If you’ve heard about DAOs but you don’t know how they work, we’ve got you: AlyssaHertig breaks down the basics of decentralized autonomous organizations.
A decentralized autonomous organization, or DAO, is a blockchain-based form of organization or company that is often governed by a native crypto token. Anyone who purchases and holds these tokens gains the ability to vote on important matters directly related to the DAO. They typically use smart contracts in place of traditional corporate structures to coordinate the efforts and resources of many towards common aims.
This car is just one in a fleet of vehicles owned by a DAO. As the cars earn ether, the money goes back to the shareholders that have invested in the entity. Many see DAOs as a way to more rigorously guarantee democracy. Stakeholders can vote on adding new rules, changing the rules or ousting a member, to name a few examples. And the DAO simply won't be able to change unless the required threshold of people vote for the change.: There's often no hierarchical management. Stakeholders usually make decisions instead of leaders or managers.: The code is open source, meaning anyone can look at it.
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