Crowdfunding campaigns are easily launched using the Daox Protocol.
Each campaign then forms an Ethereum-based decentralized autonomous organization featuring its own ERC20 token.
Each DAO holds the raised funds and is managed by the transparent voting of its token holders.
The raised funds are stored in a separate DAO and could only be partially withdrawn based on proposals submitted by the startup team. These proposals are being approved or declined by the token holders. Thereby, the team is highly motivated, while scam token sales are eliminated.
Each investor or startup team can initiate decentralized and transparent voting among the token holders. This helps in making key decisions and ensure that these decisions are supported by the community of token holders.
The refund mode is the core functionality of the protocol. Startup token holders can vote for the return of remaining funds if they are unsatisfied with the way the project unfolds, or if the project turns out to be a scam.
Each token of every DAO created using the Daox Protocol is representing a part of the raised funds in the sense that it could be used to get the remaining funds back in case of a startup failure. This gives a support for the value of the token on its early-stages of development.
The governance structure and functionality of each DAO might be adjusted to the specific needs of a project. For example, authors could start a simple DAICO issuing utility tokens, or create an organization that will pay dividends, or offer equity-based tokens. Modules are developed by the third-party developers and are connected to DAOs via the DXC Token.
We believe that transparency is the best policy, that is why we are happy to discuss ideas and share Daox stories across all the major social networks. Join our community, we promise not to be boring.
https://github.com/daox
