New words – 24 January 2022 DAO noun [C] UK /ˌdiː.eɪˈəʊ/ U | Cambridge Words🙇
New words – 24 January 2022
DAO noun [C]
UK /ˌdiː.eɪˈəʊ/ US /ˌdiː.eɪˈoʊ/
abbreviation for decentralized autonomous organization: an organisation or company that exists online and is managed according to a set of rules that exist in the form of computer code, with financial transactions being carried out by members using cryptocurrency
DAOs can come in all shapes and structures, but simply put, “a DAO is an internet community with a shared bank account,” Cooper Turley, an investor and builder of several popular DAOs, tells CNBC Make It. “Basically, a small group of people come together to form a chat group, and then they decide to pull capital together, [typically] using an Ethereum wallet,” Turley says. From there, they decide how to fund their DAO’s mission collectively, he says.
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