What is DAO (Decentralized Autonomous Organization)?

A Decentralized Autonomous Organization (DAO) is an organization or entity that operates autonomously and without centralized control or management, using smart contracts and blockchain technology to automate decision-making, governance, and resource allocation. DAOs are governed by code, consensus, and the collective will of their members, who typically hold voting power proportional to their contributions or stake in the organization. DAOs enable decentralized and transparent collaboration, coordination, and value creation, revolutionizing traditional organizational structures and business models.