For those of you who may have been living under a rock somewhere on Mars: The ÐΑΩ is finally here!.. But what is it and what impact will it have on the world? Today we’re going to take a deeper look into The DAO and find out what it is, what it does, what to do with it and how to buy and sell it!
What is The DAO?
DAO stands for Decentralized Autonomous Organization. Created and managed by it’s code, The DAO will be the first “company” to operate without a defined leader. Funded by its members (DAO holders) The DAO will operate on a new level of human and corporate interaction, allowing any DAO holder, small or big, to have a say in the highest funded crowdfunding project so far, maintaining direct real-time control of contributed funds while still enjoying the failsafe protection provided by it’s Curators.
DAO holders will be able to vote for or against projects proposed (proposals) to The DAO by it’s aspiring contractors and enjoy monetary rewards from products sold or services provided by said proposals/contractors (even if they voted against the proposal).
The DAO was written on the Ethereum Network and used this same network to fund itself through a “creation period” (much like an ICO). During this period, anyone in the world was able to send Ether to the DAO address in exchange for DAO tokens.
The DAO creation period started on 30th of April at 10:00 UTC and lasted until the 28th of May. During this time, The DAO raised an incredible amount of Ether: 11,930,000. That’s over 14% of all Ether in
circulation, and it amounts to $127.56!
This 28-day time-frame is called “creation period” because the DAO tokens were created according to the Ether sent to the DAO address. Unlike most ICOs, where a finite number pre-mined coins are distributed by the funders according to the % of funds invested, The DAO started with 0 tokens and has now created and distributed 1172.78M Tokens.
For the first 14 days: 100 DAO tokens (Ð) for 1 ETH (Ξ)
For the 10 subsequent days: linear increase
For the last 4 days: constant 100 DAO tokens (Ð) for 1.5 ETH (Ξ)”
In order to avoid malicious attacks, while still maintaining Decentralization, a Curator Mechanism was put in place to ensure that all the submitted proposals come from the Contractor whitelist (the list of Contractors authorized to receive ether from the DAO)
What to do with it
Did you invest in The DAO creation? Did you buy some at Coincheck? Have no Idea what to do next? We’ll give you a few tips.
If you want to store your DAO tokens outside of Coincheck, you can use your Ethereum address to do so. Just send your DAO tokens directly to your wallet and follow this steps to check your DAO balance
The easy way:
go to https://daohub.org , paste your Wallet address in the “Check Your Balance” field and click check
With Mist wallet:
Download the Mist wallet: www.ethereum.org and run it. Let the Blockchain Sync (this process may take some time).
When Mist is up to date with the blockchain click on the “Contracts” tab, then “Watch contract”. Input the DAO wallet address (0xbb9bc244d798123fde783fcc1c72d3bb8c189413)name the contract to your liking: we used “The DAO” as the name but you can choose any name you like, we have also used Ð as the token symbol.
You should now be able to see you DAO Token Balance. You can transfer it to another wallet or exchange and most importantly you can vote! To vote on proposals we highly recommend you follow the instructions provided on the official The DAO website:
Voting is the most important part of being a DAO Holder, so make sure you choose wisely!
How to buy/sell The DAO
So, you like what you see, and you want to experience it for yourself.. We thought you would! That’s why we added The DAO trading on your favorite exchange, Coincheck!
How to buy DAO? (Web browser)
Buying DAO is the same as buying ether or bitcoin.
First, to buy DAO, please deposit USD(which will be converted to JPY, free of charge) to our designated bank account or convert your Bitcoin/Ether to JPY.
Please refer to deposit USD/YEN for detailed instructions. You can also buy DAO with BTC. Buy DAO from coincheck wallet’s “Buy Bitcoin” tab.
Select DAO and input amount of DAO you wish to buy.
Once you click the buy button, The DAO will be credited to your account.
You can also check your purchase history.
How to sell DAO (Web Browser)
Selling DAO is just as easy. Go to coincheck wallet’s “Sell Bitcoin” tab.
Select The DAO and input amount of DAO you wish to sell. You can sell your DAO tokens by clicking sell button.
You can also check your sales history
How to buy DAO? (App)
Currently, The DAO exchange is only available for iOS app. We will soon support Android Buy DAO from coincheck wallet’s “Buy Bitcoin” tab.
Select The DAO and input amount of DAO Tokens you wish to buy.
Once you click the buy button, DAO tokens will be credited to your account. You can check your purchase history from your front page.
How to sell DAO? (App)
Sell The DAO from coincheck wallet’s “Sell Bitcoin” tab.
Select The DAO and input amount of DAO Tokens you wish to sell.
That’s it for DAO! Remember, you don’t have to sell/buy/transfer DAO. you can just Hold the DAO. or as the DAO community is calling it: #holdao
By António Madeira