There are a lot of hot ICOs -initial coin offers- gearing up as the summer kicks into full gear. Some of them seem more promising than others, and this is usually dependant upon the innovative nature -or lack thereof- of the projects themselves. One called DCORP offers something rather interesting when it comes to the ocean of ICOs going on right now.
Democracy in the Blockchain
I have -and many others- have been excited by the idea of Blockchain technologies providing various safeguards against voting fraud. Essentially the unique bits of any token could represent exactly one vote, and there is no way to counterfeit that vote or commit voter fraud because of the decentralized public ledger.
DCORP realizes that tokens, shares, really mean votes for what a project does and how it is managed. This means that DCORP is a democratic project, with anyone being able to participate via their Ether addresses. They are hoping to democratize the world of venture capitalism.
So how does it work?
This mostly works with the existence of two parties: Shareholders of DCORP and the Board of Directors of DCORP.
The shareholders of DCORP are any individuals owning one or more of the project’s managed token (DRP).
Members of the Board of Directors are seven elected and public members of the project. Notice, voting power comes from the shareholders, proved by their holdings of DRPs. The Board of Directors make management and governance decisions through a voting process as well. Their Whitepaper outlines this governance proposal.
Ideas are submitted to DCORP for debate and consideration of funding. These would be smart contract based business ideas looking for potential funding and guidance, and the shareholders would discuss them in the forums of DCORP. If it has enough support, and official proposal is submitted.
After the shareholders debate and consider, they ultimately vote on whether or not DCORP chooses to support the proposal. This happens within 7 days of the proposal being made. If it is successful, the funds petitioned for are allocated to the project.
Then a project manager is assigned to the project in its development phase, where the coding and heavy lifting takes place. Finally the product is launched, and the profit share that was recorded in the contract is distributed.
It’s a pretty nifty idea, actually.
DCORP is currently having a crowdsale ICO which lasts only about two more days. They provide step by step instructions how to have the DRP tokens directly associated with the Ether addresses that the buy in is sent from.
They already have over 900 shareholders and are approaching their second milestone of a realization of the first decentralized derivatives exchanges on the blockchain. This means that we may be seeing options and futures being traded on the blockchain, which is pretty cool.
More on the project: https://www.dcorp.it/
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