Did XCurrency become the very first Decentralized Autonomous Company/Organization (DAC or DAO)?
For those of you that don’t know what DACs are, see the below description from Dan Larimer of Bitshares.
DACs may be simultaneously viewed as crypto-currencies and crypto-equities (unmanned businesses). As businesses, they perform services intended to be valuable to their customers. Such services might include money transmission (Bitcoin), asset trading (BitShares), domain name services (DomainShares), or a thousand other business models sure to emerge as people realize that DACs are not mere “altcoins”.
DACs pay for the services they need (like computer resources and bandwidth) with shares of their own company “stock”. They charge for their services using those same shares. Finally, they transfer all profits they earn to their shareholders denominated in those same shares. To the extent that their services are in demand, those same shares will be in demand. Just like a brick and mortar and flesh and blood company.
What service does XC provide to it’s customers? Private transactions
Who pays the fee for the services? Holders of XC that want to perform private transactions.
Who owns profitable shares of XC? Xnode holders own the profitable shares.
Who makes the fees from the services rendered? Xnode holders
How do you own an Xnode? By owning XC
Is it profitable for the owners of the shares (Xnode)? Yes
Does the profit get distributed autonomously to Xnode holders? Yes
Is the profit distributed with shares of their own company (XC)? Yes
Is XC decentralized? Yes
Conclusion:
XC may have achieved something much more momentous than just anonymous transactions. If what I’m saying is correct, then XC has just beaten out Dan Larimer of Bitshares, Vitalik Buterin of Ethereum, Mastercoin, NXT, and every other significant crypto developer to become the very first DAC/DAO.
Any thoughts? Besides what the moon will look like.
+1. This is Bitcoin 2.0!
What a great way to start my long holiday weekend. These are the fundamentals and tangible business plan that seperated XC from other coins when I was deciding to make my entry into alternative currency. Thanks for the professional work and all those involved.
