xDAC | Project Overview
Today I want to tell you about the xDAC project. Let's begin!
xDAC is an entity created and operated on decentralized digital ledger by one or multiple human or Autonomous Agent owners or a mixture of both that share a common purpose and unites in order to focus their various talents and organize their collectively available skills or resources to achieve specific, declared goals.
Decentralized company owns capital and other, primary digital, assets. It can also collaborate with other partners or businesses inside and outside of decentralized network –making it a highly versatile entity.
The introduction of Blockchain technology has given the digital world a secure digital ledger to track financial transactions. Hardened against forgery by trusted time stamping and through the dissemination of its distributed database, a Decentralized Autonomous Organization (DAO) provides business owners a collective way to manage their company transparently and more efficiently.
By eliminating the need to involve a mutually accepted trusted third party in a financial transaction, the focus of a DAO is not entirely on company creation, but on establishing a set of standards for decentralized businesses.
As a subclass of DAO, an xDAC is a company on a decentralized network with a built-in Proof of Work (PoW) incentive mechanism, a comprehensive governance and management tool, and a support system for DApps and internal Autonomous Agents -all housed on top of EOS. The benefits of an xDAC are limitless. For one, the instant creation of an xDAC allows for seamless dispute resolution; whereas, traditional companies face never ending roadblocks financially and administratively if arbitration is necessary.
xDAC helps owners to operate a transparent decentralized company in front of their investors. Company owners can manage their team, tokens and financials, and securely store data on a decentralized ledger. Automated governance and dispute resolution will add to the speed of business evolvement and reward systems will make companies and their teams more productive, efficient, and motivated.
Ecosystem can be viewed as several distinct technological layers strategically connected together.
xDAC Platform is the public’s smart contracts layer which provides an open-sourced implementation of the key components creating not only an environment but the governance for decentralized applications (DApps) and Autonomous Agents to be built on.
The xDAC platform will be generating revenue from fees that will be used to reward the most productive xDACs based on their PoW performance rating to incentivize their productivity on xDAC platform.
xDAC platform will provide xDAC with two hot wallets as well as two hot wallets for each team member for XDAC Tokens.
xDAC Wallets: One wallet is for operational transactions accessible to xDAC owners or to authorized team members. The second wallet will be liability fund.
More wallets can be provided to xDACs to store their own company tokens or other tokens they receive as payment for their goods or services.
Team Member Wallets: Primary wallet team members use for receiving payroll salary whereas the second wallet will be retirement fund.
xDAC Payment Processing will be automatically available within each xDAC wallet. Every time xDAC receive spayment, payment to liability fund will be subtracted from proceeds.
xDAC team consist of team members (employees, contractors, freelancers or autonomous agents, etc.) that can work from same or remote locations. Initially, the company can hire team members after signing up for a membership account.
Designed for xDAC team members, managers will add each company’s personnel to hierarchy. With placing team member into xDAC hierarchy, each employee will get privileges allocated to specific xDAC functions tailored to their responsibilities.
Furthermore, the user interface will let owners choose the amount to pay, the frequency, the tokens to reward, and the parameters. This is to safeguard the company in case xDAC doesn’t want to pay certain employees based on assigned tasks. Team members are paid in XDAC tokens.
XDAC token is a platform currency representing value and wealth in the decentralized economy used for exchange of values between xDAC companies, employees, customers and other third-party entities.
The token will be used on the xDAC Platform for dispute resolutions, pay team members, accept payments for services, profit distribution, and incentivize development.
XDAC tokens are ERC-223-compatible tokens distributed on the Ethereum blockchain pursuant to a related ERC-223 smart contract. Ethereum tokens distributed in the ICO phase are pre-existing tokens and will be migrated to another protocol on the EOS platform.
The Ethereum XDAC Tokens do not have any rights, uses, purpose, attributes, functionalities or features, express or implied, including, without limitation, any uses, purpose, attributes, functionalities or features on the xDAC Platform.
In the future, blockchain technology will be in demand. The EOS platform is a big plus for this project. This project looks serious and interesting. In my opinion this project has a chance of success. Good luck to the team!
My username bounty0x: kable