What is DAO - 老言

What is DAO?#

DAO is a secure and effective way to work with like-minded individuals around the world.

DAO can be seen as an internet-native organization collectively owned and managed by its members. DAO has built-in assets that cannot be accessed without the organization's approval. DAO makes decisions through proposals and voting to ensure that everyone in the organization has a voice.

There won't be a CEO who authorizes expenditures on a whim, nor a CFO who manipulates the books for personal gain. All actions are transparent, and rules regarding expenses are encoded into the DAO organization.

Why do we need DAO?#

When starting an organization involving funds and money with others, a high level of trust is required with the collaborators. However, it is difficult to trust strangers on the internet. With DAO, you don't need to trust the other people in the organization, you just need to trust the code of the DAO, which is 100% transparent and verifiable by anyone.

This provides many new opportunities for global collaboration and coordination.

DAO Examples#

To help you better understand, here are some examples of DAO applications:

Donations - You can accept membership and donations from anyone in the world, and the organization can decide how to use the funds.
Freelancer Network - You can create a network of contractors and raise funds for office and software subscriptions.
Venture Capital and Grants - You can establish a venture fund, pool investment capital, and vote on business investments. Subsequent returns can be distributed to corresponding DAO members.