INTRODUCTION
To achieve significant growth globally, organizations and business requires a sustainable ecosystem to efficiently manage their operations which often is militated against by third parties and government or regulatory policies. This is in addition with the everyday bottleneck of raising funds, hiring workforce, combating competition and streamlining operations using the latest technology-BLOCKCHAIN
The internet is has been explored in information sharing and this no doubt has brought tremendous benefits to firms and organization but the internet can still do better. There is a need to be able to track in real time financial transactions across its platform and with the emerging disruptive technology- BLOCKCHAIN, it is now possible with digital ledger to track financial transactions. This technology is immune to forgery as it backed by trusted time stamping and also through the dissemination of its distributed database.
A Decentralized Autonomous Organisation (DAO) creates a medium to assist organisations in managing their companies more transparently and efficiently. With this initiative, the third party role is completely eliminated in a financial transaction. The ultimate goal of a DAO is not to create business but to facilitate establishment of a set of procedures for decentralized businesses.
xDAC is a sub-class of DAO, it is a company developed on a decentralized network with built in Proof of Work (POW) reward system, an all-encompassing tool for management , and a support system for DApps , and internal autonomous agents. xDAC would be built on the EOS platform.
xDAC platform is accompany by several benefits, firstly, successful implementation of xDAC would facilitate dispute resolution as against what is obtainable with traditional firms where arbitration is employed whenever misunderstanding occurs financially and administratively.
Secondly, creation of xDAC which is an advanced decentralized system would challenge developers towards the creation of Bots and Artificial intelligence that are sophisticated enough to become part of the company structure. DApps and autonomous agents would be supported by fundraising through ICO, crypto payment processing and automatic payroll to sponsor these projects. In the long run , companies built on xDAC platform are set to reap profits from these developments.
Lastly, the dispute resolution and seamless transaction characteristics of an xDAC allows business owners to enjoy benefits of decentralized ledger technology, security and store of information, and automated dispute resolution. Subsequently, xDAC provides users with an open source platform there helping with the management of decentralized applications and Autonomous Agents.
An xDAC is not limited by geographical location; It also has achieved the abilities to issue voting and non-voting tokens through smart contract distribution, provision of an automated Pow performance rating system and as well as the creation of an established Liability Fund.
THE EXISTING PROBLEMS
There are three germane components of every business; these are administration, finances and personnel. In the present business set-up, these business components are unconnected and therefore ineffective. This in addition to the fact that organizations have to operate under different regulations, in different countries across the globe, and this is seriously hampering he expansion objectives of these organizations.
Finance is another huge bottleneck as organizations have to patronize third parties such as banks, or payment processors or other financial institutions. As a result of this, organizations have to open offshore account to avoid jurisdiction problems. The implication of this is that firms waste valuable time and resources in hiring third party to pay its employee their remuneration when the same time could have been employed for better management of the firm.
Furthermore, shareholders are only privy to the mission statement of their firms but are unaware of several corruptions exhibited in different climes by their organization, or offshore finances and employees participation behind closed doors. This put shareholders and customers in an unwanted position and are even at the risk of losing their investment in the face of liquidation.
Centralized business operations are often subjected to government scrutiny. All their internal information about relationship with employees, partners, and their customers’ accounts details are often under monitoring which seriously limit business performance. Also, government can revoke business license and banks might refused businesses that does not align with their objective opportunity to open account with them amongst other issues faced by businesses such as high taxation, exorbitant cost of litigation in case of dispute and unfriendly business environment.
Recently many projects have been funded by ICOs on platforms such as Etherum but due to absence of proper management on these platforms, most of them ended up as fraud, robbing investors their hard earned money. Consequently, there is a need to regain investor confidence by way of a systematic, unbiased arbitrator.
Lastly xDAC is trying to solve the prevalent issue of seeing crypto currency as speculative asset without paying attention to its use case. Trading on these exchanges have a significant effect on crypto currency stability as traders often exchange for fiat and back into cryptocurrency at any profit level and this is causing huge volatility in the market.
SOLUTION
xDAC platform solves this problem by harmonizing the three components of business that is (personnel, finance and management) , automate them so that the system can offer comfortability and efficiency to businesses and company. Investors can therefore confidently invest in organizations as a result of transparent system of government and dispute resolution. The ultimate goal of an xDAC platform is the provision of comprehensive framework for entrepreneurs, teams, autonomous agents or investors in crypto space who can benefit from decentralization.
With the help of xDAC platform, organizations can operate a decentralized transparent system. Business activities such as staff management, tokens and financials, and as well as securely store information on a decentralized ledger. Speedy and automated conflict resolution would add to business expansion and incentive would ensure maximum productivity from teams and employees.
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.
As a decentralized company, there is opportunity to own capital and other, primary digital, assets. Decentralized company can as well collaborate with other businesses inside and outside the network making it a versatile entity.
They can also exist as long as it is able to automatically update its basic components and continuous recognition as the same entity until it decides to terminate its existence.
Useful links
(xDAC Bounties link)[https://www.google.com/urlsa=t&source=web&rct=j&url=https://www.xdac.co/bounties/&ved=2ahUKEwjKgPHjkPbaAhXKyaQKHRpPB-4QFjAAegQIARAB&usg=AOvVaw33wTEwKwfyf81nm3ngyNe9]
(Xdac Site) [https://www.xdac.co]
(xDAC White paper) [https://www.xdac.co/docs/xDAC-Whitepaper.pdf]