What is a DAO? - Crypto in Plain English – Episode 29 - by cryptohunt.it
Crypto in Plain English - by cryptohunt.it5 Nov 2021

What is a DAO? - Crypto in Plain English – Episode 29 - by cryptohunt.it

Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english.

Today we explain what a DAO ("D-A-O") is.

You may remember our episode on Web 3 and its core promise to give control over the web back to its users.

A DAO - short for "Decentralized Autonomous Organization" is what makes that possible.

Traditional companies make decisions in arbitrary ways - maybe the boss didn't like a certain person and fired them, or the agency wanted to change the logo.

In a DAO however, rules about who makes decisions and how they are being voted on are set in computer code and executed on the blockchain. Usually, there are no hierarchies nor bosses.

In fact, users are in control. They hold a product's token and are thus part of its DAO. They all have the right to bring forth proposals and vote on them. Those decisions are then transparently recorded on the blockchain. And everyone has an incentive to make good decisions – because the value of their token goes up if they do and make a product better.

That's DAOs in a nutshell. And next time we talk about how to get in on DAOs by explaining Airdrops.

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.

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