We are pleased to report the successful conclusion of the token sale for GEN, the native utility token of the DAOstack ecosystem. We greatly appreciate the support and interest of our amazing community, and of everyone who has helped us reach this milestone along the way toward building a new collaborative economy.
Token Sale Recap
The GEN token sale took place in three phases:
- A main sale with a cap of 5,073 ETH on May 8. The main sale sold out in 65 seconds.
- A presale with a cap of 7,000 ETH between May 1 and May 3. We received over 12,000 ETH in the 48-hour period, oversubscribing the presale by 75%. We distributed the available GEN and returned the excess ETH according to the plan we had announced.
- A private sale in which we received about 32,700 ETH through advance purchase agreements over the course of about 6 months.
More token sale metrics:
- Number of purchasers cleared on our token sale whitelist: over 8500
- Number of purchasers who participated: over 2000
- Number of countries represented: at least 120
- Number of wallets holding GEN as of May 12: 4940
Did you know: Most of the funds we received are reserved for management by the Genesis DAO, a community-managed fund in which anyone will be able to make proposals. You can read more about the distribution of resources in our token sale announcement.
DAOstack is designed to catalyze the future of collaboration. It’s a platform for decentralized governance that enables collectives to self-organize around shared goals and values, easily and effectively. DAOstack is sometimes called an operating system for collective intelligence, or a Wordpress for DAOs.
Use cases include decentralized companies, applications, funds, and markets that want to make fast and innovative decisions at scale.
The DAOstack project began in early 2017, when CEO/architect Matan Field and CTO Adam Levi got together and began building a code base of governance modules for decentralized autonomous organizations, or DAOs.
Additional team members joined during fall 2017, including several in Israel, several in San Francisco, one in France, and two in Boulder, Colorado. Today, there are around 20 team members in 5 countries. We also have an enthusiastic group of over 50 project ambassadors and early adopters, called the DAOstack Pollinators.
The Platform Launch
The first pilots of the DAOstack platform are coming to life very soon.
The Genesis DAO, the first organization deployed with the DAO stack, will launch an alpha version this spring or early summer. ‘Genesis Alpha’ will be considering proposals for the allocation of some of the funds received through the token sale.
In doing so, Genesis Alpha will be piloting Alchemy, the first application built on the DAO stack. Alchemy is a decentralized budgeting tool that enables DAO participants to easily create and vote on proposals for funding. You can see a demo of Alchemy here.
DAOstack’s back end, a smart-contract protocol layer called Arc, is already live on the Kovan testnet and will be deployed on the Ethereum mainnet along with the Genesis and Alchemy pilots.
The Road Ahead
Later in 2018, public betas of Genesis and Alchemy will be among the top priorities.
We’ll also be supporting a number of partner projects to integrate with DAOstack, with a target of at least 6 pilots by the end of the year. Organizations that have already announced plans to utilize or build on the platform include Gnosis, Sapien, Menlo, Endor, Culture, Datafund, and Talao.
2019 will see the next major updates to Arc, as well as releases of Alchemy that will feature greater DAO configurability and integration with third-party tools.
Ultimately, the vision of DAOstack includes an entire ecosystem of interoperable DAOs, able to talent, ideas, and learnings in an ‘internet of collaboration’ or ‘DAO mesh’. We imagine millions of people participating in this kind of collaborative economy — one in which no one wields a disproportionate amount of power, all are rewarded in proportion to the value they contribute, and everyone is incentivized to act in alignment with the common good.
We are truly grateful for the show of support for our vision demonstrated by our successful token sale, and for the opportunity to take next steps toward implementing it.
To learn more about DAOstack: