What is the purpose of a “DAO” (Decentralized Autonomous Organization) in the context of blockchain? Answer

DAO stands for Decentralized Autonomous Organization. The concept of a DAO was first proposed by Bit Shares, Steemit, and EOS (Block. one) founder Dan Larimer in the year 2015, and was further refined in the year 2016 by Ethereum’s Vitalik Buterin.

A decentralized autonomous organization is decentralized, autonomous, and an organization- as the name already suggests. It is a whole organization that is automated. It stores rules and processes in code. DAOs are often stateless and distributed over millions of computers. No single government could decide to take it down.

In this article, you’ll know the answer to “What is the purpose of a “DAO” (Decentralized Autonomous Organization) in the context of blockchain?” in Marina Protocol.

What is the purpose of a “DAO” (Decentralized Autonomous Organization) in the context of blockchain?

Correct Answer: To enable decentralized governance and decision-making.