Hi, I am here to tell you about DAO. You all must have heard DAO, but if you have managed to read till here, you already know it’s full form.
Decentralization is the crucial characteristic of digital currencies. This clearly means they are spread over a multitude of computers, networks, and nodes rather than being controlled by a single organization like a government or central bank. Digital currencies take advantage of their decentralized state to achieve levels of anonymity and security that are normally unattainable to traditional currencies and transactions.
In 2016, a group of developers was inspired by the decentralization of cryptocurrencies and came up with the decentralized autonomous organization, or DAO.
By keeping decision-making power in the hands of an automated system and a crowdsourced process, the DAO’s creators hoped to minimize human mistake and manipulation of investor funds. The DAO, which runs on ether, was created to allow investors to send money anonymously from anywhere in the globe.
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