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What is DAO?
DAO stands for "Decentralized Autonomous Organization". Because of the "organization" part, the term represents a group of people coming together to achieve a common purpose or goal. Unlike traditional organizations, DAOs are decentralized and software is used to coordinate DAO members autonomously toward a common purpose or goal. To enable DAO members to organize in a decentralized and autonomous manner, most DAOs have the following characteristics.
  • Mobile Membership- Members can leave and join DAO at any time.DAOs are more efficient and convenient than traditional organizations when it comes to facilitating globalization. instead of operating in one or a few jurisdictions, DAOs seek to expand on a global scale. DAOs bring together thousands (rather than tens or hundreds of thousands) of members, regardless of their geographical location, background, or beliefs. DAOs provide a solution by adhering to the same set of standard rules so that everyone can work under the same conditions, and DAOs provide a system of parity for the formation and operation of organizations.
  • Voting&Decision Making Process- Proposals and votes help DAO members collectively decide on all types of actions.Instead of using a system that ignores or disregards input from members of the organization, DAO ensures that all votes are counted and presented to everyone.
  • Shared Funding- Community funds and assets are held and cohesively controlled by DAO.The DAO high level of transparency, where anyone can see all the actions and funds in the DAO, greatly reduces risk, and because the DAO's assets are on a public blockchain, you can understand what's happening with each transaction at any given time.
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