Home Glossary Decentralized Autonomous Organization (DAO) Decentralized Autonomous Organization (DAO) Advanced Advanced The acronym DAO stands for Decentralized Autonomous Organization. However, the term DAO may also refer specifically to an organization called “The DAO,” which was conceptualized on the Ethereum blockchain, back in 2016. Therefore, the underlying structure and working mechanisms of a DAO are not based on any kind of hierarchical management (which are quite common in traditional businesses). While the idea of decentralized organizations (DO) is not new, using smart contracts to automate some of their working mechanisms and functionalities is what makes DAO a useful and interesting concept. Such an innovative structure allows for a whole new model of business, where various types of activities can be executed in a completely decentralized and automated manner. Source - https://academy.binance.com/en/glossary/decentralized-autonomous-organization?utm_source=BinanceAcademy&utm_medium=Social&utm_campaign=Glossary $Qtoken #Qoneqt#Oboswap#QTO#DAO#Decentalization#NFTs#DeFi#Dapps#Blockchain#Ethereum#binance#Polygon#cryptocurrency#CryptocurrencyNews
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