What is a DAO?
A DAO is a decentralized autonomous organization that is governed by code. It’s Ethereum’s most complex idea.
Like all decentralized technologies, its main premise is to eliminate human error and corruption.
A DApp uses the decentralized network and its encryption tools to provide services to individuals and businesses. A DAO uses the smart contract feature internally, as a way to preprogram rules to lead an organization.
A DAO can be run by many people across the globe who’ve never met. Instead of placing trust in a person or a group of people, they place trust in a program that executes the rules they’ve all agreed upon.
Like other transactions on the blockchain, a person cannot simply change the rules after the terms are set. To change the terms, everyone must agree on the new terms and create an entirely new smart contract.
By now, you may be beginning to understand the recent excitement around Bitcoin and Ethereum.
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