From the course: What Is Web3?

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What is a DAO (decentralized autonomous organization)?

What is a DAO (decentralized autonomous organization)? - Blockchain Tutorial

From the course: What Is Web3?

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What is a DAO (decentralized autonomous organization)?

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- [Instructor] The rise of cryptocurrencies, tokens, NFTs, and smart contracts on the blockchain have led to a new type of blockchain based organization called a decentralized autonomous organization, or DAO for short. The basic idea is you set up a series of tokens and NFTs with smart contracts, and these smart contracts execute the functions of an organization, eliminating the need for traditional organizational tools like boards of directors and accountants for membership management and revenue sharing. Let's imagine the food truck festival I've been using as my example throughout this course wants to go full blockchain by turning itself into a DAO. To fund the festival, a new type of token is issued on the blockchain called Food Truck Votes, or FTV. The festival sells these tokens to food truck owners and to fans of the festival. Holders of 100 or more tokens get voting rights when decisions are made about the…

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