Introducing eosDAC : The Community Owned EOS Block Producer
The EOSIO Software being developed by Block.one will facilitate the first highly scalable smart contract blockchains, with transaction fees covered through small levels of token inflation. This will allow the development of genuinely scalable decentralised applications, and online/onblock businesses which can be owned by their communities.
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 major infrastructure to handle enterprise class decentralised 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.
It is the vision of eosDAC that EOS.IO block production should be open for everyone to contribute and benefit. To realise this vision, eosDAC will be an evolving Decentralised Autonomous Community (DAC) focused on becoming a leading EOS.IO Block Producer serving the EOS communities worldwide. In doing this, eosDAC will create the tools and smart contracts it needs to function. It will share these with the EOS communities to help other DACs thrive on the EOS.IO blockchains.
eosDAC will be launched as a DAC on the EOS blockchain at the beginning of June 2018, until then eosDAC is being run by it’s launch Team. Members of the launch team have been deeply involved in the EOS community for the past 6 months and are already producing blocks on EOS community testnets. Currently eosDAC tokens exist on the Ethereum blockchain, these will transfer onto the EOS blockchain once it is operational.
eosDAC Tokens: Majority-Owned by the EOS Community
In order to create an EOS block-producer that is owned by the EOS community itself, 75% of eosDAC tokens will be airdropped to the EOS token holders themselves. 20% of the tokens have been given to the Launch Team, Advisors and Wider Community Network. Without their free contribution of time, energy and financial resources eosDAC would not have come into existence. The remaining 5% of eosDAC tokens have been given to eosDAC Ltd, which intends to use these for capital reserve.
More details are available at http://www.eosdac.io