.com/eos/@eosdac/eosdac-airdrop-and-burn
It was later identified that some supporting exchanges and 1 individual account were withheld and their tokens were burnt. After much discussion, it was decided to include these tokens during the eosDAC token swap to EOS network. A full statement of inclusion of wallets in the eosDAC token transition to EOS Chain can be found here : https://steemit.com/eos/@eosdac/statement-on-inclusion-of-specific-exchange-wallets-in-the-eosdac-token-transition-to-the-eos-chain
eosDAC contributions in launching and securing the mainnet.
eosDAC was a part of the Ghostbusters team along with EOS Rio, HKEOS, Sw/eden, EOS Tribe, EOS 42 to name a few.
What is Ghostbusters?
Ghostbusters started as an EOS testnet focused on researching and rehearsing the best practices for running the eosio software as securely as possible. It all started because we were worried about the lack of focus regarding infrastructure security. It was initiated as a research environment, not a launch initiative, it quickly attracted the attention of the community and other BPCs who were feeling the same way we do concerning security. Then people started recommending it as a launch approach.
Micheal Yeates from eosDAC found a DDOS bug that qualified for 10k EOS developer bounty. The bug allowed an attacker to consume 100% of the node’s CPU. https://twitter.com/eosdac/status/1005154586188009473
eosDAC tech team spent a countless number of hours on never-ending zoom calls with other BPCs and weeks of sleepless nights to ensure a secured launch of EOS mainnet and months before testing the EOSIO software on the Community Testnets.
After launching the mainnet launch success, eosDAC completed the token swap in the 3rd week of June.
Following was the outcome.
- Total supply - 994,895,254.98
- Token airdropped - 987896341.6
- Locked in DEX contracts - 4,473,804.66
- Failed Fallback - 2,525,108.71
- Total tokens burned 205097655.6
eosDAC will try to recover the tokens that are stuck in DEX contracts like Forkdelta and Idex and the ones for which fallbacks couldn’t be generated Full report: https://docs.google.com/document/d/1irdLXCz4yJqdLPAeG2EgLGvyQAlXZ-DivU0i-PTTKBY/edit
Prioritizing DAC Factory and Partnering with Object Computing
After completing the token distribution major focus was the DAC Factory, eosDAC partnered with OCI (https://objectcomputing.com/) who helped Block One build EOS and are one of the best in the business. OCI is helping eosDAC to code review our smart contracts and is working very closely with our tech team to accelerate the progress of on the DAC Factory.
Read more here: https://steemit.com/eos/@eosdac/eosdac-accelerates-progress-on-dac-toolkit-partners-with-object-computing Just a few days ago eosDAC announced its first approved Worker Proposals, prioritizing block production and DAC Factory. Read more here: https://steemit.com/eosdac/@eosdac/eosdac-announces-first-approved-worker-proposals-prioritising-block-production-and-dac-toolkit
Currently, the team is set to launch its MVP version of its DAC Toolkit soon, with Membership and Custodian Voting contracts. You can follow the DAC Toolkit roadmap here: https://trello.com/b/fbz4IHXP/dac-toolkit-roadmap