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How to Make a New DAC

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luckybit:

--- Quote from: coinking on January 03, 2014, 12:25:03 pm ---Thanks @luckybit

I will look into the algorithm aspects more deeply.

I still don't understand what are the ways for Funding?

Is it wise to use the same work-plan as MMC, meaning fork a new blockhain, mining, wallets. Mine them early, and offer them at a later stage as representing shares of the DAC?
Surely I plan to give 10% to PTS and AGS holders in the genesis block.

Or does the PTS protocol is actually freeing me from all the technical hassles above and I can simply create my new shares Over the Existing PTS network? (or over the Bitshares future network)

Thanks

--- End quote ---

Angelshares is still being developed. It seems that Angelshares will be the method of crowd funding a DAC. It's similar to an exodus address where people send coins to it and then get shares in the DAC sent back to them at some point just like how Mastercoin did things.

I don't know the details on how Angelshares will work. It might or might not work well as things are now. Right now we only have Invictus Innovations with the kind of reputation where people are willing to send money so they are going to host the initial bounties to build the initial DACs. In 3-6 months time there will be a lot of activity and money flooding in here and provided that the infrastructure is in place that would be the optimal time to launch a DAC. You could try and do it sooner but I don't know anyone who is except MMC and that altcoin does not make much sense yet.

I suppose what you could do is just launch similar to MMC and give 10% to PTS holders and 10% to Angelshare holders in the initial allocation of your DACShares coin altcoin. I would actually advise you to go a bit higher than the minimum of 10% because you want to win the trust in the community for crowdfunding later DAC ideas you might have.

coinking:
Thanks @luckybit

I will look into the algorithm aspects more deeply.

I still don't understand what are the ways for Funding?

Is it wise to use the same work-plan as MMC, meaning fork a new blockhain, mining, wallets. Mine them early, and offer them at a later stage as representing shares of the DAC?
Surely I plan to give 10% to PTS and AGS holders in the genesis block.

Or does the PTS protocol is actually freeing me from all the technical hassles above and I can simply create my new shares Over the Existing PTS network? (or over the Bitshares future network)

Thanks

luckybit:

--- Quote from: coinking on January 02, 2014, 10:21:00 am ---I understand coding is necessary.
So only pure internet businesses can benefit from that?
What is the minimum I need to do to start a new DAC?
And which tools Invictus are providing to make it easier?

--- End quote ---

The first step would be to come up with an algorithm. It does not require any programming knowledge at all to do this just some basic math sense.

Start with the problem. Exit with the solution. The solution is the goal which your algorithm seeks to find by using some step by step process to getting there. The more efficient the process the less you'll have to compromise on issues like centralization of trust (you can have trust but it must be distributed), single points of failure (you don't wan't a hierarchy because that is exactly why the current economic system is prone to failure), vulnerability to identity theft (you have to figure out how to have identity without it easily being stolen), then you have all the side issues like 51% attacks, Sybil attacks, scams, cheats, bugs, etc.

Every DAC algorithm is ultimately just a set of rules which solve the above problems efficiently. By having a tool kit you can solve these problems using cook book solutions and algorithms so that you don't have to invent anything new and so that you know where to look. Depending on the needs of your DAC you may choose one algorithm over another and in many cases there is more than one algorithm to solve any particular problem.

The programmers don't have to care about algorithms. What you do is you write a spec or description of your DAC and then once it is peer reviewed and established that it is possible to make you crowd fund it. Once it is crowd funded you use the crowd funded resources to pay the bounties to the programmers, artists, documentation writers, translators, etc.

Over time we will automate the process and I have some algorithms which can automate a DAC so that it posts bounties on its own by Proof of Stake voting mechanism of the crowd. For certain DACs that solution is the best and in my opinion it should be part of a DAC tool kit under the category "autopoietic DACs". Over time better and smarter algorithms will emerge allowing for DACs to build themselves with the least amount of human involvement.

So for anyone who likes to build algorithms it is an open challenge to come up with the most efficient algorithm for an autopoietic DAC (self generating/self creating). The ideal autopoietic DAC would simply have to start as a seed (an instruction set), be watered (crowd funded), and be provided sunlight (given the light of day so people know about it).

So every autopoietic DAC will need an instruction set, crowd funding, and community participation/attention/support from marketing.

Simplified as a metaphor: seed, water, sunlight (SWS).

coinking:
Yes I am aware of the opportunity 8)
But can you please answer my questions?

Stan:

--- Quote from: coinking on January 02, 2014, 08:15:22 am ---Thanks @stan and @bytemaster  :)

I read all the links and have a better understanding now.

I a curious and fascinated to know more about the Technological and Technical aspects of starting a new DAC both as a developer and as a user.

I wonder how much plug-n-play this can be, and how to minimize the technical efforts and focus on the idea and the business itself.

I want to utilize the
--- Quote ---PTS community expertise and the AGS-funded DAC Developer's Toolkit
--- End quote ---
and wish to break it down into practical steps.

So here are my questions:

1- To start a new DAC do we have to open our own new Blockchain and create a new currency?

(I am more involved in the mastercoin community, and as far as I understand creating new coins is built in the protocol an doesn't require the user to open a new blockchain, wallet, mining etc.)

2- Do we have to create a new wallet which will receive the new coins?
This is something I would like to avoid for minimizing the hassle on the user side, can a new DAC connect to Keyhotee?

3- How to Technically manage the allocation of the new coins and sending them to Investors?
I wonder how Invictus are managing Angelshares IPO right now?

Maybe I am perceiving the technicalities behind such operation as bigger than what they really are.

Imagine a time in which starting a new DAC does not require more technical understanding than setting up a corporation in the real world....

--- End quote ---

You have just described an entrepreneurial opportunity in its own right:  Drag and Drop DACs!   :)

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