DAC, DAOs, Blockchain and the Potential of Ownerless Corporations - Vigor
The effects of the pandemic and the oil price war have people all over the world jumping to crypto as a hedge against traditional finance.
Cryptocurrencies of all types make use of distributed ledger technology known as blockchain. Blockchain is the technology that powers digital currency like: Bitcoin, EOS, Litecoin, Ethereum, and the likes. It is a chain of blocks which contains information.
A decentralized autonomous organization (DAO), sometimes labeled a decentralized autonomous corporation (DAC), is a visualized corporation without the need for any central point of control, with a certain agenda, business plan, and protocol. A DAO's financial transaction record and program rules are maintained on a blockchain, so it’s built on trust and transparency.
DACs can run with only minimal human involvement, they are distributed, there is no failure point that can be attacked, and DACs cannot be shut down, or even modified to make them send all of their money to an attacker’s account. They are decentralized and governed by rules that are fixed in a transparent smart contract.
Basically a smart contract is an agreement between two people in the form of computer code. They run on the blockchain, so they are stored on a public database and cannot be changed. The transactions that happen in a smart contract processed by the blockchain, which means they can be sent automatically without a third party.
Ownerless Corporations, DAC’s or DAO’s is the future of how organizations should operate; the Vigor Protocol is being built by a DAC (Decentralized Autonomous Community) on EOS. No ICO, no VCs just a Community giving their time & creating something better.
Vigor is a decentralized crypto Borrow, Lend, and Save platform, powered by the EOS Blockchain.
At vigor we push the boundaries of DeFi (Decentralized Finance), merging traditional finance with blockchain.
We are on a mission to reDeFine DeFi (Decentralized Finance), now it’s like the perfect time to be a part of the decentralized finance revolution.
Learn More: https://vigor.ai/faq