DAO( Digital decentralized autonomous Organization)
Digital decentralized autonomous is the organization that is characterised by Blockchain technology to supply a secure digital ledger for tracking online financial transactions. This method eliminates the necessity for a mutually approved trustworthy third party to be involved in a financial transaction, simplifying it. The absence of a trusted third party and the necessity for the recurrent recording of contract exchanges in different records might significantly reduce the expenses of a blockchain-enabled transaction and the associated data reporting.
A Decentralized Autonomous Organization (DAO) is a self-contained society that does not require outside assistance to function. DAO engaging entails a group of people engaging with one another using an open-source protocol that is self-enforcing. A DAO’s members aren’t tied together by a legal body and they haven’t signed any formal legal contract.
What are the benefits of DAOs?
DAO are useful for organizing a large group of people with the same goal around the globe and creating coordination amongst the same type of people.
Anyone with an internet connection can access a DAO's members, financials, and decisions.
DAOs is a worldwide organization
DAOs make it as simple as joining a chat group to gather people together and work on common missions.
DAO Organizations that are in flux
DAOs dynamically scale their workforce. The entry barriers are low, making it easy for new people to join
- There is no one legal entity
- Code that is self-enforced
- Validators are rewarded with tokens as an incentive
- It is a decentralized system
- It is Organized
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