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what is a dao

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DAOs are blockchain-powered network that allows people to collaborate with unknown entities from all around the world and enforce a common set of rules. All DAO’s help in decision making in an autonomous & transparent method; all of which is in the very code that can be audited publicly by anyone. Ultimately a DAO is governed entirely by the network token holders who collectively make decisions in the organization. The decisions include future prospects of…

The concept of a DAO is truly fascinating. In today’s article, let’s try to break down things a little and try to understand how a DAO functions. In simple words, imagine that you & other people are running a company without knowing each other and sending your own proposals autonomously in a decentralized way all using the blockchain. Isn’t it some futuristic tech? DAO’s are making this a reality for many protocols operating in the…