Simply put, a DAO refers to a particular kind of organization that, unlike conventional companies, is based on open source code and is operated entirely by its community. Therefore, the underlying structure and working mechanisms of a DAO are not based on any kind of hierarchical management (which are quite common in traditional businesses).
While the idea of decentralized organizations (DO) is not new, using smart contracts to automate some of their working mechanisms and functionalities is what makes DAO a useful and interesting concept. Such an innovative structure allows for a whole new model of business, where various types of activities can be executed in a completely decentralized and automated manner.
Just like the way in which Bitcoin created a peer-to-peer digital economic system, eliminating the need for banks and other trusted third parties, DAOs have the potential to revolutionize a wide range of industries through the use of decentralized governance models powered by smart contracts.
DApps sind Anwendungen, die in einem P2P-Netzwerk von Computern und nicht in einer zentralen Datenbank ausg...