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Please explain DAO to me (self.Buttcoin)

ConfusedButter が 投稿

Hello,

I was away from butt world for a bit, and now I see DAO talks everywhere. Can you explain to me what it is? I understand it's like a corporation but not really, but also like a fund, but not really, and you can vote apparently and that's somehow groundbreaking. What's in there? And is that like one corporation/fund/whatever, or a general thing for infinite number of corporations? And what is the Methereum connection?

Yes, I know, "The DAO that can be explained is not the eternal DAO". But I still want to somehow know.

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[–]tweq 0ポイント1ポイント  (0子コメント)

The DAO is a virtual currency fund implemented using Ethereum's contract functionality, in which you can deposit your Etherbutts. Members can then vote to fund those proposals with their deposited butts, and those proposals may or may not return a profit which may or may not be paid back to the fund, after which you may or may not be able to withdraw your butts which may or may not have gone to the moon at this point.

It's not a legally established corporation or fund or anything, which will be especially fun for the lawyers who get to pick up the pieces after this blows up spectacularly because people had the bright idea to put (supposedly) $150 million worth of butts into this bleeding edge concept, technology and implementation right away.