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Introduction to decentralised autonomous organisation (DAO)

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So the decentalised autonomous organization (DAO) is not like traditional companies or organizations but it is based on an open-source code and run by its community, it is not run by any form of hierarchy management or run by a centralized ruling power. The decentalised autonomous organization (DAO) follows what we call computer-code rules, that is, smart contracts and they are governed by the community member which is shared among them, so the community can adapt the DAO program to reflect its goals.

And sometimes when decisions are needed to be made, the participants use the governance tokens to vote on the decisions made by the DAO.

The decentalised autonomous organization (DAO) does offer useful models for campaigns (usually fundraising) for example the ICOs, the tokenization of assets and also in making decisions and voting systems.

So in simpler terms, decentalised autonomous organization (DAO) can be said to be a system of coded set of rules that determines the actions a decentralized organization will take.

*It’s concept The decentalised autonomous organization (DAO) concept is to have an innovative structure that can enable new businesses model have activities that can be done in a complete transparent, decentralized and automated way. The decentalised autonomous organization (DAO) is a project that can be said to be a true democracy.

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The Evolution of DAO

** The decentalised autonomous organization (DAO) was created by slock.it and it was created to be operated as a venture fund platform for different crypto projects but unfortunately the project never kicked off. About seven (7) years ago in June 2016, a few lines of code was hacked and the sum of $70m was stolen but unfortunately for the hacker, the funds he stole was moved to an account that is subjected to a 28 days holding period so the heist wasn’t completed and he couldn’t get away with it. And the only way for the money to be refunded was for DAO to rewrite the blockchain.

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