What is a DAO? (EP08)

You may have heard of an acronym going around in the crypto space called a DAO. It stands for Decentralized Autonomous Organization, and while that may sound scary, it really is quite easy to understand. DAOs have been growing in popularity recently as a way for groups and communities around the world to collectively put their crypto assets to work in new ways. Think of these DAOs as companies or organizations that are completely run by smart contracts and member voting.

Before we dive too deep into these two primary elements, let’s review how traditional companies or organizations work. It might be most beneficial to compare a large public company like Apple because the larger a company gets, the more complex the company becomes and more trust is needed to operate effectively.