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What is a Decentralized Autonomous Organization (DAO)?

The concept of decentralization, which came into our lives with blockchain technology, started to show itself almost everywhere day by day. The concept of DAO, or Decentralized Autonomous Organization, has become one of the most popular concepts of recent times, including decentralization.

Users who do not know what DAO means, started to wonder what DAO means, and suddenly it is one of the most frequently asked questions in the crypto world. The term DAO is starting to go overboard.

In this article, we will explain the concept of DAO in detail, along with answers to questions such as what is DAO and what is it for.

What is a Decentralized Autonomous Organization (DAO)?

Decentralized Autonomous Organization (DAO) is a technology definition that means decentralized autonomous operation.

To explain the DAO in more detail, we can describe it as a structure designed with coded operating principles through computer software languages and programs, controlled by operating members, and not subject to any influence imposed by the formation of a central location.

Since the working principles and conditions are hidden in the software system, there is no need for any controller or third parties in the DAO, and thus, the obligation to be tied to any rule directory and hierarchy is eliminated.

Organization activities on blockchain technology can be implemented with the DAO structure, which is a way of becoming a whole with users in various parts of the world without being acquainted with each other in any way or being captive to the concepts of rules and rules. For example; In May 2016, German start-up company slock.it introduced the creatively named DAO structure to promote the decentralized version of Airbnb.

The potential problems brought by each new technological structure are also observed in the DAO structure. If we give an example of these problems; Malicious computer users managed to seize exactly fifty million dollars worth of Ethereum from a DAO structure. Although the fault is not exactly caused by the DAO and Ethereum structure, trust in these two structures has decreased due to this attack.

But with the emergence of DeFi, which stands for decentralized finance, which has been performing great as of the beginning of 2020, interest in DAOs has started to rise again.

It would not be wrong to say that crypto money and blockchain projects, which have more DAO structures than DAOs, have attracted attention with DeFi and DAO has gained popularity in parallel. Because users who are interested in cryptocurrencies, in addition to observing potential rises in the cryptocurrencies they are interested in, at the same time, they learned that it is possible to play a role in the decisions to be taken about that crypto money, with the DAO structure, in a sense, the DAO started to attract attention.

In line with this interest, with the popularity of DAO again, many projects including the DAO system and even using the term DAO in their names have emerged.

Bitcoin is recognized by the authorities as the first fully functional DAO, as it is conditional, self-contained, and controlled through the on-demand platform.

The working principles and financial structures of the DAO are stored in a blockchain. Thanks to this feature, the obligatory obligation to a third party is eliminated and the handled works are facilitated through Smart Contracts.

Smart contracts represent the brain of the DAO structure and keep all the data of the structure within itself. Since the structure of smart contracts is suitable for blockchain technology to be stored in multiple databases, DAOs are clear and open to the whole world, and their rules cannot be changed without anyone noticing. The activities of DAOs are completely transparent and globally valid.

For DAOs to be functional as a whole, they must have a set of rules to operate on, a financier, such as tokens that the business can share certain transactions with to gift its members, and additionally the right to express an opinion to establish operating rules.

Esat Demirtaş

Since the day Bitcoin first entered our lives, my path has always crossed with cryptocurrencies and blockchain technology, and now I have turned my focus here, and when I realized that this world is brand new but complex, I decided to convey my humble knowledge to people who want to explore this world through the Binansal website.