Slock.it DAO Crowdsale to be 'Unofficial', Launch Details Uncertain
Slock Crowdsale Delayed
Article |

Slock.it DAO Crowdsale to be ‘Unofficial’, Launch Details Uncertain

Slock.it in its much anticipated crowdsale for its DAO on Ethereum, has chosen against making an 'official' DAO itself, and will instead wait for someone else to deploy the DAO code, and the company Slock.it will make a 'Service Provider' bid to the DAO.

Slock.it, a German startup that aims to produce smart-locks that can be paid to using Ethereum, has said that it will not officially create and deploy a DAO (Decentralized Autonomous Organization). Instead, the company aims simply to be a ‘Service Provider’ that the DAO can hire in the future, after someone else or some other team deploys it. The company said that it will not run the crowdsale for the DAO either. The likely reason is avoiding any legal and regulatory issues. In the DAO framework released by Slock.it, there is a single service provider that the DAO ‘hires’ and pays to interact with the ‘real world’ and the service provider is elected based on voting.

Slock.it has been making waves in the recent months with its product that combines the internet-of-things with the blockchain. Slock.it is creating ‘Slocks’, smart locks that open automatically to a renter when they are paid a certain amount of money, and can subsequently communicate with the renter using whisper messages and authenticating using signed messages from the renter. Slocks are designed to make it easier to rent goods and products without any need for a physical person to be present to complete the transaction.

DAO Interest and Whitepaper

Many in Ethereum and the cryptocurrency ecosystem had expressed an interest in participating in the crowdsale. The company even launched a whitepaper, detailing all the information regarding a DAO and how the crowdsale process should be handled, including Ethereum contract code snippets. The whitepaper even outlined specific information, such as how long the crowdsale would last and what kinds of bonus should be granted to early funders. However, after months of speculation regarding when the DAO crowdsale will begin, the team has decided not to be the one behind launching and deploying the DAO, or even running the crowdsale.

However, the team believes that since they have open-sourced the code for the DAO, another team will deploy the DAO, and create the crowdsale. There will, however, not be any official endorsement or commitment towards being a service provider for this DAO by the Slock.it team. If the Slock.it company wishes to, it will submit an agreement to be the service provider for the DAO.

This has weakened the enthusiasm of the anticipated crowdsale participants, since they would no longer know whether the DAO will be able to garner a commitment from Slock.it before launching the crowdsale. It is also unclear at this stage whether Slock.it will be willing to submit a proposal to be a service provider for multiple DAOs.

Stephan Tual, the COO of Slock.it, said in the Slack channel

there’s no such thing as a ‘crowdsale’. We have made DAO code available to the community. We ourselves are a services company – not a DAO. We may submit a proposal to a suitable DAO at some point.

The crowdsale is likely not imminent. There is no commitment on any time-frame, since the company Slock.it will not be officially deploying the DAO or conducting a crowdsale. Although the details remain uncertain, the team is confident that the model will work, and will be a guiding principle for future DAOs in the space as well.

Photo Credit: Bilal Kamoon