FAQ

EOS.IO is software that introduces a blockchain architecture designed to allow a high number of transactions per second,eliminates user fees and allows for quick and easy deployment of decentralized applications. The software emulates an operating system-like construct upon which applications can be built and provides accounts, authentication, databases and asynchronous communication. It is the next generation in blockchain technology and the first on which very large scale real time applications can be built.

A DAC is a type of organisation which is owned by its members with all of its business logic controlled via code which anyone can inspect. The code sets in place the rules and the members can develop proposals and make decisions. A key feature of DACs is that have the ability to feed value back to all members who become part owners of enterprises rather than consumers. Currently, the code and tools needed for a DAC to run effectively are not available so eosDAC will evolve into a full DAC through several iterations and help to create the necessary code.

A Dapp is a type of application that has it’s backend running on a distributed network (such as EOSIO). When applied to blockchain technology, this back end is usually made up of one or more smart contracts. There can be many user interfaces to the same Dapp and a lot of key data relating to the application will be held openly on the blockchain rather than a centralised database.

Blockmaker Ltd is the company, based in Anguilla, which created and distributed the original eosDAC tokens on the Ethereum network. BlockMaker Ltd received no payment for this and has gifted the tokens to various parties and retains no eosDAC tokens.

The snapshot for the airdrop will be taken immediately at the end of EOS Token distribution period 300 – on April 15th 2018 at 1am UTC. There will be a number of checks and tests following this and the eosDAC tokens will be delivered following this period.

When an EOSIO based blockchain is started, the eosDAC launch team will decide whether to support the chain and add a block producer node (one or more block producer servers). Following this full details of how to activate your eosDAC tokens will be provided. Please note that any eosDAC not activated within 6 months of a chain launch will be lost.

Once eosDAC has a started a block producer node on an EOSIO chain it will show up on the voting interface provided by the EOSIO software. It is expected that each account holder will need to stake tokens (lock them) for 3 days in order to vote.

The initial eosDAC tokens will give rights to have eosDAC tokens on any EOSIO blockchain that the eosDAC launch team supports. 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.

On the Ethereum network, EOS and eosDAC tokens are ERC20 tokens. Once a blockchain is launched that supports the EOS token distribution then the EOS tokens will be the native token on that blockchain which will have staking and voting rights. eosDAC will be a token on that blockchain which, when the associated account is activated, will be able to be used for eosDAC participation.

Our team is very active on the eosDAC Telegram group, you can find us at https://t.me/eosdacio – This is the best place to get your questions answered by the eosDAC team. Alternatively contact us via our website and sign up to our newsletter.