Decentralized autonomous organization
A decentralized autonomous organization (DAO), sometimes called a decentralized autonomous corporation (DAC), is an organization managed in whole or in part by decentralized computer programs, with voting and finances handled through a decentralized ledger technology like a blockchain. In particular, processes run by the decentralized programs must be central, enduring, and distinctive to the identity of the organization for the organization to be a DAO. In general terms, DAOs are member-owned communities without centralized leadership. The precise legal status of this type of business organization is unclear.
Source: Wikipedia
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