What the heck are the OpenDAO and its SOS token? – Top 10 Frequently Asked Questions
What the heck are the OpenDAO and its SOS token?
This blog post provides a brief overview about the OpenDAO and its SOS token. The OpenDAO is a Decentralized Autonomous Organization (DAO) created as a Dapp built on Ethereum. This blog post discusses how to earn the SOS token and join the governance of the OpenDAO (an OpenDAO working group on SOS is proposed).
What is an autonomous organization?
Autonomous organizations are typically considered non-profit organizations which are autonomous from outside control or ownership. These organizations are typically supported by crowdfunding or voluntary contributions and are governed by a board of directors. An example of an autonomous organization is the Linux Foundation.
Why should I participate in an OpenDAO?
The OpenDAO is unique in that it allows anyone with any skill set to make a positive impact. Not only does an OpenDAO have to be a coder to create its smart contracts, but it can also be a UX expert or marketer to make the OpenDAO a success. This creates many new opportunities for people with varying skill sets.
An OpenDAO is different from a traditional startup because they can raise funds in two different ways:
Fundraising Crowdsale: The main source of revenue for an OpenDAO. Their main shareholders are the people who bought into the ICO, their SOS tokens are distributed equally amongst those who bought tokens during the ICO.
Sovereign Gift Program: The OpenDAO will distribute their sales proceeds, in an amount proportional to each DAO token’s ownership stake. Their main shareholders are the investors that have bought tokens during their ICO (the main holders of their SOS tokens). The Sovereign gift will be in the form of ETH which represents the real-world economic impact of the OpenDAO on each Dapp.
If an OpenDAO chooses to use Sovereign Gift, the OpenDAO token has a different functionality than a regular token. For example, someone who buys into an OpenDAO will receive a certain amount of tokens based on their ownership stake.
How to participate in the OpenDAO ICO
OpenDAO is implementing two different crowdsales. The first crowdsale is about receiving the SOS tokens as part of the governance of the OpenDAO. The SOS tokens are considered a currency within the OpenDAO and can be used to vote.
The second crowdsale is about starting a Decentralized Autonomous Organization (DAO) on the OpenDAO. The Decentralized Autonomous Organization is a separate organization from the OpenDAO and therefore the SOS token doesn’t have any voting or governance power. However, the SOS token will be part of the funding pool that the DAO allocates to the dApps. The DAO uses the funds it has raised during its ICO to start a new DAO and will distribute the funds to the dApp providers.
What is an OpenDAO working group?
An OpenDAO working group is a group of experts who want to improve the governance of the OpenDAO and its dApps. The idea is that an OpenDAO needs help from experienced developers and experts in their respective fields. The OpenDAO will elect a representative from this working group to be a part of the OpenDAO’s SOS working group.
Working group membership is governed by the SOS Project proposal and a contribution to the SOS Crowdsale. An SOS token may also be donated to the SOS project as a donation.
How do I join an OpenDAO working group?
Here are the requirements for joining the OpenDAO working group.
- Entries must be checked by a representative of the SOS working group.
- An open call to contributors will be announced at the end of each call-to-contributors period.
- Eligible contributions will be reviewed and approved by the SOS team, the OpenDAO team and the SOS executive board.
- By contributing, you will be expected to follow the required processes and guidelines and to provide your feedback on project proposals and/or technology choices.
OpenDAO working groups are started by members of the OpenDAO community who want to improve the governance of the OpenDAO and its dApps. An open call for working group members will be announced at the end of each call-to-contributors period. Please visit the website for an update when the call for applications opens.
How do I donate to an OpenDAO working group?
You can donate to the OpenDAO project via PayPal. If you are a PayPal user, you can register to contribute to the OpenDAO project using this link. If you are not a PayPal user, you can send an e-mail to firstname.lastname@example.org with the following information:
Your name (p.o. may be omitted if you prefer not to be included in our mail list).
If you are not an email account holder, please confirm that your PayPal account exists before submitting your contribution. Your address should match the details you provided to email@example.com.
How much money will you donate to an OpenDAO working group?
An open call to contributors will be announced at the end of each call-to-contributors period. Please visit the website for an update when the call for applications opens.
Contributors that are not involved with the OpenDAO project but are willing to donate will be invited to participate in the OpenDAO crowdfunding.
If your contribution does not meet the requirements, you can inform us of the contribution failure by contacting the SOS team via email at firstname.lastname@example.org.
We will be working with the SOS team to allocate the funds raised by the crowdfunding according to the contributions levels as mentioned in the SOS Project proposal.
When do you plan to start an SOS working group?
At the beginning of each call-to-contributors period.
How do I join an SOS working group?
Submit your application to join the SOS working group via the SOS GitHub account or by sending an e-mail to email@example.com.
What does the SOS token do?
The SOS token is an ERC20 token based on the Ethereum protocol. It can be used as a funding vehicle to support the dApps of the OpenDAO platform.
It will also be an investment vehicle that will facilitate the purchase of the various OpenDAO DAOs and their different dApps. The SOS token is also the means for transferring ownership of the dApps.
How do I transfer my SOS tokens?
The following methods will be available during the public crowdsale:
VIRTUAL MONEY TRANSFER:
Send SMS messages to the following phone numbers using your Ethereum-based wallet:
QR Codes can be scanned with a QR-Code Reader app like Migo. QR codes can be sent via SMS by sending the following:
Client-side: – seed181618 – phone number 1911201632.
seed181618 – phone number 1911201632. Host-side: – SMS – 587411079.
When the SOS account has enough funds, the OpenDAO team will send you a confirmation e-mail containing a link that you can use to purchase your tokens.
Why is it called OpenDAO in the first place?
The name OpenDAO is symbolic of an entire system of decentralized autonomous organizations.
The OpenDAO system is the basis of the SOS Project.
You can learn more about the idea of OpenDAO at: https://dao.open-data.org/ and read the SOS Project proposal at: https://dao.open-data.org/p/open-data/send-open-data-to-daos/
The OpenDAO project and the SOS crowdfunding campaign are presented in collaboration with the Open Data eXchange (ODE) team, an Austrian open data initiative that aims to make public data accessible to everyone.
What is an Open Data DAO?
An Open Data DAO is a DApp (decentralized application) that collects public data from open sources (archive.org, wikipedia, edX) and stores the data on a decentralized blockchain. The data stored on the blockchain represents a piece of the real world and represents an open asset that can be owned, traded, and accessed via the Open Data DApp.
The SOS cryptocurrency will be used to fund the storage, processing, and distribution of the Open Data DAOs and their dApps.
Can I share my data with the Open Data DAO?
All data the Open Data DAO collects is stored on a blockchain and encrypted using Dapple, an open source library for encrypted data management in distributed systems. All data will be accessible to all users of the Open Data DAO.
For example, a user can retrieve data via the SOS Token. If he or she has a preference for a particular data set, he or she can write a contract and pay the owner of that data set to share it.
The owner of the data set will still own the data in the end even if the Open Data DAO is accessed or anyone buys a data set. The Open Data DAO will always have a copy of the data and it will always be accessible.
The term Open Data DAO applies only to the SOS Project. For the others, there is no open source solution available for this purpose.
Why a decentralized Open Data DAO?
A traditional organization, such as a corporation, is limited to its geographic location and its activities within a single company. Companies have to limit themselves to the business areas they are directly involved in and develop a business model that allows them to pay corporate taxes in a specific country. Companies also cannot use loopholes to avoid corporate taxes (adopt a virtual office in a country with low corporate taxes) or pay employees who work remotely through contract work. These restrictions make it hard for companies to do business in a decentralized manner.
As a consequence, a decentralized organization is much more flexible and can enter many more markets, which makes it more attractive for all the participants.
There is also an important security benefit for the participants: since the user doesn’t trust the business owner to protect data, no data can be stolen.
What is the timing of the SOS Token presale?
The presale started on October 27th and will end on December 16th, 2016.
What do the SOS Tokens and the SOS platform cost?
The price of the coins (SOS) in the presale will be 50% higher than the price of the coins (ETH) in the ICO (Open Data DAO). The price in the ICO will be fixed at a discount compared to the presale price.
How many tokens can be purchased during the presale?
There is a cap of 10,000,000 SOS for the presale, at a price of ETH = 0.0002 SOS. The presale has a hard cap of $6,000,000 USD and will end December 16th, 2016.
Can I receive the coins via other means than the presale?
SOS Tokens will be distributed to a total of 33,333,333 people during the presale.
For any other purchase, please visit the “Token Sale FAQ”.
Do I need to make a payment to purchase the coins?
SOS tokens cannot be purchased by any payment processor; all payment processing is handled via a smart contract.
Do I need to make a payment for gas in the contract?
Gas pricing will be calculated automatically by the smart contract.
I will purchase 500,000,000 of SOS during the presale, how can I convert them into ETH?
This can be done by simply adding 500,000,000 of the ETH to your Ethereum wallet. The coins will be transferred directly into the contract.
Can I make a subscription to the SOS token sale?
You may subscribe to the SOS token sale using any Ethereum smart contract.
This can be done using the SOS Token Sale Contract Tutorial.
Please reach out to us directly using our contact page. Sign up for the SOS Token Sale. The source code is published here on GitHub.
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