What are DAOs? – 101: building decentralized Organizations

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DAOs are the engine powering Web 3.0 like:

  • DeFi
  • Dapps and
  • NFT projects.

    Still, what are they? This is how you explain DAOs to your Friends and Family – without overwhelming them. DAOs
    101: building decentralized Organizations

0. What are DAOs?
The easiest explanation is that: Decentralized Autonomous Organizations (DAOs), are self-governing organizations that enable groups of people to work towards a mutual goal.

But let’s see what this means..

  1. Defining DAOs

What it means is that DAOs are:

Decentralized = online, global
Autonomous = self-governing – bylaws written in code
Organization = people working towards common goals and shared values

Now, let’s deconstruct these buzzwords…