xDAC Development Update

xDAC Blockchain, XDAC coin, Company Registration, Twitter

The xDAC project that is building a platform for creating and managing decentralized companies and participates in the creation of decentralized sub-economy is going through major shift by switching to own version of blockchain forked from EOS.

This decision was driven by multiple factors, but most importantly to have better control over further platform development as many governance features need to be embedded into the core of the blockchain as well as independence and control over transaction fees. Profit of the platform will be distributed back to companies based on their effectiveness and participation, therefore it is important to preserve every revenue-generating resource to keep platform users incentivized.

Existing ERC20 XDAC tokens will be soon swapped for the native currency of the blockchain. We are adding support for Scatter and we are in talks with different wallets which will support future XDAC coin. Token swap process should start within 2 months and we will provide further details in a separate announcement. Maximum supply will remain the same and ERC20 XDAC tokens will be swapped for XDAC coins in 1:1 ratio.

Company Registration

Alpha version, which will offer company registration, is already being developed on the new blockchain. User and product requirements were finalized as well as architecture and now we are in the late development stage. The testing phase coming up shortly after.

Company creation mockup

The company registration is very simple and swift. It will require only company name, domain, and initial capital. To have company fully registered owners are required to deposit initial capital in XDAC coins which can be later used by owners for company expenses. The minimum amount of initial capital is 100 XDAC that represent 100% stake in the company. Each co-founder in the company needs to match others with the amount that equals to co-founder’s stake in the company.

Here are few examples:

The company created by single owner:

Owner sends 100 XDAC.

100 XDAC = 100% stake in the company.

The company created by 2 owners:

Owner A sends 300 XDAC.

Owner B sends 100 XDAC.

Owner A owns 75%, owner B owns 25% stake in the company.

This method creates a barrier for registering fake companies and it will also resolve possible conflicts between owners later on as stake in the company is clearly defined at the beginning by the amount of their participation. Furthermore, alpha version contains company public profile which features company information including company name, description, date of creation, rating, list of team members and other important information which increase transparency and safety of business transactions.

As soon as company creation in alpha version is stable, we will continue with adding further modules based on our white paper and roadmap.

Twitter Account Inaccessible

As many of you probably noticed, our Twitter account is currently inaccessible. This was a result of misconfiguration in company start date and birthday in Twitter profile. Twitter automatically suspended account to verify we are old enough to have a Twitter account. Thousands of accounts deal with the same problem https://twitter.com/TwitterSupport/status/1006682105554726912 and responses from Twitter support are very limited. We apologize for any inconvenience and we hope it will be resolved soon.