TopicStarter: mahmood_2395 –
[browser-shot url=”blankdao.org” width=”800″]
|Registrar domain||Tucows Inc.|
BlankDAO is a social organization with an aim to break blockchain barriers on the road to decentralization by relying on real people instead of miners or stakeholders.
After a decade since decentralization was initiated with Bitcoin we have come up with a solution that allows us to get rid of limitations of proof of work and stake which were mere vessels to prevent sybil attacks. The birth of BrightID makes it possible to define DApps that can be sybil attack free without relying on POW or POS.
The goal in BlankDAO is to decentralize everything. It supports development for DApps that are fully open-source and require zero-fee.
Governance in BlankDAO determines the details of supported DApps and distribution of incentives among them. This process is done based on one vote per person which is only possible with BrightID.
First Decentralized Ledger Based On Proof Of Uniqueness
Decentralized ledgers like blockchain are vulnerable to double-spending attacks from owners of strong processing power or large numbers of stakes.
BlankDAO, for the first time, can have a decentralized ledger that is immune to double spend attacks by giving every individual a single vote regardless of their processing power or number of stakes.
BlankDAO prevents sybil attacks by relying on proof of uniqueness (not POW or POS) and because the costs of decentralized hosting are paid by the DAO as a part of the periodic distribution of generated tokens, DApps can require zero fees from end users for reasonable amounts of usage.
In previous approaches, there was a see-saw relationship between decentralization and scalability. In other words, higher decentralization reduces scalability and vice versa.
In BlankDAO however, proof of uniqueness results in high scalability by maintaining governance of all users while hosting the ledger on a reasonable number of hosts.
Simply put, blockchain DApps are hosted by all but governed by some. In contrast, BlankDApps are actually hosted by some but governed by all.
BlankDAO has a simple mechanism for token pricing during the genesis period.
The price constantly remains 1 DAI until 200K tokens are sold. During this period, BlankDAO only sells tokens without providing the option for buying them.
Achieving the 200K goal results in 100K DAI as the fund for supporting the price.
BlankDAO then starts using the fund for placing buy orders to buy tokens for 1 DAI each.
From then on, every 1% increase in the fund increases tokens price by 1%.
On the other hand, a 1% decrease in the fund results in a 1% decrease in the price.
The balance of the fund at each point at the time is calculated by removing all DAI that is used for buying tokens from half the DAI that is received by selling tokens.
During the genesis period, DAO tokens will be sold to investors by a crowdsale smart contract on Ethereum. The capital gained from the crowdsale will be transferred to a DAO as its revenue.
The crowdsale smart contract generates 50 new tokens every 10 minutes. The price is set in advance for the first stack and will go higher by 1% for each of the further stacks unless they are not sold. If the stacks are not fully sold, newly generated tokens will be saved in the smart contract and are put into crowdsale at their original price. Once the generated and saved stacks of tokens in the smart contract are sold, the 1% price rise continues.
This approach of price setting in the crowdsale results into creation of secondary markets in exchanges in which the tokens might have a lower price. Investors buy tokens directly from the smart contract only if they cannot find a better deal in extra exchanges.
BrightID seeks to provide everyone with the benefits of being verified as a unique person–namely, greater access to money, honest information, and greater choice in government. Traditionally, this kind of verification has relied on governments. The gatekeepers of unique personhood in brightID aren�t governments, but trusted personal contacts.
BrightID is an identity network. It is conceptually similar to a social network, but its purpose is to allow people to prove to applications that they aren�t using multiple accounts. Connections are made and groups are formed, but for the purpose of ensuring that each person has exactly one account representing them. This is measured by a score given to each account; the score represents the probability that an account represents a unique person in the network.
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