EtherInc is the first live DAO project that allows creating efficient decentralized companies on blockchain.
The Internet has endowed people with the luxury of flexibility and mobility. We can work from home or solve tasks on the go using a myriad of applications installed on our smart mobile devices. And yet, when it comes to starting a company, especially an international one with a multi-cultural team, entrepreneurs have to deal with numerous complexities: artificial restrictions, extensive paperwork, legal barriers, and other bureaucratic atavisms.
The EtherInc project wants to alleviate this pain by making it easier to set up a new global decentralized company based on the principles of cryptographic proof instead of trust. Decentralised Autonomous Organizations (DAOs) built on EtherInc’s protocol are free from artificial restrictions, be they geographic or bureaucratic, and can operate transparently and efficiently with the consensus of their shareholders, without third-party intermediaries.
A company created on the EtherInc protocol – eInc Organization – is a smart contract that runs on the EtherInc blockchain. It has a unique name and a pre-defined set of rules. Ready-made solutions allow companies to set up the business operation and its essential functions reasonably quickly and efficiently. At the same time, advanced tools can be used to customize ownership rules, transaction formats, and other specific parameters where necessary.
The EtherInc ecosystem consists of five layers:
- EtherInc blockchain is a structural layer created through a hard fork of Ethereum.
- The eInc protocol ensures peer-to-peer communication between system nodes.
- EtherInc dOrg allows the creation of DAOs run on eInc protocol.
- Web3.js provides a collection of libraries to interact with EtherInc blockchain nodes.
- EtherInc UI is a tool to manage eInc on a daily basis, create proposals, and perform transactions.
ETI is a native EtherInc token used as a fuel for all transactions on the EtherInc blockchain. Users will need ETI coins to deploy and run an eInc organization, use dApps on the EtherInc blockchain, pay salaries, create and execute proposals, etc.
ETI is a minable coin with a fixed total supply and a set time for last block reward, which is February 7, 2042. It means that no block reward will be awarded to miners after that time. The coin is already being mined, with the project about 90% ready.
EtherInc ICO details
EtherInc’s public crowdsale will start on July 15 and last until July 25 or until the hard cap of $22 million is reached. The team plans to distribute 450 million tokens out of 997 million in total, with about 97.5 million ETIs airdropped to Ethereum holders with a positive ETH balance in their wallets at the time of the fork. The exchange rate is set at 1 ETI = $0.10, while the minimum contribution is 0.5 ETH or the equivalent amount in BTC or LTC.