Everyone knows the most famous case of Maker DAO and its platform to generate DAI where users can propose and vote which asset to insert as collateral, or a famous case is The DAO.
The purpose of a DAC is to be completely autonomous and therefore safe because it is the same community that will go to self-regulate and approve the various changes to the code.
In the case of DACs, the smart Bitcoin Lifestyle contract that is created to control the project has behind it a multi-signature wallet that allows you to have more security since you need more people to approve or modify something.
Also on EOS we find some examples of projects born as DACs, such as Vigor, which is a protocol very similar to Maker DAO and also has its own stablecoin.
The steps to create your own DAC on EOS
Only recently the eosDAC team has released an instrument, 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 we get started we will need a few things:
– An EOS account;
– 25 EOS to cover the initial cost of creating the DAC;
– A wallet to choose 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, just click the „CREATE MY DAC“ button:
On the next screen we will have to enter the name of our DAC, the name of the token and the description of our target.
In the next step we will have to establish the total supply and decimal digits, which can range 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. We must also 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 site of our project and also the related logo and color that our DAC will have.
Finally we will have to accept the terms of condition and click on the „PAY“ button. Here we will be able to see a small address of the data entered, and then confirm the transaction with our wallet and pay the 25 EOS.