Decentralized Autonomous Organizations (DAO) describe a set of rules that govern a network in a decentralized fashion while providing incentives for participants in the consensus.
DAO Explained Decentralized Finances’ significant strength is its permissionless and decentralized nature, meaning no centralized structure controls any part of the blockchain’s operation.
What is a DAO Decentralized Autonomous Organizations (DAO) describe a set of rules that govern a network and provide incentives for participants in the consensus.
DAO’s take care of the agent-principal dilemma, a type of situation that allows an agent to make certain decisions or actions on behalf of another person.
The first type of DAC to ever exist in the blockchain is Bitshares, an eCommerce company started by its founder Dan Larimer.

Source - https://www.bsc.news/post/cryptonomics-decentralized-autonomous-organization-explained


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