Decentralised Autonomous Organisation (DAO)

A DAO, or Decentralised Autonomous Organisation, is a unique form of legal structure characterized by the absence of a central governing body. DAOs operate on the principles of decentralization, relying on a network of members who collectively work toward a common goal, typically acting in the best interest of the entity.

DAOs have gained popularity within the cryptocurrency and blockchain communities. They utilize smart contracts and blockchain technology to automate decision-making processes, creating a bottom-up management approach. DAOs allow members to participate in decision-making, voting, and other governance activities without the need for a centralized authority.

In essence, DAOs represent a novel and decentralized way of organizing and managing entities, fostering collaboration and shared decision-making among their members.