What is DAO?

DAO stands for Decentralized Autonomous Organization. It is an innovative type of organization that uses blockchain technology to operate without a central authority or middleman. Instead, decisions are made by consensus among members using a set of rules encoded in smart contracts on a blockchain.

In a DAO, members pool their resources and collectively control the organization's funds and assets. The rules governing the organization's operations are transparent and cannot be changed arbitrarily. This creates a democratic and autonomous structure that is resistant to censorship, corruption, and centralized control.

DAOs can be used for a variety of purposes, such as managing investment funds, creating digital collectives, or even governing a decentralized autonomous city. While still a relatively new concept, DAOs have the potential to disrupt traditional organizational models and create new forms of collaboration and community-driven decision-making.