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This is the second post in a series on how to use existing Ethereum tools to build smart contracts with no programming experience required. Download the latest version of your Ethereum wallet, Read the first part And let’s have fun!
Creating a token is funBut what is the value of a token that does nothing new? We will now create a new contract that uses the tokens we just created. The contract will be a democratic organization that lives on the blockchain and anyone holding a share token will be able to vote on proposals.
So let’s go back toshrinkage“And then”Publication of the contract“And paste DAO source code On the “source of hardness” area. Select and hold “Democracy” on the picker and then set these parameters:
- On the amount You can add any amount of Ether you want to start your DAO with. Since you can send Ether to it at any time in the future, if this is your first time doing so, keep the amount at 0 and send the money later.
- On the shareAddress field, paste the address of the token contract you just created. Pay attention to the icon and color of the small circle that appears next to the title. If it doesn’t exactly match the contract you created previously, there’s an error.
- on Minimumsharesforfooting Choosing the minimum quorum of shareholders who must vote on an issue before it passes. Here you have to put an integer for the minimum token, so if you create a token with two decimal places, putting 500 here will mean that for the proposal to be implemented, the number of votes must be more than 5% of the total shares of the company.
- Minutes for discussion: This is the minimum amount of time a proposal must be discussed and voted on before the results can be counted. Put a small number like 10 minutes if you just want to build something for testing, but something like 20,000 if you want to store large amounts of ether, so all proposals should stay there for at least two weeks.
Your contract should look like this:
After a few seconds, you will be redirected to the control panel where you will see your new contract being created:
You can also see the link to the new contract in the Contracts tab. If it doesn’t exist (for example: if you’re adding a contract you didn’t create), you’ll have to add it manually. To add you will need the contract title and its JSON interface, which is a text string that explains to the wallet how to interact with the token. You can choose any name you want and then click OK.
Click on the New Contract box and the Contract page will appear. If you haven’t already deposited some ether into this contract, click “Deposit” and deposit a small amount of ether so you can test out exactly how this democracy works. If the contract already contains some funds, click the “Show contract information” button.
On the “Reading from the contract” You can see all the functions that you can perform for free under the contract, as they only read information from the blockchain. Here you can see, for example, that “sharesTokenAddress” is already the correct address or that there are currently no contract proposals. Let’s change that.
On the “Write to contract” You have a list of all the functions that will try to perform some calculation that saves the data in the blockchain, and therefore will cost ether. Select “newProposal” and it will show all the options options for this function.
For ‘Beneficiary’, add the address of the person you want to send ether to, then put the number of ethers you want on ‘etherAmount’ (must be an integer) and finally some text describing why you want to do this. LeaveTransactionByteCode blank for now. Click Execute and type your password. After a few seconds, the number of offers will increase to 1 and the first suggestion, number 0, will appear in the left column. When more proposals are added, you can see which one is which by simply putting the proposal number in the “Suggestions” field and you can read all about it.
Voting on the proposal is also very simple. Select “Vote” in the job selector. Type the proposal number in the first box and check the “Yes” box if you agree with it (or leave it blank to vote against it). Click “Implement“To send your voice.
When the minimum voting time has passed, you can choose “Implement the proposal”. If the suggestion is just to send ether, you can also leave a “TransactionBytecode” The field is empty. After pressing “Execute” but before typing your password, pay attention to the screen that appears. If there is a warning in the “Estimated charge consumption” field, it means that for some reason the called function will not be executed and will be terminated Suddenly, and it can mean many things, but in the context of this contract, this warning will appear whenever you try to execute a contract before its deadline has passed, or if the user tries to send bytecode data different from that which was originally proposed for security reasons, in case any Of these, the execution of the contract will be abruptly terminated and the user who attempted to make an illegal transaction will lose all the Ether he sent to pay the transaction fee.
If all goes well, you should be able to see the voting results in a few seconds. the “openToVote“The parameter in the first box will turn into false while The motion passed It will reflect if the proposal is accepted or not. You should also be able to see that the contract’s ether balance will decrease and the equivalent ether will be sent to the recipient of the ether you want to send.
Take a moment now to allow this: You have just created an organization that exists only on the blockchain, that obeys entirely digital token-based votes, but that can nonetheless drive real value and create a very real impact on the world. Note also that the Foundation is not under your control anymore: it will only execute the exact code you used to create it, forever. You can’t bribe it, you can’t assign it, and the same rules apply whether you’re transferring 0.01 or 1,000,000 Ether.
Can it get any better than this? In fact, it can. In our next post, we’ll explore how you can use a Transaction Token to allow a DAO to execute any type of Ethereum transaction., even owning or creating other contracts. We will also modify the token code to allow the DAO to control how much token is in circulation and how it is sent.
