Daox (DXC)

Daox is the ecosystem and platform for Fundraising DAOs which serve as advanced intermediaries between investors and startups.

Whitepaper

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Interest lvl

High

Updated: Jan 30, 2020

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Ticker

DXC

Type

Utility-token

Token standard

ERC20

FoundedUnited Arab Emirates

Registration countryUnited Arab Emirates

Office addressDigital Expansion Inc. GENEVA PLACE WATERFRONT DRIVE PO BOX 3469, ROAD TOWN TORTOLA, BRITISH VIRGIN ISLANDS

Ecosystems

Ethereum

What is Daox

Daox is proposing an advanced open source technological solution and a unified protocol that aims to fix the major problems related to ICOs and crowdfunding, preserving the benefits of crypto, raising the efficiency of capital and establishing the basis for the future investment industry. This solution is called a Decentralized Autonomous Fundraising Organization or Fundraising DAO protocol.

Fundraising DAO is a solution that combines all the best practices of venture capital, ICOs, and crowdfunding in a unified Ethereum-based protocol. Fundraising DAOs play the role of advanced intermediaries between startups and their investors, protecting interests of both sides and increasing the efficiency of the capital.

They are like real world companies but instead of a legal body they have smart-contracts, instead of bank accounts they use cryptocurrencies, instead of shares thereare tokens,and instead of the jurisdiction—a borderless blockchain network. The features of each DAO could differ, but the major goal is to motivate all parties to do its best for the project success.

One of the main principles of that protocol is that all the funds raised during the crowdsale are stored in a DAO, instead of being at the disposal of a single individual (or group of individuals). The funds are released based on withdrawal proposals submitted by the startup team. If investors (DAO token holders) of the startup are satisfied with the way the project unfolds, they approve such requests.

However, if the majority of investors do not see that the startup stick to its declared roadmap and obligations, they can simply vote for the refund. This functionality alone solves some of the major problems of ICOs and crowdfunding.

Not only we can get rid of scams because it is simply becoming unprofitable, but we also increase the success ratio due to the fact that the startup’s team is way more motivated. The Fundraising DAO protocol is basically replicating the way joint-stock companies work, while also preserving all the benefits of crypto.

Each Fundraising DAO is modular. It means that its governance structureand functionality might be adjusted to the specific needs of different projects. For example, authors could set up a simple DAICO issuing utility tokens, or create an organization that will pay dividends, or even offer equity-based tokens. Imagine, building a DAO of blocks thatare representing different featuresand functionality.

All DAOs are entirely independent, including from Daox developers. All procedures related to DAO establishment, token release, transfer, and the return of funds are completely stored on the Ethereum blockchain network.

Neither the team of Daox developers nor any third parties have access to the collected funds that are stored in DAOs. In the same respect, no one can affect the predefined operating rules of such an organization except for its token holders

The source code of the Fundraising DAO protocol is open and available for review and contributions.