DAO crowdfunding project raises over $30 million

Rage Review : DAO is the largest blockchain crowdfunding project in history, raising $12 million in just two days. The total amount of financing has reached $29.12 million, controlling 42% of the Ether in all Ethereum contracts, breaking the previous record of Elio Motors, which raised the second largest crowdfunding amount of $25.6 million. The growth rate should slow down in the future, but the price of DAO tokens is expected to rise, so there will be a new round of financing increases. The original purpose of DAO was to raise funds for Ethereum venture capital and become the for-profit "Ethereum Foundation 2.0".

Translation: Annie_Xu

The DAO crowdfunding project has only 19 days left, but it has become the second largest crowdfunding project in the field of crypto technology. At the time of writing, the DAO project has raised 2.78 million ether, which is equivalent to 25.7 million US dollars at the current price of $9.26 per ether. This means that the DAO currently controls 42% of the ether in all Ethereum contracts.

Before the DAO was released, Ethereum, with $18.4 million in funding, was the only blockchain-based project to make the top 10 highest crowdfunding list (Lisk, an Ethereum alternative, raised $6 million and ranked 20th). The previous record of Elio Motors, the second highest crowdfunding project, was broken by DAO at $25.6 million.

The DAO is expected to raise more funds in the future, but the growth rate should be slower, as the project raised $12 million in the first two days and raised a similar amount in the next week. However, the price of DAO tokens will rise in the next five days, so investors who are waiting for the best time to buy will rush in together.

Commenting on the crowdfunding success, Slock.it founder Stephan Tual said:

"It's clear that anyone can copy and improve upon this proven 100% decentralized governance model for their own use. Although I'm sure there are still many people trying to deceive users with pseudo-DAO centralized rules, the DAO has long been prepared to advertise and remind users to check the source code and verify the bytecode of these projects."

"It's official. Crowdfunding for crowdfunding's sake, ICOs (initial coin sales), and featureless altcoins are dead, buried, and cremated. However, DAO tokens have intrinsic value, and the products and services supported by the DAO can generate monetary rewards."

What is DAO?

DAO stands for Decentralized Autonomous Organization, which can be thought of as an entity that exists only in the blockchain, just like a company exists only in the law, except that it exists in programming code rather than company charter. The controller of DAO is the owner, and there is no central manager.

Slock.it built the DAO platform, but the platform investors hold its control and participate in the voting and profit distribution of activity planning. Because DAO realizes the vision of "planetary scale computer" and can handle many functions such as secure communication and digital management, it is called the first serious application on the Ethereum blockchain.

The DAO's Curator signatories include Ethereum founder Vitalik Buterin, Ethereum co-founder Gavin Wood, and Christian Reitwie?ner, implementer of Ethereum smart contract language, Solidity, etc.

Investment Projects

Although DAO owners can vote on anything, the DAO is envisioned as an investment fund for early Ethereum ventures. Its founders hope to use DAO to support the development of Ethereum prototypes and become a for-profit "Ethereum Foundation 2.0."

Slock.it has submitted a proposal to the DAO to create the Universal Sharing Framework and Ethereum Computer, and startups such as electric car designer and manufacturer Mobotiq, which have already published DAO proposals, are expected to try to take advantage of this new source of venture capital funding.