DAO, which stands for “Decentralized Autonomous Organization,” is a type of decentralized governance system built on blockchain technology.
A DAO is a type of decentralized network that is run by a set of rules encoded in smart contracts on the blockchain.
These rules determine how the DAO operates and how decisions are made, allowing the organization to run without the need for a central authority or traditional governance structures.
DAOs are often used to fund and manage decentralized projects, allowing for decentralized decision-making and allocation of resources.
The most well-known example of a DAO is The DAO, which was created on the Ethereum blockchain in 2016.
