Fault Tolerant Episode #2: MolochDAO & Ethereum Clients

Published in

Membran Labs

2 min readFeb 4, 2019

In this episode Eric Showers and I talk about the MolochDAO that is currently being developed by Ameen Soleimani of SpankChain. We also go over Ethereum clients including full nodes, archive nodes and light clients.

Listen on Anchor here

MolochDAO

“It’s a DAO that holds a bunch of money…. The pot of money can be Ether, as well as ERC20 tokens — but essentially it has a big pot of money. And, you’ve got a bunch of members of the DAO, and the members have voting tokens. All they can do is vote to accept new members into the DAO, or they can take their voting shares and trade them 1:1 for Loot tokens which allow them to take money out of the pot — in proportion to how many Loot tokens they have.”

MolochDAICO

“Maybe you could combine the MolochDAO and the DAICO! … You could imagine a new applicant enters the DAO and we agree that they should be allowed in, so we give them all their voting shares but the available loot that they could redeem starts at zero. And it takes maybe a year to vest. After a month they could take and — let’s say they got 100 voting shares — after a month they could maybe burn 10 of them and get a portion of their endowment. And then they wait another month and burn a little more. And if we all decide they’re not on track to deliver, we could vote to kick them out and burn the rest of their Loot tokens. So, we would have only paid them, say 30% of that initial chunk we were going to give them. Rather than with the MolochDAO where they get the whole chunk at once.”

Ethereum Clients

“It’s a peer-to-peer software system. So it’s a piece of software that’s designed to go out and find other Ethereum clients running the same software and talk to them about what they have — what they see as the state of the blockchain. Then it will form a web of all the other clients it can talk to. So the idea is you have enough clients running and you form a web across the whole world.”