#KnowledgeIsPower
A Bignner Guide for DAOs:
What are DAOs?
"The DAO," one of the first decentralized autonomous organizations, raised over $150 million in Ether, making it one of the largest crowdfunding projects at the time, but it later collapsed due to a security vulnerability exploit
Fundamental Concepts:
DAO is defined by its use of smart contracts. These are self-executing contracts with the terms of the agreement directly written into code. This code runs on a blockchain, ensuring that the rules and decisions of the DAO are transparent and encoded in a tamper-proof manner. This transparency builds trust between participants, as all actions and decisions are recorded on the blockchain.
Benefits of DAOs:
Decentralization: Since there is no central authority, power and decision-making are distributed among members.
Transparency: All transactions and proposals are recorded on the blockchain.
Autonomy: DAOs operate automatically according to pre-defined rules with minimal human intervention.
