DAO

DAO stands for Decentralized Autonomous Organization. It refers to an organization or entity that operates through smart contracts and decentralized governance mechanisms, rather than relying on a central authority or traditional hierarchical structure. DAOs are built on blockchain technology, enabling transparent, open, and autonomous decision-making processes. They are designed to eliminate intermediaries, promote community participation, and distribute control among network participants. DAOs execute predefined rules and protocols encoded in smart contracts, enabling stakeholders to vote, propose changes, and manage the organization's assets and operations. By leveraging blockchain's decentralized nature, DAOs aim to create fair, democratic, and efficient systems for collective decision-making and resource management.