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The DAO Raises Over $108 Million in Token Sale with 12 Days Left

The DAO, a decentralized autonomous organization launched by the founders of Slock.it, has raised more than 10,600,000 ether (ETH) – equivalent to more than a US$108 million.

The DAO is selling a native token with the same name in return for ETH, the currency of the Ethereum blockchain.

thedao-ico-thin

The for-profit organization plans to use the ETH raised to “create value and provide benefits to its members while collaborating and improving the decentralised ecosystem as a whole.”

On 14 May, Daniel McClure of the DAO announced that “The DAO Creation Period (DCP) Price Increase Phase” was beginning, which involves a ETH price increase every 24 hours for purchasing the DAO tokens until 25 May 2016. The DAO toke crowd sale ends on 28 May 2016.

thedao-price increase
Courtesy of the DAO

A DAO is an organization with publicly auditable rules distributed across the nodes or computers of the stakeholders. In the words of the Eris Industries founders, a DAO is “an algorithmically-governed programme that, in using trustless decentralised computing, can serve as a way to formalise multilateral relationships or transactions outside of traditional legal architecture.”

Slock.it is a German-based startup utilizing blockchain technology to enhance the Sharing Economy.

Journalist, policy analyst, and evangelist of new, disruptive technologies including big data analytics, Internet of Things, and cryptocurrencies. Internet industry veteran with regional c-suite experience, and journalist credentials earned at internet.com, Internet World magazine, and Mecklermedia Corporation.
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