DAO stands for a Decentralized Autonomous Organization, which is an organization managed with the help of computer codes and a certain set of programs. Therefore, it can function autonomously with no interruptions from control bodies.
All the rules and information on transactions are stored in the blockchain, ensuring a high level of transparency. Users or participants adopt all the rules and get to vote on the future decisions of the company. The decision of the majority, according to the votes, is ultimately implemented.
Decentralized autonomous organizations can “realign the interest of users, reduce friction, and remove middlemen.” In simpler terms, this means blockchain eliminates hierarchies while retaining the benefits of centralization, such as simplicity and convenience.
The simplest example of the DAO is the Bitcoin blockchain. Despite the recent technological advancements, the Bitcoin blockchain seems to be quite primitive, yet it is considered to be the first DAO. Bitcoin works on a decentralized basis, with all the internal activities coordinated by a consensus protocol with no participant hierarchy.
More complicated DAOs may be applied for token governance, decentralized venture funds, or social media platforms. DAOs could also manage the operation of devices connected to the Internet of Things.
WorkQuest DAO is a decentralized autonomous organization that maintains and regulates the WorkQuest platform and Work USD (WUSD). It was created to facilitate global recruitment around a common mission — decentralized, grassroots, transparent, open, and fully global labor market!
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