xDAC Development Update
xDAC Blockchain, XDAC coin, Company Registration, Twitter
The xDAC project that is focused on building a platform for creating and managing decentralized companies as well as participating in the creation of a decentralized sub-economy is going through a major shift by switching to its own version of blockchain forked from EOS.
This decision was driven by multiple factors. But the main reason is to have better control over further platform development; many governance features need to be embedded into the core of the blockchain as well as independence and control over transaction fees. Profit of the platform will be distributed back to companies based on their effectiveness and participation. Therefore, it is necessary to preserve every revenue-generating resource to keep platform users incentivized.
Existing ERC20 XDAC tokens will be soon swapped for the native currency of the blockchain. We are adding support for Scatter and are currently in discussion with different wallets which will support future XDAC coin. The token swap process should start within 2 months and we will provide further details in a separate announcement. Maximum supply will remain the same and ERC20 XDAC tokens will be swapped for XDAC coins in 1:1 ratio.
Company Registration
Alpha version, which will offer company registration, is already being developed on the new blockchain. User and product requirements were finalized, as well as architecture, and now we are in the late development stage. The testing phase is coming up shortly after this.
The company registration is very simple and swift. It will only require the company name, domain, and initial capital. To have the company fully registered, owners are required to deposit initial capital in XDAC coins which can be later used by owners for company expenses. The minimum amount of initial capital is 100 XDAC; this represents 100% stake in the company. Each co-founder in the company needs to match others with an amount equal to the co-founder’s respective stake in the company.
Here are a few examples:
The company created by single owner:
Owner sends 100 XDAC.
100 XDAC = 100% stake in the company.
The company created by 2 owners:
Owner A sends 300 XDAC.
Owner B sends 100 XDAC.
Owner A owns 75%, owner B owns 25% stake in the company.
This method creates a barrier for registering fake companies and it will also resolve possible conflicts between owners later on since stake in the company is clearly defined at the beginning by the amount of their participation. Furthermore, alpha version contains the company public profile, which features company information such as company name, description, date of creation, rating, list of team members and other important information which increases transparency and safety of business transactions.
As soon as company creation in alpha version is stable, we will continue by adding further modules based on our white paper and roadmap.
Twitter Account Inaccessible
As many of you have probably noticed, our Twitter account is currently inaccessible. This was a result of misconfiguration in company start date and birthday in Twitter profile. Twitter automatically suspended the account to verify we are old enough to have a Twitter account. Thousands of accounts deal with the same problem https://twitter.com/TwitterSupport/status/1006682105554726912 and responses from Twitter support are very limited. We apologize for any inconvenience and hope to resolve this soon. Thank you for your patience.
