What is DAO in Blockchain technology?


DAO are stand for decentralized Autonomous Organization. This is organization created in 2016 by developer to automate decisions and facilitate cryptocurrency transaction.




It is based on the open source code and without a typical management structure or board of directors. Dash the digital currency is example of DAO. 


DAO mainy focus on decentrazition that's why this is driven by collectige developer not an individual. DAOs use governance tokens which require users to burn or spend their tokens to cast votes, which influce to voter each vote to be considered thought fully. 


The DAO's transaction mainly work on blockchain. 


What does it work? 

It provide secure digital record of interaction happen on internet . a blockchain technology a allows more cloud computing users to enter a loosely coupled peer-to-peer smart contract collaboration. 


Token and NFT's are uses as voting power in DAO governence.a series of proposals that members vote on through the blockchain and form a governence and the availability of more governance tokens often translates to greater voting power. 


The DAO is based on the smart contracts. The smart contract represents the rules of the organization and holds the Organization’s storage.the speciality of DAO is that it is publicly but no one can edit this. 


DAOs are being used for many purposes such as investment, charity, fundraising, borrowing, or buying NFTs, all without intermediaries. The relationship between DeFi and DAO'sis symbiotic and co dependent,Without DAOs, DeFi would lose a huge number of users. And without DeFi, it would happen DAOs have a much harder time coordinating their members’ finances and funneling them toward the group’s mission.


In one famous incident happened last year, ConstitutionDAO, made up of over 17,000 memeber , invested together more than $40 million to bid on an early copy of the U.S. Constitution. They were odeny by hedge fund billionaire Kenneth Griffin, but this incident showed the power of what a DAO could do.



Dash, steem, the DAO , Augur are the some well known DAO. 







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