PRE ICO Dates : 21/03/18 – 05/04/18
Build Your Decentralized Company
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xDAC is an entity created and operated on decentralized digital ledger by one or multiple human or Autonomous Agent owners or a mixture of both that share a common purpose and unites in order to focus their various talents and organize their collectively available skills or resources to achieve specific, declared goals.
Decentralized company owns capital and other, primary digital, assets. It can also collaborate with other partners or businesses inside and outside of decentralized network – making it a highly versatile entity.
Such a company exists as long as it is able to self-update its most basic components and continue being recognized as the same entity or until it decides to terminate its existence.
xDAC companies can use an xDAC extension for better recognition in forms: Company name, “xDAC”, “Xdac” or “xdac”.
Business is defined by three important components: governance, finances and workforce. In existing systems these components are separated and therefore highly ineffective. Companies are making every attempt to comply with laws, but in today’s global marketplace, each customer can be regulated by different laws and companies are required to create network of branches across different countries.
Finances are held by third parties, banks, payment processors or other financial institutions. Companies, therefore, are often forced to offshore their accounts to avoid jurisdiction issues. Paying employees require using third parties to process payroll from funds stored in third party institutions. In other words, companies have very little control over their business transactions and are wasting precious time and money on mundane tasks versus concentrating their efforts on managing their business operations.
Company stakeholders are able to see the overall mission statement of a company but are unable to uncover the maze of jurisdiction issues, offshore finances and employees’ performances behind closed doors. This leaves investors and customers no recourse to initiate dispute or litigation. The normal procedure is to secure representation by way of retainer and lock in a court date; meanwhile a company can dissolve, and money transferred out of company accounts. This puts a potential investor in a difficult situation and leaves them exposed without proper arbitration.
Centralized businesses have single point of failure and legal challenges with operations worldwide. Businesses store internal information about their relationships with employees, partners, and customers on centralized services and their bank accounts are under constant government surveillance which makes businesses vulnerable. Payment processing account can be disconnected at any time and reason never unveiled at will of payment processing company which often results in business failure. Business license can be taken away from business by government or business type not supported by financial institutions. In case of disputes, businesses have to deal with complicated negotiations or lengthy and expensive court hearings. Business success is being punished by higher tax rates, but taxes are not being used to stimulate their progress.
In recent years a number of new projects were backed by ICOs on platforms like Ethereum. In most cases, they were not business platforms and do not provide any governance. Many of these ICOs have been identified as fraudulent and are designed to take advantage of investors. There needs to be a decentralized authority to re-establish investor faith by way of a systematic, unbiased arbitrator.
Another problem xDAC is trying to solve is that people currently use cryptocurrencies mostly for speculation and trade on exchanges while converting from or to Fiat currencies. This is causing large volatility on crypto markets as there are no values being created within crypto ecosystem and people are forced to use exchanges in order to convert their wages into crypto or from crypto to spend their profits; therefore, exchanges are the weakest point of an ecosystem and easy to attack by hackers or governments.
xDAC Platform aggregates three components together in one place, automates them, so system is beneficial for company and their customers. Companies have control over their governance, finances and their respective team. Business partners have confidence that companies they deal with are reliable and solvent by using a transparent system of governance and dispute resolution. An xDAC Platform is focused on creating a comprehensive framework for entrepreneurs, teams, autonomous agents or investors in crypto space who can benefit from decentralization.
xDAC helps owners to operate a transparent decentralized company in front of their investors. Company owners can manage their team, tokens and financials, and securely store data on a decentralized ledger. Automated governance and dispute resolution will add to the speed of business evolvement and reward systems will make companies and their teams more productive, efficient, and motivated.