DAOs are the engine powering Web 3.0 like:
- 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..
- 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…