What is a DAO?
DAO , or decentralized autonomous organization, is a blockchain-based form of limited liability company that is often governed by a native crypto token. Anyone who invest in these tokens has the power to vote on key DAO-related issues. A DAO basically operates itself. Based on a set of rules that are enacted at the time of its inception and then modified over time by either stakeholders or an algorithm. It completes tasks using a series of "smart contracts," which differ from typical legal contracts in that they exist and operate independently over the internet without requiring manual human intervention. Despite this autonomy, some tasks, such as interactions with the legal system, cannot be completed by a DAO on its own. Moreover, a DAO can function outside of a typical organization's administrative structure because of its autonomous activity. Instead of top-down administration, each member has an equal say in the organization's actions, or all management can be ...