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How to create a DAC on EOS
How to create a DAC on EOS
Altcoin

How to create a DAC on EOS

By Alfredo de Candia - 6 Sep 2020

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After the DAOs (Decentralized Autonomous Organization) the sector has expanded and now there are also the DACs (Decentralized Autonomous Community), organizations that can also be created on the EOS blockchain.

Everyone knows the most famous case of Maker DAO and its platform for generating DAI where users can propose and vote which asset to insert as collateral, as well as the well-known case of The DAO.

The purpose of a DAC is to be completely autonomous and therefore secure because it is the same community that will self-regulate and approve the various changes to the code. 

In the case of DACs, the smart contract that is created to control the project has a multi-signature wallet behind it that allows for greater security as more people are needed to approve or modify something.

There are also some examples of projects born as DACs on EOS, such as Vigor, which is a protocol similar to Maker DAO and also has its own stablecoin.

The steps to create a DAC on EOS

Only recently the eosDAC team has released a tool, DAC Factory, which allows anyone to create their own DAC in just 5 steps, making the whole procedure very easy even for an inexperienced user.

Before starting we will need a few things:

  • An EOS account;
  • 25 EOS to cover the initial cost of creating the DAC;
  • A wallet of your choice between Scatter, Anchor or Ledger.

The first step will be to start our wallet and connect it to the DAC Factory platform.

Once logged in, simply click the “CREATE MY DAC” button:

dac eos

In the next screen, we will have to enter the name of our DAC, the name of the token and the description of our target.

During the next step, we will have to establish the total supply and the decimal digits, which can go from a minimum of 0 to a maximum of 8.

Then we have to enter the total number of custodians, which are the addresses that will control the funds. It is also necessary to set how many votes will be needed to make a type of operation and after how long these custodians will be voted, as they can always change. The values can be chosen freely, but it is better to have ¾ of the total votes for a vote to pass.

At this point, we have to insert the website of our project and also the relative logo and colour that our DAC will have.

Finally, we will have to accept the terms and conditions and click on the “PAY” button. Here we will be able to see a small recap of the data entered, then we will confirm the transaction with our wallet and pay the 25 EOS.

Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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