BUIDL (DFOHUB) PART II CONTINUED

Part II of legendary BUIDL thread.

Excited to be part of this project.

Let's continue the discussion...

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first

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I would actually say this isn't actually all that easy to understand. I write solidity programs so to me it's just obvious but to someone who doesn't understand how ETH works it's not clear. Let me try and explain it as simply as possible. Say you write a contract that lets everyone send money to someones wallet, say, a charity. this is what it looks like

charityAddress = 0x123;

function () payable {
sendMoneyTo(charityAddress)
}

All money sent to the contract is rerouted to the charityAddress. Problem is, that charities wallet has changed in the past. it used to be 0x122, now it's 0x123, and you assume in the future it might change again. If it does change, any money send to the contract is useless, and you will need to publish a new one. So you write another bit of code instead

function changeAddress(address new) {
charityAddress = new;
}

Great, now we can change the address. Only problem is, it is on the blockchain, which means anyone can change the address, and set it to whatever they want. We don't want people to take advantage of that and scam charity money, so instead we write our own address into the contract as an owner, and put something like this in the changeAddress functions

require(msg.sender == ownerAddress);

But this just means you have a single ownerAddress who can change the address whenever they want! that's not decentralized at all! So do you have a frail, easily broken contract with no central owner? Or a centralized contract where you have to trust the single owner?

DFOs let you have the best of both worlds. You can now give voting functionality to an ownership token that allows users to vote for changes. Rather than trusting the owner of the contract, a proposal to change the charityAddress is raised, and the people vote, and the address is changed. But also a lot more, like build a website and host it on-chain using robe and NFT's to make totally decentralized, censorship proof site than can load on any web3 browser.

Continued from

Jesus Christ you're such a code monkey.

Tokens compared to coins cannot be updated/changed. You have to delete the token.

DfoHub BUIDL simply creates 1 token made out of 100 tokens.
Deleting 1/100 token won't cause a total meltdown.

Actually can someone just make a simplified explanation of this for the homo erectus making this post?
I think I understand the basics of it, but I need to be spoonfed more

It's supposed to be used to build DFOs and the holders can vote something

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>You have to delete the token
not anymore

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governance over the code of a token can be decentralized

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nice graphic

It's a bit of a pleb filter. You may need to spend some time DYOR

dfohub.com/buidl