In 2021, crypto has been one of the biggest trends shaping technology and finance, and according to major news headlines, decentralized autonomous organizations (DAO) should be a force to be reckoned with in crypto in 2022. Mark Cuban called them the “ultimate combination of capitalism and progressivism.” Yet, while DAOs are relatively easy to understand conceptually, they are a rapidly evolving segment of the crypto market, with many innovative use cases emerging. However, setting up and managing a DAO also comes with its own set of unique challenges, which also change and grow over time.
The purest definition of a DAO is inherent in the name. An organization is a group of people and entities with a common goal or idea. It is decentralized, so there is no CEO or board of directors responsible for decision-making, and it is autonomous, which means it is autonomous. Autonomy means that there are governance rules programmed into blockchain-based smart contracts, and DAO members vote on matters affecting the DAO in accordance with those rules.
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