DAO (Decentralized Autonomous Organization) is a new form of human organizational collaboration based on the core ideology of blockchain. DAOs are member-owned communities without centralized leadership.
What are the key characteristics of DAO?
1. Distributed and decentralized
There is no central node and no hierarchical management structure in DAO. It achieves organizational goals through bottom-up interaction, competition and collaboration among network nodes.
2. Autonomous and automated
In an ideal-state DAO, management is codified, programmed, and automated. The organization is distributed, the power is decentralized, the management is community autonomous, and the organization is run by a highly autonomous community instead.
3. Intelligence and tokenization
DAO infrastructure is technically supported by Internet-based protocols, blockchain technology, artificial intelligence, big data, and the Internet of Things. It realizes the intelligent management of the organization.
DAO is represented by rules encoded into a computer program. The organization’s procedures are transparent and any changes need to be supported by a vote of all DAO members. No one can tamper with the rules without the consent of the community. Cryptocurrencies are used to represent key values and are an alternative existence to DAO.
The explosion of DAO has boosted the blockchain industry and pushed the crypto space forward. More brokers, market makers, and trading platforms are involved and bringing more people to focus on and invest in crypto assets. Driving the volume of cryptocurrency assets traded.
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