A Decentralized Autonomous Organization (DAO) is a peer-to-peer organization that functions without a corporate hierarchy. DAOs are built on blockchains to protect corporations against forgery, allow trustless distribution, and enhance security. Additionally, DAOs allow for the creation of collaborative, self-governing environments amongst peers. DAOs leverage crypto tokens to designate stakes and democratic rights on a network.
Automated smart contracts sit at the core of the DAO model. These smart contracts communicate autonomously through “if-then” coding statements and thereby enforce the organization’s rules. Theoretically, these automated contracts could eliminate the need for human employees by triggering whenever buyers make orders, items become low in stock, or any other response based on measurable inputs is required
Q: What is a Decentralized Autonomous Organization (DAO)?
A: is a peer-to-peer organization that functions without a corporate hierarchy.
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