Decentralized Autonomous Organization (DAO)
A decentralized autonomous organization (DAO) is a type of organization that is run using blockchain technology and smart contracts. A DAO is a decentralized, self-governing entity that is owned and operated by its members, who are usually token holders.
DAOs operate on a decentralized platform, such as Ethereum, and they use smart contracts to execute their functions. Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. They are stored on the blockchain and are executed automatically when certain conditions are met.
DAOs have the potential to disrupt traditional models of organization and governance, as they enable the creation of transparent and efficient systems that are not controlled by a single central authority. DAOs can be used for a wide range of applications, including voting systems, financial transactions, and community management.
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