The DAO Creation is now Live

 

Ethereum fans will appreciate this morning’s announcement that the long anticipated “Slock.it” DAO, which has been the subject of much conversation and speculation, is now live. While “The DAO” is not strictly a Slock.it initiative, since they were one of the first “Contractors” to sign on to the project, it has since become almost synonymous with them and is widely known as the Slock.it DAO, although not technically accurate..

To clarify, The DAO is its own entity and is among one of the first Distributed Autonomous Organizations based upon the Ethereum block chain. The DAO, as it is officially known (for now) is also simply a placeholder name until the stakeholders can decide and vote upon a more appropriate name at a later point in time, after the creation has completed.

The DAO is managed by “Curators” who act as sort of a board of directors for the DAO and who can also be voted out at any time and for any reason. Contractors, such as Slock.it, will need to offer up a proposal that will be voted upon by the stakeholders (DAO token holders) and will eventually perform the actual work for the DAO and will supply needed services such as management functions. The proposals and contractors will hopefully generate a future income stream to reward the stakeholders, or those who hold the DAO tokens.

The full list of The DAO curators as of this posting include: Ethereum founder, Vitalik Buterin; Alex Van de Sande, lead designer of Mist wallet; Dr Gavin Wood, founder Ethcore; Christian Reitwießner, Solidity and C++ team lead; Viktor Tron, core developer of the Go Client; Aeron Buchanan, head of R&D, Ethcore; Taylor Gerring, director of Technology, Ethereum; Martin Becze, JS client developer, Ethereum; Gustav Simmonson, core developer, Ethereum; Vlad Zamfir, proof of stake lead developer, Ethereum; and Fabian Vogelsteller, Lead Dapp developer, Mist wallet.

The announcement on both the Slock.it Blog and DAOHub includes the contract address in which users can sent Ether (ETH) to receive the DAO tokens at the current rate of 100 tokens per 1 ETH.

The DAO is live and has therefore entered its Creation phase at address 0xbb9bc244d798123fde783fcc1c72d3bb8c189413.

Note that you can now create DAO tokens at https://daohub.org—and this site only. Other sites may or may not display the correct DAO contract address, but we are only committed to submit our Proposal to The DAO at address 0xbb9bc244d798123fde783fcc1c72d3bb8c189413, owned by the community at daohub.org and curated by its esteemed signatories.

The DAOHub website provides a wizard on how to participate in the DAO by purchasing tokens though different venues. The recommend method is to send ETH via the Ethereum Mist wallet directly to the contract address: 0xbb9bc244d798123fde783fcc1c72d3bb8c189413

 

The DAO Wizard

 

As of this posting, the contract address which can be viewed at etherscan.io has received close to 400,000 Ether which represents 40,000,000 DAO Tokens.

The token creation phase will run for 30 days with a scaled pricing system. Days 1-14 token are available for a rate of 100 tokens for every 1 ETH sent. Days 15-24 tokens will increase at a linear rate with each day adding .05 ETH to the price (day 15 = 1.05 ETH/100 tokens) until the price is 1.5 ETH/100 tokens on day 24. Days 25-28 will be the final opportunity to purchase DAO tokens at the highest rate of 1.5 ETH/100 tokens.

Days 1-14 100 Tokens / 1  ETH
Day 15 100 Tokens / 1.05 ETH
Day 16 100 Tokens / 1.10 ETH
Day 17 100 Tokens / 1.15 ETH
Day 18 100 Tokens / 1.20 ETH
Day 19 100 Tokens / 1.25 ETH
Day 20 100 Tokens / 1.30ETH
Day 21 100 Tokens / 1.35 ETH
Day 22 100 Tokens / 1.30 ETH
Day 23 100 Tokens / 1.45 ETH
Day 24 – 28 100 Tokens / 1.5 ETH

 

More information about the Slock.it DAO can be found at the official website; The DAO.

A FAQ and Q&A section of the DAO forum can be found here.

Proposal and Whitepaper

http://download.slock.it/public/DAO/Proposal1.pdf
https://download.slock.it/public/DAO/WhitePaper.pdf

 

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