Slock.it will continue to sell IOUs

Rage Comment : Regarding decentralized autonomous organizations, some people say that the automatic execution of smart contracts can eliminate inefficiencies and corruption caused by human factors within the organization; but it also raises concerns about the legal issues of this form of organization. However, the vision it gives people has promoted a series of related explorations. Slock.it is considered to be the first practical use case of this form of organization. It is currently selling IOUs tokens to raise funds for the official creation of the DAO, and the goal of this DAO is to become a global standard model.

Translation: Annie_Xu

Gatecoin Limited, a Hong Kong-based, regulated financial institution for blockchain asset trading, will continue selling IOUs of the Slock.it decentralized autonomous organization (DAO) on Thursday, said William Piqued, business development specialist at the company.

The DAO, which is working to invest in the development of smart door locks and the Ethereum computer, has 4,000 members flocking to its Slack channel; however, the DAO has yet to be officially launched.

Thursday, April 27 Piquard said:

“The decentralized autonomous organization won’t be established immediately, but Gatecoin users will be able to buy IOUs tokens tomorrow, and until the DAO is established, the IOUs will automatically be converted into real DAO tokens.”

Aurélien Menant, founder and CEO of Gatecoin, said:

IOUs are sold at the price of one ether for 100 IOU tokens, but they cannot be traded until the DAO is actually established. “Each IOU will be collateralized by ether, which will be transferred to the DAO when it is established.” The sale will last for 28 days, with the first 14 days at one ether for 100 IOUs, but it will gradually rise, and in the last 4 days the price will stabilize at 1.5 ether for 100 DAO tokens.

Menant publicly stated on Slock.it’s Slack channel that Gatecoin “will not charge transaction fees for IOUs and ether” and that the purpose of Gatecoin is to “enable people to trade on the platform and raise as much money as possible for the DAO.”

Stephan Tual

This move is seen as somewhat contradictory, as it was previously reported that Slock.it's DAO tokens would be available for sale tomorrow. Slock.it founder Stephan Tual stressed that "DAO is decentralized and we have no control. We want to build a universal framework."

“Daohub.org is the largest community and the organization most likely to build a DAO completely according to our standard DAO model; but as far as I know, it has not yet established a DAO or determined a deadline for its establishment. The establishment of a DAO is entirely based on its own wishes and is not affected by exchanges. Welcome to the world of true decentralization, we don’t need middlemen.”

The most promising Ethereum applications

Slock.it is considered the most promising application of the Ethereum blockchain and may also be the first practical use case of the latest concept in the field, DAO. DAO hopes to use the Ethereum blockchain to develop smart door locks that are controlled by smart contracts to achieve the sharing economy. DAO has also invested in the Ethereum computer, which is similar to 21.inc's Bitcoin computer.

Real DAO token owners can vote on how funds raised during token development are used and receive rewards from Slock.it smart contracts or transaction fees on the Ethereum computer.