Ethereum is a decentralized platform for applications that run exactly as programmed without any chance of fraud, censorship or third-party interference. So far, all contracts we listed were owned and executed by other accounts probably held by humans. But there is no discrimination against robots or humans in the Ethereum ecosystem and contracts can create arbitrary actions like any other blockchain zug would.
Contracts can own tokens, participate in crowdsales, and even be voting members of other contracts. In this section we are going to build a decentralized and democratic organization that exists solely on the blockchain, but that can do anything that a simple account would be able to. The organization has a central manager that decides who are the members and the voting rules, but as we’ll see, this can also be changed. Any member can make a proposal, which is in the form of an ethereum transaction to either send ether or execute some contract, and other members can vote in support or against the proposal. Once a predetermined amount of time and a certain number of members has voted, the proposal can be executed: the contract counts the votes and if there are enough votes it will execute the given transaction. Contains : Does not contain` code.
This is a convenience function to use if the amount to be given is in round number of ether units. You can change these parameters later. As a start, you can choose 5 minutes for debate time and leave the remaining parameters at 0. A little lower on the page, you’ll see an estimate of the cost for deploying your contract in ether. You can try lowering the price if you want to save, but that might mean having to wait longer for your contract to be created. In a few seconds you’ll be taken to the dashboard, scroll down and you’ll be able to see your transaction being created.
In under a minute you’ll see the transaction successful and a new unique icon will have been created. If you want to share your DAO with others, then they need both the contract address and the interface file, a small text string that works as an instruction manual of the contract. Select “New Proposal” and it will show all the options for that function. Before interacting with the contract, you’ll need to add new members so they can vote. Now let’s add the first proposal to the contract.