Bitcoin Forum
August 18, 2019, 02:08:22 AM *
News: Latest Bitcoin Core release: 0.18.0 [Torrent] (New!)
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: [ANN][TOKEN]BlankDAO - First Zero-Fee Legger Based On Proof Of Uniqueness  (Read 102 times)
mahmood_2395
Copper Member
Newbie
*
Offline Offline

Activity: 4
Merit: 0


View Profile WWW
February 18, 2019, 08:33:44 AM
Last edit: February 18, 2019, 09:33:30 AM by mahmood_2395
 #1

Powered by People

BlankDAO is a social organization with an aim to break blockchain barriers on the road to decentralization by relying on real people instead of miners or stakeholders.

After a decade since decentralization was initiated with Bitcoin we have come up with a solution that allows us to get rid of limitations of proof of work and stake which were mere vessels to prevent sybil attacks. The birth of BrightID makes it possible to define DApps that can be sybil attack free without relying on POW or POS.

The goal in BlankDAO is to decentralize everything. It supports development for DApps that are fully open-source and require zero-fee.

Governance in BlankDAO determines the details of supported DApps and distribution of incentives among them. This process is done based on one vote per person which is only possible with BrightID.

First Decentralized Ledger Based On Proof Of Uniqueness

High Security
Decentralized ledgers like blockchain are vulnerable to double-spending attacks from owners of strong processing power or large numbers of stakes.
BlankDAO, for the first time, can have a decentralized ledger that is immune to double spend attacks by giving every individual a single vote regardless of their processing power or number of stakes.

Zero Fees
BlankDAO prevents sybil attacks by relying on proof of uniqueness (not POW or POS) and because the costs of decentralized hosting are paid by the DAO as a part of the periodic distribution of generated tokens, DApps can require zero fees from end users for reasonable amounts of usage.

Decentralized Scalability
In previous approaches, there was a see-saw relationship between decentralization and scalability. In other words, higher decentralization reduces scalability and vice versa.
In BlankDAO however, proof of uniqueness results in high scalability by maintaining governance of all users while hosting the ledger on a reasonable number of hosts.
Simply put, blockchain DApps are hosted by all but governed by some. In contrast, BlankDApps are actually hosted by some but governed by all.

Token Pricing
BlankDAO has a simple mechanism for token pricing during the genesis period.
The price constantly remains 1 DAI until 200K tokens are sold. During this period, BlankDAO only sells tokens without providing the option for buying them.
Achieving the 200K goal results in 100K DAI as the fund for supporting the price.
BlankDAO then starts using the fund for placing buy orders to buy tokens for 1 DAI each.
From then on, every 1% increase in the fund increases tokens price by 1%.
On the other hand, a 1% decrease in the fund results in a 1% decrease in the price.
The balance of the fund at each point at the time is calculated by removing all DAI that is used for buying tokens from half the DAI that is received by selling tokens.

Revenues
During the genesis period, DAO tokens will be sold to investors by a crowdsale smart contract on Ethereum. The capital gained from the crowdsale will be transferred to a DAO as its revenue.
The crowdsale smart contract generates 50 new tokens every 10 minutes. The price is set in advance for the first stack and will go higher by 1% for each of the further stacks unless they are not sold. If the stacks are not fully sold, newly generated tokens will be saved in the smart contract and are put into crowdsale at their original price. Once the generated and saved stacks of tokens in the smart contract are sold, the 1% price rise continues.

This approach of price setting in the crowdsale results into creation of secondary markets in exchanges in which the tokens might have a lower price. Investors buy tokens directly from the smart contract only if they cannot find a better deal in extra exchanges.


The power of unique personhood

Abstract
BrightID seeks to provide everyone with the benefits of being verified as a unique person--namely, greater access to money, honest information, and greater choice in government. Traditionally, this kind of verification has relied on governments. The gatekeepers of unique personhood in brightID aren’t governments, but trusted personal contacts.

BrightID is an identity network. It is conceptually similar to a social network, but its purpose is to allow people to prove to applications that they aren’t using multiple accounts. Connections are made and groups are formed, but for the purpose of ensuring that each person has exactly one account representing them. This is measured by a score given to each account; the score represents the probability that an account represents a unique person in the network.

1566094102
Hero Member
*
Offline Offline

Posts: 1566094102

View Profile Personal Message (Offline)

Ignore
1566094102
Reply with quote  #2

1566094102
Report to moderator
1566094102
Hero Member
*
Offline Offline

Posts: 1566094102

View Profile Personal Message (Offline)

Ignore
1566094102
Reply with quote  #2

1566094102
Report to moderator
PLAY NOW
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
mahmood_2395
Copper Member
Newbie
*
Offline Offline

Activity: 4
Merit: 0


View Profile WWW
February 18, 2019, 08:39:44 AM
 #2

- reserved -
mahmood_2395
Copper Member
Newbie
*
Offline Offline

Activity: 4
Merit: 0


View Profile WWW
February 18, 2019, 08:46:42 AM
 #3

Feel free to check our websites and shoot any question
questions will be kindly answered
LoveCryptoAll
Sr. Member
****
Offline Offline

Activity: 574
Merit: 253



View Profile
February 18, 2019, 07:59:29 PM
 #4

You write. "BlankDAO's goal is to decentralize everything. It supports development for DApps that are completely open and require zero pay." But, this can be attributed to any other cryptoplatform. But, such as Stellar argue that centralization is not so bad.
mahmood_2395
Copper Member
Newbie
*
Offline Offline

Activity: 4
Merit: 0


View Profile WWW
February 20, 2019, 09:33:15 AM
 #5

You write. "BlankDAO's goal is to decentralize everything. It supports development for DApps that are completely open and require zero pay." But, this can be attributed to any other cryptoplatform. But, such as Stellar argue that centralization is not so bad.

Well, I'm not sure if it accurate to say that every cryptoplatform boasts about asking for zero fees or being completely open. Maker for instance asks for 2.5% stability fee, 15% liquidation penalty. It also sells your collateral ETH 3% lower than the real price.
In BlankDAO banking and other DApps ask for 0 percent cause it is not costly for them.
The reason for it being so cheap is that POW and POS bottlenecks are eliminated through proof of uniqueness or POU which is only possible through BrightID.
Regarding the (de)centralization. Bitcoin is hosted by all nodes (all users can download the ledger and run it) but not all nodes have a say in decision makings and in consensus. currently there are like 3 major mining pools that control all consensus.
In BlankDAO, not everybody has to be a node and host the ledger, but everybody gets to have 1 vote regardless of their processing power or stakes.
That is a huge difference and a great attraction. Not only for rich people and whales but also for common people. So the attraction of common people will create large amounts of demand for BlankDAO tokens which results in to higher prices in a not so far future.
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!