Disclaimer: Participation in any SNS is at your own risk.
DAO stands for Decentralized Autonomous Organization. Simply put, a DAO is an organization formed by smart contracts where the members (typically token holders) collectively decide how the organization or the product evolves. Example scenarios:
- 10,000 token holders each deposit crypto into a smart contract and vote on what to purchase with the total.
- 1 million token holders control a decentralized version of Twitter where token holders propose and vote on feature updates.
A DAO can take the role of carrying out community-driven decisions on when and how to update the code that shapes the organization or product.