What is DAO?
1 min readJul 7, 2021
The whole idea of decentralisation is to limit middlemen in financial transactions. Similarly, DAO is establishing a company or an organization that can fully function without hierarchical management.
Imagine that an organization is governed by establishing its own rules, and making decisions autonomously on Blockchain with other people around the world, without knowing each other. Isn’t it a dream come true for its community ?
Principles are quite clear:
- The smart contract part of a DAO to be self-regulating.
- No hierarchical management structure. The team who started the project are the first members to put their footprints for its community to reclaim their kingdom.
- Ensure transparency with distributed ledger in blockchain, open-source code
- The trustless nature of the blockchain for its stakeholders
- Ensure that all stakeholders involved who have “bought into” the DAO are the ones who are in control and the ultimate beneficiaries.
DAO Philosophy:
- Member-owned communities without centralized leadership.
- A safe way to collaborate with internet strangers.
- A safe place to commit funds to a specific cause.
