HOW DOES ANOTHER DAO WORK ?

DAO is a structured organization of a company, which follows rules and regulations built through using open source code, and enforced via smart contracts.

Those contracts are basically a computer program, which exists automatically on the Internet. One of the key features of a DAO is that internal funding is used to incentivize and ensure that the organization runs smoothly:

Funding phase:

Once the rules are established, the DAO enters the funding phase. This is a very important part for two reasons. First, a DAO must have some sort of internal asset, tokens that can be used by the organization or used to reward certain activities for it. Second, by investing in a DAO, users gain voting power and subsequently are able to influence how it operates.

Governance:

Once the funding period expires and a DAO is deployed, it becomes fully autonomous and completely independent. All important decisions surrounding the organization are made by users who reach consensus on proposals, users have the ability to vote on proposals, with voting weight proportional to number of cryptocurrencies locked.

Basically, the DAO allows anyone to exchange its coins with anyone in the world. This can be done in the form of an investment, charity donation, money donation, borrowing, etc., all without intermediaries. All financial rules and transactions are recorded in the Blockchain. This makes DAOs completely transparent, immutable, and incorruptible.

However, this transparency and integrity leads to unnecessary stereotyping. Once a security hole has been discovered, it cannot be fixed until a majority votes on it.

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