What is a decentralized Autonomous Organization (DAO)?
Decentralized Autonomous Organization (DAO) DAO is an evolving legal entity without any central governing body. The members of DAO share a common goal to perform in the best interest of the entity. Commercialized by crypto enthusiasts and blockchain technology, DAOs are used for decision-making in a bottom-up management approach. Understanding DAO Decentralization is one of the main features of digital currencies. So the cryptos are not controlled by a single institution like a government body or a central bank but instead are divided among computers and nodes in the network. Virtual currencies make use of this decentralized status to attain high levels of privacy and security that are naturally unavailable to standard currencies and their transactions. Inspired by decentralization, a group of blockchain developers came up with the concept for a DAO as a venture capital fund, in April 2016. The objective of the DAO concept is to promote the administration and manag...