One of the most popular topics in the blockchain space is the concept of DAO. However, the hidden problem lurking beneath the space is a rather blatant one: few people know what exactly is a decentralized organization, and what even makes something autonomous in the first place.
What is a DAO?
To begin, it stands for Decentralized Autonomous Organization.
A DAO is a commitment to share value with a community. DAOs often seek to:
- Provide members with a voice through governance.
- Flatten hierarchy and create fluid workstreams.
- Allocate resources to achieve a core mission.
A Telegram group with 10 members and 1 ETH is a DAO.
A DeFi protocol with $1B+ of assets governed on-chain by 10,000+ token holders is a DAO.
Regardless of size, DAOs look to solve core missions - evolving a group chat into a success-driven community.
Today, there are more than 100 DAOs managing over $10B in assets.
To the DAO contributors of the world - keep up the great work.
We’ve got a long way to go before DAOs have proven real traction at scale, but this snapshot should show that some of the world’s brightest minds are committed to making that happen.