What is DAO?
Decentralized Autonomous Organization - An open-source code work platform that is completely automated, self-reliable in nature and unaffiliated with a specific nation-state. This platform is a blockchain-powered system provides a safe way to communicate with strangers on the Internet.
How Does DAO Works?
The backbone of DAO is its smart contract which defines the organization's rules and also helps holding the group’s treasury. No one can modify the rules except by a vote, once the contract is live on the Ethereum blockchain. To point out, if one attempts to do something that violates the coding rules and logic, it will assuredly fail.
Besides, the treasury is defined by the smart contract that restricts everyone to spending money without the approval of the group. This symbolizes that the DAO’s don’t need any central authority, whereas the group makes all decisions as per the voting. Absolutely, it is possible since the smart contracts are tamper-proof when they go live on Ethereum. One not even just edit the code without the knowledge of other people because everything is public.
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