I read the December news letter and I'm not sure I understand how DACs will be funded. You said the process is like the following
1. New DAC ideas are already under discussion on the forum, pick one or invent your own.
2. Announce you are developing a DAC and publish an Unsolicited Proposal on the forum.
3. Publish a PTS “Angel Wallet” address where we can bid for allocated shares in your DAC.
4. If the response is good, fund development by selling the ProtoShares in the Angel Wallet.
5. When your DAC is ready, launch it honoring all block-chain recorded deposits to the Angel
Wallet address according to the social contract you defined in your Unsolicited Proposal.
I'm ok with the first 2 bullets, but I do have questions regarding the rest:
for #3, the Angel Wallet is used to receive funding from investors? Who'll do the bidding, the developers or the funders?
for #4, after selling funding PTS, people can have fiat currency to support their project development, so these PTS are then gone, how does those PTS affect the share-structure of the DAC
for #5, I'm totally confused.
I believe an example would make it much easier to understand. Thank you and look forward to making a contribution to the DAC idea.
BTW, I have engineering background but lack experience in virtual currency development.