A decentralized autonomous organization (DAO) refers to a non-centralized entity where its members take decisions at the community level, guided by a set of rules enforced via a blockchain network. DeploymentAfter setup, the DAO must be deployed to the blockchain, where it is then up to stakeholders to decide how the organization will run. Individuals who start a DAO can potentially earn money by getting others to invest in their business idea. The rise of NFTs and cryptocurrency is leading to a renewed interest in DAOs following their decline in 2016, when The DAO, or Genesis DAO, was hacked, effectively closing the market for new ones to emerge. In a way, the Bitcoin (BTC) network can be considered an early example of a decentralized autonomous organization (DAO).

Source: Libya Today May 12, 2022 16:33 UTC