DAO Definition: DAO refers to a decentralized autonomous organization that doesn’t have a governing agency or regulatory body, and instead, each member involved shares common interests and goals for the DAO. Members are also known as tokenholders, and they have the option of getting involved in decision-making and management.
Since there is no hierarchical structure or upper management in DAO, the power is distributed throughout the organization, which is essential all the tokenholders who cast votes. All the actions of users in a DAO are publicly available, which makes it a transparent system.
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