GoodDollar Governance (GoodDAO): Community Q&A

What is a decentralized autonomous organization (DAO)?

A decentralized autonomous organisation (DAO) is an entity created via a smart contract and owned and managed by its members. The DAO model is seen as having many advantages over traditional corporate governance structures that make it particularly suited to the stewardship of decentralized projects:

Democracy: DAOs eschew corporate hierarchies. Every DAO member has a voice and can propose changes without risk of being ignored or dismissed by executives with vested interests, as is often the case in old-school corporations. No actions are taken without an authorizing vote, which is tallied on the blockchain.

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Note that this article was first published on GoodDollar.org on Agust 27, 2021