eosDAC ICO: Decentralized Autonomous Community For EOS? We reviewed it and give you everything you need to know
Free Airdrop for EOS Holders on April 15: Everything You Need To Know To Claim It!
By: Crypticchristy In:Cryptocurrency Last Updated:23/05/2018
Free Airdrop for EOS Holders
One of the many ways to make money through cryptocurrencies is Airdrops.
Cryptocurrency airdrops are the new way to decentralize the whole ecosystem. It is also a good way to incentivize the early adopters. (Read: Airdrops In Cryptocurrencies: Everything A Beginner Needs To Know)
Fact: Not all the airdrops are worth claiming. Moreover, you need to stay alert so that you don’t get scammed by a fake airdrop.
But some airdrops are real and that’s why it is worth looking into them to make the most of the opportunity.
In line with that, there is another interesting opportunity that the EOS project is presenting in the form of airdrop of eosDAC tokens.
Wondering what EOS or eosDAC is all about?
Well, let me brief you before talking about the airdrop.
What Is EOS & eosDAC?
EOS is a DApp development platform which calls itself “The most powerful infrastructure for decentralized applications“. The main aim of the EOS infrastructure development is to support the development of highly scalable and decentralized application on the EOS blockchain.
On the other hand, EOS also understands the governance problem of decentralized blockchains hence it has incorporated a model of DAC or DAO (decentralized autonomous communities or autonomous corporations) through which the whole ecosystem of EOS will be governed further in the future after its mainnet launch.
A DAC is a type of organization 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. (Source-EOS website)
eosDAC: Hence they have proposed the idea of a decentralized community over EOS blockchain and its name is eosDAC. And the eosDAC token airdrop is all about the making of this decentralized community or you can say governance model.
Purpose of eosDAC
To become a leading EOS.IO Block Producer serving the EOS communities worldwide.
To become a mother DAC to enable other DAC communities that will come in time on EOS.
In doing this, eosDAC will create the tools and smart contracts it needs to function as well share these resources with other EOS DACs that will be there in time.
There are huge incentives in becoming one of the main block producers in the EOS system as that producer will receive a significant reward in terms of EOS tokens over-time due the proof of stake consensus mechanism of EOS.
Instead of ‘mining’ on the Proof-of-Work algorithm like Bitcoin and Ethereum, EOSIO blockchains will use the Delegated Proof of Stake algorithm, whereby token holders vote in 21 main block producers and 100 reserve producers. These block producers will require a major infrastructure to handle enterprise-class decentralized applications and will need to be significant entities capable of scaling as required. Block producers will be paid through the limited inflation of EOS tokens in circulation. (Source- eosDAC website)
And that’s one of the main reasons to become a prominent DAC in the EOS ecosystem.
eosDAC Token Economics
To know about its token economics, you first need to know about BlockMaker Ltd.
eosDAC is being created and launched by BlockMaker Ltd. which has done the following allocation for the total token supply of 1,200,000,000 eosDAC tokens
75%— of eosDAC tokens to be airdropped to the EOS token holders themselves.
20%— of the tokens have been given to the Launch Team, Advisors and Wider Community Network. It is so because, without their free contribution of time, energy, and financial resources the idea of eosDAC would not have come into existence.
5%— remaining eosDAC tokens have been given to eosDAC Ltd, which intends to use these for capital reserve.
How To Claim eosDAC Airdrop Specifics?
eosDAC is an ERC20 token for now but will migrate to EOS once the EOS platform is launched.
Note: The airdrop of eosDAC tokens is strictly for EOS HODLers and 75% of eosDAC, which is 900,000,000 tokens, will be distributed to EOS holders based on following break up:
100 or more EOS Token Holders
All EOS token holders holding 100 or more EOS tokens at the end of Day 300 of the EOS crowdsale (i.e. April 15th, 2018, 01:00:00 UTC) will receive 1 eosDAC token for each EOS token. These tokens will be transferred automatically into their Ethereum (ERC20 compatible) wallet where they control their private keys. Examples of such wallets are Ledger Nano S, Trezor or MyEtherWallet.
Less than 100 Token Holders
Any accounts with less than 100 tokens will not receive the airdrop automatically but will be eligible (until 15th May 2018) to apply through a manual method that will be explained further in time in their newsletter, so do sign up to the newsletter for updates.
EOS Token Holders on Exchanges
Holders of EOS who have their EOS on exchanges need to confirm from the exchanges if they are supporting the eosDAC airdrop. If not, you would need to withdraw your EOS tokens from exchanges to a self-hosted wallet like Ledger Nano S, Trezor or MyEtherWallet before the snapshot.
Here is the list of exchanges supporting eosDAC.
Some More FAQs Related To The eosDAC
When is the eosDAC airdrop?
The snapshot for the airdrop will be taken immediately at the end of EOS Token distribution period 300 – on April 15th, 2018 at 1 am UTC. There will be a number of checks and tests following this and the eosDAC tokens will be delivered following this period.
How will I get eosDAC tokens on an EOS blockchain?
When an EOS 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.
Other eosDAC related Timelines?
Conclusion
This looks like an interesting development but I wonder if it was a part of the plan from the very start or is just a way to gain price appreciation.
Irrespective, the EOS token has risen in price after the news and will likely gain more in the next 24 hours.
I am also quite skeptical how much this mother DAC will have influence over the EOS ecosystem. Hopefully, it should not be a dictatorial democracy like we have in many countries.
Lastly, we will have to wait and see how this plays out in the end and how faithfully EOS blockchain is able to fulfill its promises to the decentralized world.
If you have any questions regarding the EOS airdrop, feel free to ask in the comment section below!
Also, don’t forget to share the post with people who are unaware of the EOS airdrop.
Further suggested readings:
Top Wallets To Store ERC20 Tokens
What Is Cold Storage In Cryptocurrency?
7 Altcoin Exchanges To Start Trading On Without KYC & AML
6 Top Cryptocurrency Exchange Coins That Pay Dividends Or Offer Reduced Fees
Ethfinex’s Nectar Token Is Here And Its Here To Stay!
EOS DAC
eosDAC is the world’s first community powered, owned and operated EOS-Block producer as well as DAC Enabler. It’s newly developed and going through the different phases of ICOs. You can learn more about it at the company website eosdac.io.
How Does eosDAC Work?
The EOISO Software is now being created by technical geniuses at Block.one, They are going to attempt to essentially run the operation that involves extremely scalable blockchains. Not only that, but they will be using tiny amounts of inflation on the company tokens to cover the cost of any transactions. In turn, it will also allow for the creation of a very realistic and scalable, decentralized application as well as online business owned by various communities in the network.
The company is going to run on the proof of work algorithm instead of doing a simple mining operation. It will be similar to Bitcoin in nature as well as Ethereum. The platform will be using the EOSIO blockchains in accordance with all responsibilities being delegated via the proof of stake algorithm, anyone holding a token will be able to vote in 21 main blocks as well as 100 more reserves.
The block producers will also require a powerful company infrastructure, or more importantly – a community one. This will be in order to handle the enterprise sector that runs on decentralized applications as well as needing to be a significant entity, capable of scaling as is needed. Any of the block produced will then be paid via the limited EOS token’s inflation.
The DAC or decentralized autonomous community is the governing entity by its own designed constitution, that is created through the use of smart contracts stored on the block chain. This is an efficient and almost radical way to bring the community together as well. It’s all made via the EOS software. The DAC, it is controlled via the token holders and the board members who were previously voted into their position by the community to help run the operations.
The community basically owns the EOS block producer. And using the eosDAC, that is being created by BlockMaker Ltd, but being controlled by the community and not the creator will give people more power and control than is typically seen in a cryptocurrency.
eosDAC In Conlclusion
The main vision of the company is to be open to all people who want to contribute and for their benefit as well. Their vision is completely focused around a decentralized and autonomous community. The company also creates tools and smart contracts that will help the platform function smoothly and properly. And this in turn will help communities and token holders, as well as the tokens themselves thrive on the platform.
To Learn more about eosDAC, head to the company website at eosdac.io. The token sales has begun and the final sales will end sometime in June of 2018.
