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What is a decentralized autonomous organization—or DAO? – Source

So much hype swirls around the blockchain and cryptocurrencies and NFTs that it can sometimes be hard to see the real utility in the technology. It’s hard to understand the intrinsic value of a crypto coin or an NFT, when their prices are based mostly on their value as a speculative instrument.

Understanding the utility of DAOs, or decentralized autonomous organizations, is a little more straightforward, although the concept is still very young and has been tried in only a small number of organization types so far.

What is a DAO?

A DAO is a way of organizing people and their interests on the internet using the blockchain. The blockchain is a public ledger system that exists only on the internet. It uses a complex cryptography system to ensure that everything written to it (“blocks”) is verifiable. This ledger, which is typically kept up by a bunch of internet elves called “miners,” can be used to store what are effectively the legal bylaws of an organization in documents…

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