They will get the required funds to get started if the proposal gets a 20% approval in the vote. They will get voted on by the DAO token holders after getting their stamp of approval. The curators are basically known figureheads in the Ethereum world. The DAO tokens were indicators that you are now officially part of the DAO system and that you have the right to decide democratically how The DAO should disperse the funds.īut the question is, how were DAPPS going to get approved and built? Well, first they need to get whitelisted by the curators. You would have to purchase “DAO Tokens” for a certain amount of Ether if you wanted to have any say in the direction DAPPS that would get funded. It was basically going to be a decentralized venture capital fund which was going to fund all future DAPPS made in the eco-system, and the way it worked was pretty straightforward. It received large amounts of investment, and around 12% of all ether at the time was tied in this contract. The DAO was a complex smart contract which was going to revolutionize Ethereum forever. To put it in layman terms, smart contracts are automated contracts that enforce and facilitate the terms of the contract itself, and they are basically how things get done in the Ethereum eco-system. The Formation of The DAO (The Decentralized Autonomous Organization)Įthereum started out as a single token following the same consensus rules, and the entire ecosystem of Ethereum works on the basis of smart contracts. The Pros and Cons of Both Ethereum and Ethereum Classic.The Difference between Ethereum Classic and Ethereum.The Formation of The DAO (The Decentralized Autonomous Organization).
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