Is owning open.DAO the same as owning DAO Tokens?
Can anyone please explain the difference between open.DAO and DAO. If I own open.DAO, does it mean that i'm entered into the DAO Token Program?
open.DAO vs DAO
9 years ago by coindup (51)
open.DAO vs DAO
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Open.DAO is a promise by OpenLedger.info that is redeemable for real DAO's when you want to cash out.
Think of it as a "poker chip" IOU that you play with while you are in a casino (or in this case, the BitShares exchange) that you can cash out for real fiat when you leave that casino or exchange.
The BitShares markets can only trade native tokens on the BitShares blockchain, not fiat, so companies like OpenLedger issue them for that purpose and back them with their own reputations.
In essence, this is exactly what happens on any exchange. You send them fiat and they credit you with their own IOUs that you trade with on the exchange until time to cash out. Actual dollars can't be manipulated by the exchange's trading engine - you are really just trading their IOUs and trusting that you can redeem them whenever you want.
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