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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 1ポイント2ポイント  (4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.

[–]ConfusedButter[S] 0ポイント1ポイント  (3子コメント)

Um. So, it is just one pseudo-corporation, worth 150 million dollars, that has no real unifying vision and anyone can vote what will it do. Ok?

So if people owning it vote, say, "let's invest 1 million dollars into US fracking business", what... What actually happens? Who actually goes and buys a share in a fracking company? How do the money go back?

[–]lehmakook 1ポイント2ポイント  (1子コメント)

The best I understand it: someone proposes a project. The DAO members then vote whether to fund it. If approved, they get the funding from the DAO pool, and are supposed to eventually pay the profits back into the pool.

What actually happens should be a great source of comedy gold.

[–]ConfusedButter[S] 0ポイント1ポイント  (0子コメント)

Oh. So, the good old "stealing money would be against people's self-interest".

[–]tweq 1ポイント2ポイント  (0子コメント)

To quote the DAO website:

The Service Provider is bound by irrefutable smart contract code to deliver on a series of objectives

Which is of course complete horseshit.

The DAO smart contracts deal purely in Ethereum transactions. If you wanted to invest in a real world business or pay for emplyoees or resources in actual money, you'd have to leave the Ethereum world and its smart contract can't tell whether you're actually delivering a product, nor can it force you to use your profits to buy more etherbutts and pay them back to the DAO. Any real world application can't be completely expressed as a smart contract and is as such not subject to their supposed protections. Maybe someone will manage to implement some toy projects as Ethereum contracts though (gambling is usually a good guess).

In practice, a number of human curators are supposed to verify the identities of the authors of a proposal, so you can't just go in and say "I'm an oil company, invest a million bucks in me". What you probably have to do is to dress it up as "I'm a dev who loves cryptocurrencies so much and want to give back to the community, please give me a million bucks so me and my buddies can work on a forum for you." Funds can be paid out in regular increments until people vote to stop it, so a scam will probably only get away with a few months worth of butts instead of the entire sum.