The proposal should be approved for a small amount of seed capital after which the progress of development, and the quality of the financial disclosure (i.e. accounting for how it was spent), can be carefully evaluated for another possible small renewal.
This is especially critical given the new and experimental nature of the DAO concept and business model. If slock.it is able to abuse its privileged position (i.e. why is slock.it literally the only proposal on the DAO fundraising web site?) to syphon a large amount of funds from the DAO with minimal accountability, then the DAO will be a failure right from the start.
I have several thousand DAO tokens, treating it as an experiment, so in practice my vote counts almost not at all. My plan is to split off and retrieve my funds if I see the DAO having been 'captured' by slock.it and used as a piggy bank for imprudent and excessive spending on a very risky concept. For now that appears quite likely, but I suppose some miracle is possible.
This is especially critical given the new and experimental nature of the DAO concept and business model. If slock.it is able to abuse its privileged position (i.e. why is slock.it literally the only proposal on the DAO fundraising web site?) to syphon a large amount of funds from the DAO with minimal accountability, then the DAO will be a failure right from the start.
I have several thousand DAO tokens, treating it as an experiment, so in practice my vote counts almost not at all. My plan is to split off and retrieve my funds if I see the DAO having been 'captured' by slock.it and used as a piggy bank for imprudent and excessive spending on a very risky concept. For now that appears quite likely, but I suppose some miracle is possible.
The thing is Slock.it insists that the DAO has no right to know how they are spending the money. They insist on a strictly client/supplier relationship.
These two statements are contradictory. A supplier can certain be transparent about how it is spending money to a client, assuming both parties agree to it. Just look at most bills from law firms or other such professional services, or building contractors, etc.
If slockit refuses to act transparency, they are a lousy supplier at best. The DAO can and should hire someone else. With $100+ million available to spend I'm pretty sure there will be no shortage of proposals.
