I'm sure you've all heard of Blockchain by now. It's the technology that allows for secure, transparent, and tamper-proof transactions without the need for a third party. But have you heard of DAO? Short for "decentralized autonomous organization", DAO is a new way of organizing businesses and other entities that eliminates the need for hierarchies or centralized control. 2022 is going to be the year of DAO, so get ready! The blockchain and cryptocurrency rave is not ending anytime soon. And as more people are being introduced to revolutionary technologies in the digital space, new improvements upon these technologies are also being introduced. In the last couple of years, the DeFi (Decentralized Finance) and NFT (Non-Fungible Token) industries have experienced immense levels of growth and, currently, metaverses and Web3 are the technologies making the digital space light up. It is not yet clear where these disruptive technologies will lead us, but we are sure that there will be much value up for grabs. At the convergence of Web3 and NFTs lie many platforms looking to leverage technology and infrastructure to make the NFT ecosystem more decentralized, structured, and community-driven.
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Why is this important?
The DAO is one major invention that is challenging current centralized and hierarchical systems of governance. DAOs are changing our perspective of how organizations and systems should be run, and they put further credence to the idea that the optimal form of governance does not have to do with hierarchical structures. A DAO is an organization that is focused on a specific mission, and its members work in coordination according to a shared set of rules encoded on a blockchain. To better understand the principles behind a DAO here are some notable advantages of using a DAO:
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