DAOstack, the next-gen platform for decentralized governance, has successfully concluded its token sale.
The main sale occurred on the 8th of May, reaching its hard cap of 5,073 ETH in just 65 seconds.
The company’s pre-sale was held a few days before the public sale and was also an overwhelming success; the team raised 12,000 ETH in 48 hours which was 75% more than the pre-sale hard-cap of 7,000 ETH.
Excess funds generated during the pre-sale were refunded back to the respective contributors, and the allocated GEN (the platform’s utility token) were distributed without any problems.
Including the private sale, DAOstack managed to raise about 45,000 ETH for the entirety of the token sale.
An important thing to note about DAOstack is that the money raised during the token sale will not be managed by the team exclusively.
Instead, most of the funds will be reserved for the Genesis DAO, a community-based DAO that will serve as a kind of incubator fund for the DAO economy, using a governance system that relies on proposals and votes from the community.
In case you’re not familiar with DAOstack, here is a primer on how the platform works and what makes it relevant today.
Historically, large numbers of individuals in organizations or groups have generally had a central authority to command the group and make important decisions. The most prominent examples can be seen in almost every business today where bosses and executives hold the power in making key decisions.
Unfortunately, the structure of the top-down approach means that incentives are often misaligned between the people at the top and the ones lower in the hierarchy.
For instance, company executives may make decisions that benefit them more compared to the rest of the staff, and a bad decision by someone in leadership could ruin the whole organization or business.
Measures have been taken to overcome this problem and with the advent of technologies like the blockchain, a new form of organization called a decentralized autonomous organization (DAO) has evolved. As the name suggests, DAOs are decentralized meaning that there is no central authority to govern decisions in the business or organization.
Think Facebook or Amazon but instead of being owned and managed by investors and executives, they’re owned and governed by the users instead – that is the beauty of DAOs and with traditional corporate structures slowly crumbling in the modern economy, DAOs are set to provide a viable alternative to traditional hierarchies.
DAOs have remained largely as an idea instead of being integrated and utilized in organizations and in the few cases that DAOs have actually been implemented, functionality has been limited and decentralization at scale has not been truly achieved.
DAOstack aims to solve all of these problems with its next-gen platform. Presenting itself as a catalyst for the future of collaboration, DAOstack simplifies the process of implementing decentralized governance in organizations to allow groups and collectives to share and organize their goals and ideas efficiently.
Set to be launched this summer, the smart contract-powered platform will allow individuals to participate in DAOs without the need for any technical expertise. The use of DAOstack in organizations is virtually limitless; from listings to creative projects with over 1,000 members and even venture funds – all of these (and many other use cases) can be governed by the users and community easily with DAOstack.
The platform’s early release of its features is set to be introduced to users with the first release being the Genesis DAO, the first organization to be deployed with DAOstack’s technology. Genesis DAO will release its early version called Genesis Alpha which is set to be released early this summer.
Genesis Alpha will also be trialing Alchemy, a decentralized budgeting tool that allows participants to contribute to proposals related to funding in organizations. A demo version of Alchemy is available for the public to view which you can access here.
The Arc framework which is DAOstack’s smart contract protocol layer has already been implemented on the Kovan testnet with the team planning to deploy Arc on the Ethereum mainnet along with releasing the public betas of Genesis and Alchemy before the end of 2018.
Simply put, Arc is responsible for creating and maintaining a decentralized governance infrastructure in organizations. It is made up of a library of smart contracts so developers can easily mix and match the elements that they need to create governance protocols for DAOs.
In layman’s terms, Arc is akin to numerous, unique Lego blocks which can be selected and built any way you like and even if these elements do not meet the requirements of organizations, they can be modified to meet even the most complex of demands.
The DAOstack team will also be putting an emphasis on acquiring more partnerships with the company setting a target of having at least 6 pilots before the end of the year. DAOstack has already begun working with several companies including Gnosis, Menlo, and Talao, a protocol for freelancing talent that has already reached an agreement to use DAOstack’s technology to manage the Talao DAO.
Aside from the goals mentioned above, DAOstack will also be making improvements to the Arc framework and Alchemy as well as launching more DAOs in the future.
More of DAOstack’s features and benefits can be explored in the platform’s official website and whitepaper.