Decentralized Autonomous Organization (DAO)

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A decentralized autonomous organization (DAO) is an organization that is governed by rules encoded as computer programs called smart contracts maintained on a blockchain. It eliminates the need for documents and people in governing.

Some DAOs have already been launched on the Ethereum platform. In particular, “The DAO” is the name of a DAO launched by the team behind startup and failed due to a smart contract attack.