HOW TO SET UP A DAO
This thread is about how you can set up a decentralized autonomous organization (DAO).
To understand how UCS has implemented the idea of DAOs simply imagine the stocks of a company: depending on the number of stocks you own you also own a part of that company. At some point the revenue of this company will be distributed among the owners of the stocks.The percentage of the revenue your will get is equal to the percentage of the company you own by the stocks. In UCS the concept of DAOs is limited to the fair distribution of amounts sent to that DAO among the DAO participants.
From a technical point of view a DAO consists of two assets: a fungible asset used to receive the revenues and a fungible or non-fungible asset that is used to reflect the owners. So the ‘stocks’ are simply fungible or non-fungible assets! Every owner of such a fungible or non-fungible asset will be considered as ‘stock owner’. The asset that is used to reflect these property rights is defined as ‘asset_owner=’ of the asset that is used to receive the revenues. The first asset acts as central receiver address for the owners of the second asset.
The DAO has no voting process about what to do with the balance like it is done within the ethereum DAO. The users have to make agreements outside UCS and then forward the balances themself to a second DAO that is handling the specific investment.
STEP 1 : SET UP A FUNGIBLE ASSET
This asset/token will act as address for all owners of asset
STEP 2 : SET UP A FUNGIBLE OR NON FUNGIBLE ASSET AS OWNER
Choose a non-fungible asset if you wish to have a fix number of property rights that cannot be increased. This means that other users cannot join the DAO on their own.
example non-fungible asset
Choose a fungible asset if you want to have no fix number of property rights. This means any other user can join the DAO by transferring a amount to this asset:
example fungible asset