On the 1 st June 2018, eosDAC ERC20 Ethereum-based tokens will be frozen. Over the days that follow, eosDAC will launch as a Decentralised Autonomous Community on the EOS blockchain and all token holders will then be able to take control of their eosDAC tokens and begin to utilise them on the new EOS-based chain.
In June, the eosDAC constitution will be released and the code will be deployed to allow 12 custodians to be voted in by the eosDAC token holders. These custodians will then be able to work together to run eosDAC’s operations, including employment of all key team members. The current Launch Team members will carry on with their activities until the custodians either re-deploy them or replace them.
eosDAC has an exclusive arrangement with eosDAC Ltd to carry out all necessary interfacing with worldwide legal and financial regulations that must be met in order for the DAC to operate. eosDAC Ltd will maintain transparency on all its costs (to be published on a suitable blockchain interface monthly) and will itself be non-profit generating. This contract can be renegotiated or terminated at anytime in the future by eosDAC, should its custodians vote to do so.
As of today, eosDAC Ltd has total cash of just over $1 million. This is available to fund all operations that the eosDAC custodians or elected representative(s) instruct eosDAC Ltd to carry out on their behalf. All assets (e.g. servers, IP etc) bought by eosDAC Ltd are held on behalf of the DAC. Should eosDAC choose to end it’s service relationship with eosDAC Ltd, eosDAC Ltd will be closed down and all assets will be transferred to the nominated person(s) or organisation chosen by the eosDAC custodians.
eosDAC Ltd is run by it’s Anguillan-based Managing Director Nasreen Bahadursingh, who is both a lawyer and an experienced corporate administrator. Nasreen processes all instructions from eosDAC, oversees payments, arranges monthly account reporting and negotiates contractual matters. eosDAC will be billed monthly by eosDAC Ltd according to that month’s expenditure, payment will be accepted in cryptocurrency.
eosDAC Ltd has agreed a unique partnership with Incommsec Ltd, UK. Mike Hainsworth, Managing Director of Incommsec, also a member of the eosDAC team, will personally represent eosDAC Ltd in its operations. eosDAC Ltd has provided up-front funds to Incommsec to allow for the rapid contracting and deployment of operational infrastructure and services in the UK and Europe.
eosDAC Ltd has contracted to host its own servers in M24seven’s privately owned data centres in Manchester and Bucharest. M24seven’s state-of-the-art Tier 3 facilities provide comprehensive security, resilience and bandwidth capacity and are ranked Europe’s greenest for electricity consumption.
There will initially be 2 nodes in each location with 256GB RAM ( Rapid scaling to 2TB is supported) and over 5 TB of usable SSD space. Hardware based firewalls and DDOS prevention will be in place. The specifications will be reviewed on a regular basis and upgrades implemented as required.
Justin Keery, Technical Director of M24seven, said: "We are excited to be supporting eosDAC at the launch of a revolutionary new infrastructure for decentralized applications and support eosDAC's decentralized model for block production."
In fact Justin is so enthusiastic about eosDAC that we are delighted to announce that he has now joined eosDAC as a team member, enabling him to personally provide the highest level of technical planning and oversight to the ever-growing eosDAC network infrastructure.
Further servers are being deployed in Gibraltar where eosDAC is also exploring the unique licensing potential available to ‘Distributed Ledger Technology’ operators in that jurisdiction. In South Korea, eosDAC is working on a 'bare metal through cloud solution' within an IBM data center.
It is the vision of eosDAC that EOS.IO block production should be open for everyone to contribute and benefit. To realise this vision, eosDAC is an evolving Decentralised Autonomous Community (DAC) focused on EOS.IO Block Production serving the EOS communities worldwide. In doing this, eosDAC is also creating the tools and smart contracts it needs to function. It will share these with the EOS communities to help other DACs thrive on the EOS.IO blockchains. For further information please see https://eosdac.io/
