Decentralized Autonomous Organization (DAO)
A Limited Liability Decentralized Autonomous Organization (LLD or DAO), is a concept that refers to an organization that operates through smart contracts and blockchain technology, without the need for a centralized authority or intermediaries. It is designed to be autonomous, transparent, and governed by the consensus of its participants.
In a traditional organization, decisions are typically made by a central governing body, such as a board of directors or a group of managers. In contrast, a DAO operates based on predefined rules and algorithms encoded in smart contracts, which are self-executing agreements with the terms of the agreement directly written into code.
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