DAOs or Decentralized Autonomous Organizations (also called DACs or Decentralized Autonomous Corporations) are essentially entities controlled not by one centralized decision-maker or another but rather by the users themselves.
From making transparent financial services a reality to acting as a de facto rule book for DAOs, blockchain technology is here to yet again provide an alternative.
The first ever Decentralized Autonomous Organization, rather unsurprisingly called The DAO was unfortunately anything but a success story. Not because it lacked potential but because a $50,000,000 breach brought about its demise, after raising over $150,000,000 in token sales.
For a while, the concept of Decentralized Autonomous Organizations seemed to have lost its luster but it has recently resurfaced… with a vengeance! Through this video, we will attempt to find out why that is the case and how things work when it comes to Decentralized Autonomous Organizations… a concept that may sound complicated but is actually relatively straightforward once you learn the ropes.