What Is DAO?

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Decentralized autonomous organization

decentralized autonomous organization (DAO), sometimes labeled a decentralized autonomous corporation (DAC), is an organization represented by rules encoded as a computer program that is transparent, controlled by shareholders and not influenced by a central government.[1][2] A DAO's financial transaction record and program rules are maintained on a blockchain.[3]:229[4][5] The precise legal status of this type of business organization is unclear.[6]

Background

Decentralized autonomous organizations are typified by the use of blockchain technology to provide a secure digital ledger to track financial interactions across the internet, hardened against forgery by trusted timestamping and dissemination of a distributed database.[3]:229[4][9] This approach eliminates the need to involve a mutually acceptable trusted third party in a financial transaction, thus simplifying the transaction.[4] The costs of a blockchain-enabled transaction and of the associated data reporting may be substantially offset by the elimination of both the trusted third party and of the need for repetitive recording of contract exchanges in different records. For example, the blockchain data could, in principle and if regulatory structures permit it, replace public documents such as deeds and titles.[3]:42[4] In theory, a blockchain approach allows multiple cloud computing users to enter a loosely coupled peer-to-peer smart contract collaboration.[3]:42[10]

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Dao

Tao (/d//t/) or Dao (/d/DOWfrom ChinesepinyinDào [tâu] (About this sound listen)) is a Chinese word signifying 'way', 'path', 'route', 'road' or sometimes more loosely 'doctrine', 'principle' or 'holistic science[1] . Within the context of traditional Chinese philosophy and religion, Tao is the natural order of the universe whose character human intuition must discern in order to realize the potential for individual wisdom. This intuitive knowing of "life" cannot be grasped as just a concept but is known through actual living experience of one's everyday being.

 

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