With the development of artificial intelligence, developers and software developers continue to raise the game industry. Behind this sector, there are Decentralized Autonomous Organizations (DAOs) that support entrepreneurs. In our content, we answered the question of what is a DAO.
What is DAO?
The term DAO can be briefly expressed as entities that are managed by the community and do not have a central authority. It has become popular with cryptocurrency enthusiasts and through blockchain technology. As a term, DAO is a structure in which token holders partially participate in the management of an asset.
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The idea was first coined in 2016. Inspired by the decentralization of cryptocurrencies, a group came up with the concept of Decentralized Autonomous Organizations (DAOs). If we look at the way the DAO works, we can see that it relies heavily on smart contracts.
The first DAO project was The DAO of the same name. The open source code was written by Christoph Jentzsch. The formation, which plans to fund itself with the token sale, saw the buyers as the investors of the project. Although the project received an Ethereum investment of $ 150 million, hackers caught a deficit and crashed the system.