Expanse, an alternative public chain of Ethereum has revealed that it is launching a decentralized autonomous organization, removing traditional management and thereby putting all major project decisions into the hands of its community. The coding of the DAO has been completed and alpha testing is set for December.
James Clayton, Expanse co-founder, remarked: “The vision of Expanse was always to build a decentralized version of Ethereum, succeeding where others have failed. By giving power to the community in a way that leads to rational choices and ensures the community’s safety, the reserve that is held in time-locked smart contracts will be controlled entirely by the Expanse DAO.”
Expanse launched by creating a reserve or ‘pre-mine, rather than the recently popular ICO model, and has used 5% so far on development. The balance remains in the community fund in time-locked smart contracts.
One development that has taken place is the creation of VoteLock™, a voting dApp designed for use with the DAO but with potential use in wider applications, and Tokenlab™, a platform that provides a suite of managed services designed for ICOs.
Co-founder of Expanse and CEO of Borderless Corp., Christopher Franko said: “DAOs have been described as wildly ambitious and radical because they essentially automate management with code. The beauty lies in the fact that anyone who owns Expanse DAO tokens can pitch their project, then token-holders use VoteLock to determine which projects the DAO funds. The project rules are locked into smart contracts, which are essentially immutable and incorruptible. The community receives rewards if those projects make a return.”