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DAO stands for decentralized Autonomous organization, A DAO is a collectively owned organization working towards a shared mission governed by blockchain.
Dao is the new way people can create, own, build and decide together towards a goal by leveraging Blockchain without a centralized leader.
DAOs are :
Reinventing human interaction and how we form.
Establishing a new system of ownership by putting decisions in the hand of more people.
Creating a new financial system by promoting an open financial system.
DAO has a lot of case scenarios, The aim of a DAO could be to pool out funds to buy Artwork, Music, and Land. Some DAOs operate in the form of a member-only club where you have to buy a special NFT to be a member of the community.
Why DAOs
DAOs are transparent and public, no single person can edit or manipulate the rules, unlike a centralized organization where information is withheld from the public.
DAOs operate in a democratized system where every member has to vote for any change to be implemented.
The backbone of every DAOs is its smart contract, The contract represents the organization's rules and holds the organization's storage.
SOME DAO PROJECTS YOU SHOULD KNOW
UNISWAP: It operates as a cryptocurrency exchange built on the Ethereum blockchain, you can earn membership by owning the UNI token.
DECENTRALAND: is a decentralized virtual world with a vision to hand over power to the people who create and interact in the virtual world. The users get to decide on policies that shape how things are run in the virtual world Example: Types of Items(Wearables) allowed, Land Policy and Auction, and Moderation of content.
BitDAO: with a vision to promote open finance and a decentralized tokenized economy. Bitdao is a protocol governed by BIT token holders.
DEVELOPER DAO: Developer Dao is a community of thousands of web3 builders creating a better internet, with a goal to Onboard, Educate, and Support Web3 Developers. $CODE is the governance token for Developer Dao
FRIENDS WITH BENEFIT: is a group of cultural creators, builders, and thinkers who convene digitally to collaboratively change the web3 future. Members own the FWB token as a way to collectively fund, co-own and govern its community. Membership is acquired by owning $FWB75 token.
Reference: messari.io/governor/daos