DAO

A Decentralized Autonomous Organization (DAO) is a digital organization run by code rather than people. It is based on blockchain technology, which enables it to operate in a decentralized, transparent, and tamper-proof manner. DAOs are typically governed by rules encoded in smart contracts, self-executing contracts with the terms of the agreement written directly into code. These rules dictate how the organization operates, including how decisions are made, how funds are raised, and how members interact. Members of a DAO typically…

MakerDAO is a decentralized autonomous organization (DAO) built on the Ethereum blockchain that aims to provide a stable coin called DAI, which is pegged to the value of the U.S. dollar. The core component of MakerDAO is a system of smart contracts that governs the creation and redemption of DAI. Users can "lock up" ether (ETH), the native cryptocurrency of the Ethereum network, as collateral in the system, and in return, they can mint an equivalent value of DAI. The…