Decentralized autonomous organizations (DAOs) are blockchain-based organizations operating with no central location, headquarters, or centralized decision making authority.
The first decentralized autonomous organization was Bitcoin which created a monetary platform without the need for banks, bank managers, or a governing central authority. However, the first formal proposition of the concept of a decentralized autonomous organization was in an article published on September 7, 2013 by Daniel Larimer titled " Overpaying For Security".
Decentralized autonomous organizations are built using smart contracts to set the rules (bylaws) of the organization as a method of decentralizing trust with the organization, and to users or customers of the organizations products and services. When conditions of smart contracts are met within the organization the actions stipulated in the smart contracts are automatically executed, helping to ensure compliance and rule enforcement within the organization in real time. This allows organizations to make decisions based on pre-defined rules and conditions.
What is a DAO? - CoinDesk
What is a Decentralized Autonomous Organization (DAO)?
What is DAO - Decentralized Autonomous Organizations
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- Cluster: Blockchain & cryptocurrencyA cluster of topics related to blockchain and cryptocurrency.
- Smart contract (blockchain)A smart contract (self-executing contract, blockchain contract) is an agreement between parties that is enforced by a program encoded onto a blockchain which executes code exactly as originally written.