DACs (also called DAOs) are organisations that encode their rules into blockchain contracts which manage most activities such as work, payments and leadership elections. The hope and possibility of DACs is that they are highly efficient, because their systems are set out in executable code rather than manual processes. Additionally, DACs maximise alignment of interests between participants – workers and customers are part-owners by holding tokens, resulting in a more incentivised workforce.
Read this short explanation into why DACs are so crucial in empowering communities to disrupt centralized companies by creating synergy between owners, employees, and customers who all own and benefit from the same tokens and shared goals.
The Foundation’s purpose is promoting and developing new forms of technology-based decentralised organisations, in particular the decentralised autonomous community (DAC), as well as the technologies on which such communities rely for their organisation and the legal and social environment on which they evolve.
The Foundation is charitable and does not pursue any purposes of financial gain.
The DAC Foundation can support projects aligned with its purpose on any chain. We’re cognisant that currently, the EOS.IO software is unique in being sophisticated enough to encode and transact the complex relationships needed to run a DAC.
DACs need to run on a blockchain that can support smart contracts – so a DAC could not run on bitcoin.
Beyond smart contracts, editable smart contracts are needed, since a complex functional organisational needs to be able to iterate its systems and processes over time. Ethereum allows for smart contracts but not editable smart contracts.
We’re happy to hear from you if you are DAC/DAO project on any chain that can support a DAC.