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What a DAO is

A DAO is an autonomous organization governed by hardcoded rules that lives on the internet,

  • with access to a shared pool of assets and funds that is managed remotely
  • with the control being distributed among it's members
  • coordinated by achieving collective consensus.

What a DAO is not

A DAO

  • is not an organisation with the control being held or governed by a single authority.
  • is not run by a set of rules passed by some board of directors.
  • cannot live offchain.
  • is not managed with hardcopied agreements or official papers.
  • won't have it's assets & funds directly or solely managed by a single entity.
  • cannot pass on rules or decisions without acheiving greater consensus.
  • will not impose hierarchical authority over it's members.

How a DAO is implemented

A DAO (Decentralized Autonomous Organization) is mainly built with the help of web3 technology, ethereum. And a DAO is characterized mainly by this 3 dominant, distinct and unique characteristics,

  1. Autonomous
  2. Distributed
  3. Decentralized

A DAO is made autonomous by the use of smart contracts that is precoded with a set of rules for running a DAO without any manual human intervention.

A DAO is made distributed by providing uncensored access to it's resources, assets and funds for all of it's token holders.

A DAO is made decentralized by eliminating sole control over it's actions and achieving consensus through the distribution of voting rights to all of it's members.

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