xDAC - Self-governed platform for creating and managing Decentralized Autonomous Companies
What is xDAC?
xDAC is an entity created and operated on decentralized digital ledger by one or multiple human or Autonomous Agent  owners or a mixture of both that share a common purpose and unites in order to focus their various talents and organize their collectively available skills or resources to achieve specific, declared goals.
Decentralized company owns capital and other, primary digital, assets. It can also collaborate with other partners or businesses inside and outside of decentralized network – making it a highly versatile entity.
Such a company exists as long as it is able to self-update its most basic components and continue being recognized as the same entity or until it decides to terminate its existence.
xDAC companies can use an xDAC extension for better recognition in forms: Company name, “xDAC”, “Xdac” or “xdac”.
Business is defined by three important components: governance, finances and workforce. In existing systems these components are separated and therefore highly ineffective. Companies are making every attempt to comply with laws, but in today's global marketplace, each customer can be regulated by different laws and companies are required to create network of branches across different countries.disputes, businesses have to deal with complicated negotiations or lengthy and expensive court hearings. Business success is being punished by higher tax rates, but taxes are not being used to stimulate their progress.
Finances are held by third parties, banks, payment processors or other financial institutions. Companies, therefore, are often forced to offshore their accounts to avoid jurisdiction issues. Paying employees require using third parties to process payroll from funds stored in third party institutions. In other words, companies have very little control over their business transactions and are wasting precious time and money on mundane tasks versus concentrating their efforts on managing their business operations.
Company stakeholders are able to see the overall mission statement of a company but are unable to uncover the maze of jurisdiction issues, offshore finances and employees’ performances behind closed doors. This leaves investors and customers no recourse to initiate dispute or litigation. The normal procedure is to secure representation by way of retainer and lock in a court date; meanwhile a company can dissolve, and money transferred out of company accounts. This puts a potential investor in a difficult situation and leaves them exposed without proper arbitration.
Centralized businesses have single point of failure and legal challenges with operations worldwide. Businesses store internal information about their relationships with employees, partners, and customers on centralized services and their bank accounts are under constant government surveillance which makes businesses vulnerable. Payment processing account can be disconnected at any time and reason never unveiled at will of payment processing company which often results in business failure. Business license can be taken away from business by government or business type not supported by financial institutions. In case of
In recent years a number of new projects were backed by ICOs on platforms like Ethereum. In most cases, they were not business platforms and do not provide any governance. Many of these ICOs have been identified as fraudulent and are designed to take advantage of investors. There needs to be a decentralized authority to re-establish investor faith by way of a systematic, unbiased arbitrator.
Another problem xDAC is trying to solve is that people currently use cryptocurrencies mostly for speculation and trade on exchanges while converting from or to Fiat currencies. This is causing large volatility on crypto markets as there are no values being created within crypto ecosystem and people are forced to use exchanges in order to convert their wages into crypto or from crypto to spend their profits; therefore, exchanges are the weakest point of an ecosystem and easy to attack by hackers or governments.
xDAC Platform aggregates three components together in one place, automates them, so system is beneficial for company and their customers. Companies have control over their governance, finances and their respective team. Business partners have confidence that companies they deal with are reliable and solvent by using a transparent system of governance and dispute resolution. An xDAC Platform is focused on creating a comprehensive framework for entrepreneurs, teams, autonomous agents or investors in crypto space who can benefit from decentralization.
xDAC helps owners to operate a transparent decentralized company in front of their investors. Company owners can manage their team, tokens and financials, and securely store data on a decentralized ledger. Automated governance and dispute resolution will add to the speed of business evolvement and reward systems will make companies and their teams more productive, efficient, and motivated.
Why customers trust xDAC more than traditional businesses?
- Fast and automated dispute resolution: xDAC provides arbitration system for any given dispute between two parties which allows arbitrators to resolve dispute based on documents provided by applicant and defendant very quickly.
- Liability fund that can cover company's debts or liabilities: Liability Fund is liability coverage in case of the xDAC's debts or liabilities. It is created as percentage from received payment that is stored on separate wallet until certain limits are reached.
- Transparency: Ownership in public xDAC organization is transparent and transferable. Voting token holdings are public, and owners have the right to transfer ownership to another party. There are four transparent functions of ownership built into public xDAC:
(a) List all voting token holders (and their holdings)
(b) Issue tokens, arbitrarily or with parameters
(c) Sell or transfer tokens
(d) Issue new non-voting tokens
Why businesses prefer xDAC over traditional companies?
- Same governance across entire platform
- Control over teams and finances
- Easy fundraising
- xDAC platform profits distributed back to xDAC's, not to other projects
- No local government registrations and interference
- Less administrative adherence, more time to focus on business
Why support for Internal Autonomous Agents?
Automation is a necessity in today’s fast-paced, digital world. The benefits of automation far outweigh the drawbacks especially for companies using 3rd party external services. Trading bots, SEO bots, or other subscription services are prime examples. If companies begin using services on other platforms, they have more difficult time managing their data and analyzing the efficiency of the service.
Our goal is to encourage developers to create internal autonomous agents that are sophisticated enough to join company teams. This will allow for tailored solutions instantly measurable in-house versus relying on a third party services. Automated agents are paid as team members by performance rather than by subscription models that companies have to pay even when service end up being ineffective.
XDAC token is a platform currency representing value and wealth in the decentralized economy used for exchange of values between xDAC companies, employees, customers and other third-party entities.
The token will be used on the xDAC Platform for dispute resolutions, pay team members, accept payments for services, profit distribution, and incentivize development.
XDAC tokens are ERC-223-compatible tokens distributed on the Ethereum blockchain pursuant to a related ERC-223 smart contract. Ethereum tokens distributed in the ICO phase are pre-existing tokens and will be migrated to another protocol on the EOS platform.
The Ethereum XDAC Tokens do not have any rights, uses, purpose, attributes, functionalities or features, express or implied, including, without limitation, any uses, purpose, attributes, functionalities or features on the xDAC Platform.
xDAC token is the platform currency used for dispute resolutions,
payrolls, merchant payment processing, profit distribution and
TOKEN DISTRIBUTION & USE OF FUNDS
A token sale will distribute 40% of tokens within investors and 20% of tokens will be used to incentivize early adopters of the platform. The remaining 40% will be retained with the project team. Proceeds from a token sale will primarily be used for R&D, operational expenses and marketing.
Initially, we will focus on developing a reliable product. We project 2018 will be dedicated mostly to R&D. Starting in 2019, we will expand our efforts to marketing, development and building strategic partnerships.
Core team has experience with building application for millions of customers. We are confident about our ability to bring reliable product that can serve businesses across the world.
xDAC Pre-Sale Starts in 5 Days - How to participate in xDAC TokenSale
May 15 at 16:00 UTC
Dear xDAC community,
Thank you for your interest in an xDAC project. We are blown away by the incredible interest in our project. To date, more than 100,000 of people have joined our social media channels. We appreciate your engagement and would love to invite everyone to participate in our initial crowdfunding round.
XDAC tokens will be available for purchase exclusively with Ether (ETH) from your ETH wallet. If you plan to participate in the XDAC token sale, we recommend acquiring ETH well in advance of the sale start date to ensure your ability to contribute.
Here are few steps you can follow:
1) Get ERC20 compatible wallet ( MetaMask, MyEtherWallet, more..),
2) Purchase ETH through exchanges ( Coinbase, Binance, more..),
3) Transfer ETH from exchange to your wallet,
4) Register on our website and upload verification documents to whitelist your ETH address.
Referral Program: To invite others and earn up to 3% of their contribution, please log in to your account and get referral link in Referral Program.
Thank you and we look forward to helping you build your decentralized company.
The xDAC Team
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.
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.