The DAOx is a blockchain-based fundraising and business ecosystem, which provides a full complex solution for ICOs, crowdfunding, and crowdinvesting, using cryptocurrencies.
The main principle is that each startup and its investors together, create a decentralized autonomous organization (DAO), built on Ethereum blockchain. The funds are raised in it and are managed via previously determined rules.
The creation and managing of a DAO is done in a user-friendly interface via web browser. Despite the easiness of the process, each organization is fully independent from DAOx developers. This is achieved due to the fact that all the procedures related to the organization’s establishment, token release, transfer, and return of funds proceed in the blockchain.
The platform implements all the necessary features, including fundraising (similar to ICOs), the redistribution of funds, and voting and tokens generation, through a simple interface.
Hack the DAO: Blockchain Startup Daox to Announce a $100K Hacking Contest
Daox, a blockchain startup that is developing a platform and ecosystem for ICOs based on the concept of a decentralized autonomous organization, has announced the $100k hacking contest to prove that their DAOs are safe.
According to the rules, participants should either find a way to completely freeze or steal the funds that reside on a DAO’s Ethereum smart contract. The first person to complete the objective would be unconditionally rewarded with a $100k prize in bitcoins and get an offer to join their team.
The safety of funds is probably the most important concern for those projects that are going to fundraise via cryptocurrencies, especially after the latest Parity incident when Ether turned out to be completely stuck in the Ethereum smart contract.
On top of that, the credibility of a DAO concept suffered a negative impact after the famous “TheDAO” hack when the attacker managed to steal a vast amount of Ether, which consequently led to the hard fork in the Ethereum network.
Daox Project will obviously need to put a lot of effort to make their users feel safe, and this contest might be considered as a good start for that.