EOS
$5.22 -3.33%
EOS · 3w

The Power of a Decentralized Autonomous Community (DAC).

A Decentralized Autonomous Community (DAC) or sometimes referred to A Decentralized Autonomous Organization ( DAO ) is a community or organization that operates based on rules coded by computer programs called smart contracts. The EOS.IO Blockchain (and others) allows for these smart contracts as they provide a secure digital ledger that tells us who did what and when across the internet. I should say that Ethereum first introduced DAO in 2016 but due to a flaw in the code, a hacker was able to drain $50 million USD form the DAO the account. Ethereum scrapped the DOA, and hard forked creating Ethereum and Ethereum Classic (but that is another story). Anyway, Dan Larimer created EOS which acts as an operating system for a global computer. We all have computers so you can think of the blockchain as “computer hardware” and EOS as the “operating system” and Apps (applications) as dApps (decentralized Applications). Since DACs are built on smart contracts this allows new DACs to build on EOS much easier.

What is the legal status of DACs?

The legal status of DACs at the moment is not clear. DACs could be perceived as a corporation without legal status as a corporation. We will see how the various governments regulate DACs.

What are some examples of EOS DACs”

Well, the first example is eosDAC is a candidate EOS block producer. You can think of eosDAC is a community-owned Block Producer. But eosDAC is more than an EOS Block Producer. They were the first to build a DAC on EOS.IO but they also want to build and share the tools that enable DACs for everyone. If you haven’t voted for a Block Producer you should really consider voting for EOSDAC (eosdacserver).

Here is short video explaining eosDAC:

 

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