Starting your own business may sound exciting, but it is much easier said than done. Many of its difficulties flow not from something you can help, but from complicated bureaucratic processes that are especially daunting for small-scale first-time entrepreneurs. From arranging funding and organising internal paperwork to dealing with regulations and compliance procedures, this creates a serious and frustrating obstacle for new arrivals to the world of enterprise.
The xDAC Platform is meant to change all this by employing cutting-edge blockchain technology. By providing a streamlined way of setting up and managing xDACs (Decentralised Autonomous Companies), it hopes to keep frustrations to a minimum and allow new companies to focus on their actual work, while also reducing errors and providing automatic transparency. It also aims to simplify fundraising through ICOs. In the slightly longer run, this project is aimed at creating an ecosystem of blockchain-based companies with a unified token reward scheme and higher standards of corporate performance.
How to run a business using the xDAC Platform?
Building on the EOS blockchain, the xDAC Platform will allow its users to set up xDAC, Team Member or Investor accounts. After validating their identity, all users will receive a digital ID to be attached to all their transactions on the platform. On registering an xDAC, its owners will be able to issue native company tokens, which, at their discretion, may or may not give investors voting rights. They could sell those tokens through an ICO ran on the platform, or through some other mechanism managed through smart contracts. All matters of governance could be managed through smart contracts and the user client. xDAC owners will use this client to add team members, establish by-laws, assign privileges, projects and tasks for teams and individuals, establish and clarify rules, track assets and interact with their dApps and Autonomous Agents (bots).
Every xDAC and employee will receive two wallets. The primary wallets are going to be used for basic transactions (such as payments, whether from customers to the company or from the company to its employees). An employee's secondary wallet will be an automatic retirement fund, with tokens locked up until they leave the xDAC. Meanwhile, the xDAC's secondary wallet shall house its Liability Fund, inaccessible to the owners until the company is disbanded and filled up automatically. It will be used to cover debts and liabilities. Anyone with history of transactions with the xDAC in question can launch a dispute. If the disputed amount does not exceed the xDAC's Liability Fund, the matter could be settled directly. Otherwise, it may be handled by a decentralised, anonymous Dispute Resolution Board of XDAC token holders, who will receive token rewards for their participation out of the xDAC's bounty pool. The exact size of this reward will depend on how quickly the dispute is resolved. If the results are rejected, the hearing can be repeated two more times until it reaches 60% votes in two hearings out of three.
The xDAC Platform will have a special algorithm for tracking the task completion rate of team members in all companies on the platform. This will be used to rate all individuals, teams and companies involved based on their objective performance. All platform fees are going to be divided between the main platform staff and the xDACs and their employees according to this rating. XDAC holders can vote to change the distribution requirements.
What are the advantages of the xDAC Platform?
The platform and its technology is owned and being developed by the xDAC Foundation. Its team includes experienced software engineers from around the world. xDAC has a working MVP that is currently being used by four decentralised companies. It is able to support all the required registration and compliance procedures.
While the xDAC platform is versatile enough to potentially support any kind of company (and eventually, it may also be scaled up to support non-profit organisations), it has a clear initial focus on the cryptoindustry. This is both natural for a blockchain-based project that supports token sales and a very promising strategy, given the sheer amount of startups in the sphere, especially ones launched by people with limited business experience. By streamlining and automating all parts of the company creation process as much as possible, and also setting investors at ease through simplified transparency, the platform seems virtually assured of finding demand. Likewise, its profit distribution scheme seems especially attractive for small startups.
Token sale details
Reinventing business
xDAC proposes nothing less than a new, more efficient way of running a business with the help of the latest in blockchain technology. It is an ambitious proposal, and it may be offputting to some. Still, the advantages of streamlining practically every aspect of company management and ensuring higher efficiency through the blockchain are obvious. There is also a growing demand for more effective company management software, which this should satisfy.
Perhaps the rise of this more transparent and controlled model is inevitable, in some form or another. But has the time for it already arrived, and will xDAC be the project that will lead the way forward? It depends primarily on it accumulating a critical mass of supporters. As usual, there may be some unexpected complications with this experimental model. Trying to put speed and efficiency first can definitely lead to problems. But if it is accepted, and proves functional enough, then more companies will become interested in adopting it in order to compete. That, in turn, could have revolutionary implications for the corporate world as a whole.
Links:
Website: https://web.xdac.co/
WhitePaper: https://web.xdac.co/docs/xDAC-Whitepaper.pdf
Telegram: https://t.me/xdacgroup
Facebook: https://www.facebook.com/xdacco/
Twitter: https://twitter.com/xdacco
Medium: https://medium.com/xdac
ANN: https://bit.ly/2EKo02G
Author: https://bitcointalk.org/index.php?action=profile;u=980049
This article was created in exchange for a potential token reward through Bounty0x
Bounty0x username : the1arty
Disclaimer
This review by Bonanza Kreep is all opinion and analysis, not investment advice.