DAC, DAOs, Blockchain and the Potential of Ownerless Corporations — Vigor

The effects of the pandemic and the oil price war have people all over the world jumping to crypto as a hedge against traditional finance.

Cryptocurrencies of all types make use of distributed ledger technology known as blockchain. Blockchain is the technology that powers digital currency like: Bitcoin, EOS, Litecoin, Ethereum, and the likes. It is a chain of blocks which contains information.

A decentralized autonomous organization (DAO), sometimes labeled a decentralized autonomous corporation (DAC), is a visualized corporation without the need for any central point of control, with a certain agenda, business plan, and protocol. A DAO’s financial transaction record and program rules are maintained on a blockchain, so it’s built on trust and transparency.

DACs can run with only minimal human involvement, they are distributed, there is no failure point that can be attacked, and DACs cannot be shut down, or even modified to make them send all of their money to an attacker’s account. They are decentralized and governed by rules that are fixed in a transparent smart contract.

Basically a smart contract is an agreement between two people in the form of computer code. They run on the blockchain, so they are stored on a public database and cannot be changed. The transactions that happen in a smart contract processed by the blockchain, which means they can be sent automatically without a third party.

Ownerless Corporations, DAC’s or DAO’s is the future of how organizations should operate; the Vigor Protocol is being built by a DAC (Decentralized Autonomous Community) on EOS. No ICO, no VCs just a Community giving their time & creating something better.

Vigor is a decentralized crypto Borrow, Lend, and Save platform, powered by the EOS Blockchain.

At vigor we push the boundaries of DeFi (Decentralized Finance), merging traditional finance with blockchain.

We are on a mission to reDeFine DeFi (Decentralized Finance), now it’s like the perfect time to be a part of the decentralized finance revolution.

Learn More: https://vigor.ai/faq

Visit: https://vigor.ai/

Telegram: https://t.me/vigorprotocol

Twitter: https://twitter.com/vigorprotocol

*Originally published by Explorer at https://decentium.org/bnr425323411/dac-daos-bloc

Disclaimer: The VIGOR Protocol is not a Financial or Payment Service of any kind and in any Jurisdiction. The VIGOR Protocol and Smart Contract does not accept as collateral or insurance or work at all with security tokens of any kind and with fiat or asset backed stablecoins, whether global or limited in scope. The VIGOR protocol does not allow, process or facilitate in any way user-to-user transfer of any token or other assets or values, nor third party payments of any kind.

The Vigor DAC and its Members and Custodians do not own or control the VIGOR Protocol, but simply contribute in its development, maintenance and security in a fully decentralized way.

An independent, public no-profit association incorporated in Singapore and composed of VIGOR Protocol developers and enthusiasts and Vigor DAC members and Custodians, denominated VIGOR DAC LTD., oversees that the core principles of the DAC, the Protocol and the Whitepaper are respected and ensures complete decentralization and independence is always safekept and maintained.