A very interesting project is coming to the cryptocurrency market. A company named xDAC from Palo Alto in California is developing a platform that will allow a full decentralization of any business, solving the problems of geographic limitations. The company promises to remove many obstacles and discomforts associated with standard centralized business model. xDAC is Decentralized Autonomous Company created and operated on xDAC platform.
The company is managed by one or multiple human or autonomous agent (assistant software that, after it’s initial programming, requires no further instruction, and will operate continuously without prompting — an agent independent of the user) owners. xDAC operates on a decentralized network with a bulit-in PoW (Proof of Work algorithm that is used to confirm transactions and produce new blocks to the chain. With PoW, miners compete against each other to complete transactions on the network and get rewarded) incentive mechanism. The entire ecosystem is built on EOS blockchain.
Decentralized Autonomous Organization
xDAC is a subclass of DAO which stands for Decentralized Autonomous Organization consisting of smart contracts that are automatically triggered on the basis of inputs from outside. DAO as a term refers to an organization that combines several basic elements: owner, capital, rules and contracts. In principle, these are the same elements that we can find in standard companies.
If we look at centralized organizations, it is challenging to synchronize large groups of people to work on a common goal. A high degree of motivation, coordination and the involvement of all members is needed. DAO can reduce these requirements by using software scheduling. This will reduce mistakes and deficiencies of human management, while reducing costs. Large companies spend millions of dollars each year to plan resource consumption and they also have to pay the accountants and lawyers who are involved in planning and controlling the engagement. DAO can reduce those costs aswell. Those are just few examples of how the companies can benefit from the DAO system.
What is a smart contract?
Smart contract is a protocol or software that ensures, verifies or enforces the negotiation or execution of a contract (agreement). This can be done in a way that eliminates the need for a real contract between people. Smart contracts typically provide a user interface and often emulate the logic of contractual arrangements. Smart contracts have the potential to provide greater security and enforcement than classical law for a lower cost.
The xDAC Architecture
The ecosystem can be viewed as several distinct technological layers strategically connected together. xDAC ecosystem consists of three layers displayed on the image below.
1. EOS Platform
EOS is a blockchain based system designed to support decentralized applications on a commercial scale. It provides all necessary basic features and enables companies to create applications running on a blockchain platform in a similar way to web applications. Due to problems with transaction rates of other blockchain systems, EOS has decided to focus primarily on this aspect. The main goal of the creators was to achieve a high number of transactions that would be processed almost immediately. Currently, this EOS can process up to 50,000 transactions per second. Just for comparison, the international giant overarching credit and debit card — Visa — can currently process only 24,000 transactions per second, which is one half less than EOS.
2. xDAC Platform (Core)
xDAC Platform is the public’s smart contracts layer which provides an opensourced implementation of the key components creating not only an environment but the governance for DApps (Decentralized applications that run on a decentralized network. DApps are not deployed by a single individual or company, but instead run on a peer-to-peer network) and Autonomous Agents to be built on. The xDAC platform will be generating revenue from fees that will be used to reward the most productive xDACs based on their PoW performance rating to incentivize their productivity on xDAC platform.
3. xDAC Client
xDAC Client is a user interface that aggregates all available DApps and Autonomous Agents in one place. The initial plan is to build website and desktop applications for easier interaction with xDAC Platform. Listed applications might not be available with initial releases and could be added in different order as work on project progresses. The DApps features will include company overview, voting, bylaws and company assets, team, project management, wallet and a list of existing public xDAC companies.
How does it all work?
If you want to find out more about this interesting project, I recommend checking the official website , where you can find all the information you need to know. The website describes the problem and the solution, xDAC platform features and the architecture. Even more detailed information can be found in the whitelist and the pitch deck. You can also take the opportunity of joining their initial coin offering and get an attractive discount for being one of the early investors.
Dear all, The Abyss is excited to announce today that , CEO of , will be joining the project as a Product Advisor. As a successful tech entrepreneur with an extensive background in the video game industry and experience in digital marketing, he is a perfect fit to advise The Abyss team in building its next-generation digital distribution game platform.
Aleksandr is the founder and CEO of Xsolla, providing tools and services to game developers and publishers to monetize their games globally — user acquisition, payment solutions, game store building and management, the #1 fraud protection in the video game industry, international year-round customer support, marketing worldwide, and data analytics/visualization.
Xsolla’s technical solutions will create a bridge between their 2000+ game projects and The Abyss, giving quick and easy access to the platform. By using Xsolla, developers will be able to pass through all the processes required for onboarding their games on The Abyss, without leaving their user account. This will drastically simplify the integration process.
“I am happy to support this fantastic team. The Abyss has a brilliant vision, and I am looking forward to helping them in realizing their goals of reinventing digital content creation and distribution”
— Aleksandr Agapitov, CEO of Xsolla.
We are excited with the fact that Aleksandr will bring his vast experience, depth of technical knowledge and wisdom in the field of video games distribution and technological solutions that will help our project reach its targets.
Best,
The Abyss Team
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