What is DAO
DAOs have a flat structure instead of a hierarchical one. There is no central authority giving orders. Every member has an equal voice.
DAOs are autonomous because the governing rules of DAOs are coded into smart contracts on blockchains and function automatically. It is impossible to perform any actions not covered by the codes. This differentiates DAOs from traditional business cooperatives or partnerships.
Smart contract codes form the backbone of DAOs. They are fully transparent and verifiable by anyone. Moreover, the codes cannot be altered unless a pre-defined condition is met, for example, a majority vote by DAO members. As a result, one needs no trust in anyone else to participate in a DAO, just the DAO's codes.
Notable DAOs include MakerDAO, BanklessDAO, Friends With Benefits, PleasrDAO, etc.
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