It can be challenging to get around the cryptocurrency world, especially when it seems like everyone is speaking a foreign language. Discover some of the terminology used most frequently in the bitcoin and blockchain world today.
What is a Decentralized Autonomous Organization (DAO)?
A DAO, or decentralized autonomous, organization refers to a business entity that is represented as transparent rules in a number of smart contracts. They aim to reduce centralization as much as possible, typically giving the community the ability to govern the future of the DAO and its products by voting for or against any proposed changes or updates.