What is DAO?

Adekunle Joshua

A DAO is a participant-controlled organization, decentralized and without a top-down hierarchy

It operates based on pre-written smart contracts

DAOs are adaptable to a community's goals

Code is written as smart contracts, and members use governance tokens to vote on decisions like fund allocation

In many DAOs, voting impact can be influenced by members' contribution to the project

Degree of participation and voting preference determine outcomes

Advantages of DAOs: Transparency, Cost-effective and Collaborative

Disadvantages of DAOs: a) Flat structure leads to slower decision-making b) Disagreements may cause organization splits