GREAT THINGS WHEN YOU COME TO DAO?
DAO stands for “Decentralized Autonomous Organization”. The “organization” concept used to describe a group of people. However, that organization works automatically based on smart contracts without a central administrator.
Therefore, DAO has the following two characteristics:
- DAO is people
DAO focuses on development based on the principle of “community first”. It works for everyone, limits and improves on the disadvantages that other crypto organizations have. - DAO is software
The DAO software uses Web 3 smart contracts to facilitate decentralized group decision making. The core of the DAO is the institution’s bank, or treasury.
It is necessary to make a decision about what to do with the money in that bank, as well as about the membership. Therefore, the DAO software also has built-in mechanisms to help with this. Members can vote for all of systems’ activities and the software allows DAO members to submit proposals to improve organization.
DAO is this year’s bright spot in the crypto industry with its advanced features i listed. As a newbie or a veteran in the crypto market, you should consider to experience another DAO. No waste!
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