What is a DAO?

A DAO or Decentralized Autonomous Organization is a digital organization that is run by smart contracts on a blockchain platform. These smart contracts are coded rules that dictate how the organization operates, including decision-making processes, distribution of funds, and management of assets. DAOs are decentralized, meaning that they operate without any central authority or control, and are governed democratically by its members. Members of a DAO can vote on proposals and decisions using a cryptocurrency called a token, giving them a say in the governance of the organization. DAOs are seen as a potential alternative to traditional organizations, as they enable transparent and democratic decision-making and can operate without the need for intermediaries.

This mind map was published on 17 May 2023 and has been viewed 96 times.