What is a DAO and how does it use the Blockchain?
Blockchainx
What is a DAO?
A DAO or a Decentralized Autonomous Organization is an organization that is controlled by algorithms or Smart Contracts, but without being bound by a particular law , its control is carried out by a Blockchain . In other words, it does not have intermediaries, it seeks to avoid hierarchy.
DAO and its relationship with Blockchain:
What makes DAOs possible are Smart Contracts. These types of contracts have rules that have been defined in order to function
These smart contracts use Blockchain technology to function. In this way, Smart Contracts are programs stored in a chain of blocks that are executed when they meet predetermined condition
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Advantages of DAOs
DAO development company Allows the creation of organizations that do not require hierarchies . All its members would be in a position to contribute ideas or vote with the same weight in decision-making.
· They are highly transparent, since , thanks to Blockchain technology, all actions carried out would be recorded.
· The fact that they are decentralized provides the possibility of offering services globally , eliminating borders and democratizing access to many people.
dao and blockchain
DAOs and NFTs
First of all, remember that an NFT is a unique and unrepeatable cryptographic "token" that is created thanks to the use of Blockchain technology. The DAOs, for their part, are organizations that are created in a decentralized way through Smart Contracts
The smart contract associated with the DAO itself.
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