What is a DAO?
3 years ago
7
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#dao #DeFi #Crypto
A decentralized autonomous organization is an entity structure in which tokenholders participate in the management and decision-making of an entity.
There is no central authority of a DAO; instead, power is distributed across tokenholders who collectively cast votes.
All votes and activity through the DAO are posted on a blockchain, making all actions of users publicly viewable.
One of the first DAOs named The DAO was an organization created by developers to automate decisions and facilitate cryptocurrency transactions.
A DAO must ensure security is prioritized, as exploits can leave a DAO drained of millions of dollars of its treasury savings.
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