What Is A Dao | What Is A Dao Crypto | Decentralized Autonomous Organization

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What Is A Dao | What Is A Dao Crypto | Decentralized Autonomous Organization

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As Web3 and the blockchain bleed more and more into the mainstream, new acronyms get thrown around regularly with little explanation as to what they mean, including this one: DAO.

Decentralized autonomous organizations (DAOs) are kind of like clubs for crypto enthusiasts, only they typically operate under a shared goal, give each member equal say in making decisions, and can potentially have more money than most clubs would ever know what to do with.

And yet, they’re popping up all over the decentralized internet in order to fund larger companies, raise money for blockchain-based projects, or incorrectly buy a first-edition of a book for millions of dollars with the expectation that it will also acquire the copyright for said book. Needless to say, these organizations have a lot of resources.

So, what is a DAO?
A decentralized autonomous organization is exactly what the name says; a group of people who come together without a central leader or company dictating any of the decisions. They are built on a blockchain using smart contracts (digital one-of-one agreements). Members of DAOs often buy their way in, most of the time purchasing a governance token specifically for the DAO that gives them the ability to vote on decisions that are made around how the pool of money is spent and managed. These groups can be made up of people from around the world, who often communicate on Discord channels.

A DOA has a “completely flat hierarchy,” according to Jason Yanowitz, co-founder of crypto trade publication Blockworks. “It’s a way to govern people differently around a shared balance sheet.”

What does a DAO do?
Each DAO has a different mission, whether it is single-purpose or part of a larger project, and can be associated with any number of industries.

Some of them are based on personal interests, such as the ConstitutionDAO, which banded together in the hope of buying one of the original copies of the U.S. Constitution from Sotheby’s last year. The group ultimately found out it was not the highest bidder and ended up losing the auction, but members were able to receive a refund of their initial investment.

Others have grander goals that involve essentially operating or running a business as a group. One example is Mantra DAO, which is a community-governed decentralized finance platform that allows people to stake, lend and borrow their crypto assets.

The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses a considerable risk of loss. The speaker does not guarantee any particular outcome.

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⏰Timestamps⏰

0:00 intro
0:20 Overview
6:45 Summary