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dao decentralized autonomous corporation what is a dao

Decentralized Autonomous Organizations - What is a DAO?

Written By Ivan on Tech

Aug 28, 2020

DAOs or Decentralized Autonomous Organizations happen to be one of the most innovative blockchain-based concepts. DAO is also known as DAC or decentralized autonomous corporation. The core philosophy is to create an organization that’s free from centralized control. 

As the name suggests, DAOs have three core features:

  • Decentralization: Not governed by one single, centralized entity.
  • Autonomous: The DAO can automatically execute operations on its own without any intervention.
  • Organization: The DAO is governed by its own predetermined rules, like an organization.

Since 2019, the support for DAOs has been increasing rapidly due to attention from the non-crypto world. An excellent example of this is the UK-based Nexus Mutual, which is the first decentralized mutual insurance incorporated as a cooperative and driven by a DAO. As such, decentralized autonomous organizations have made a pretty outstanding comeback since the disaster of 2016. However, we get into all that,...

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