Decentralized Autonomous Organizations (DAOs for short) are popping up throughout the web3 community. Put simply, “a DAO is an internet community with a shared bank account,” says @coopahtroopa, a web3 investor, builder of Friends With Benefits and several otherpopular DAOs.
“A small group of people come together to form a chat group, and then they decide to pull capital together, using an Ethereum wallet,” @coopahtroopa says. From there, they decide how to fund their DAO’s mission collectively" typically using a voting system based off of ERC-20 tokens (see Slingshot for example).
It’s important to understand that DAO is a broad term than encompasses a huge number of different types of groups and business. Two DAOs can be significantly different, but still both be under DAO structures, similar to how two LLCs can operate in very different businesses.
It’s important to understand that DAO is a broad term than encompasses a huge number of different types of groups and business. Two collectives can be vastly different, but still both be DAOs.
Among the early DAO formations during this boom-market, they largely organize into into 1 of 2 buckets:
Here are a few examples of well-known DAOs:
The way that the Ethereum foundation describes DAOs:
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