What is it?
DAO stands for Decentralised Autonomous Organisation. At its core, a DAO is a smart contract. A piece of code which defines the rules of how the organisation should run. Unlike traditional organizations, there is no hierarchy to DAOs. To align interests of the organization with that of its members, DAOs incentivize their users to achieve their goal. A key distinction from traditional organisation is that the control is decentralised.
How to form and use it?
- Establish a cause
- Funding phase
- Governance
Benefits
- Transparency
- Decentralisation
- Strong Community
Downsides
- Bugs in code
- Delays from voting
I made a 6 min video going into more details about each of these aspects and how are DAOs being used today. If this is of interest to you, check it out - https://youtu.be/c7koELvEfBo
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