A decentralized autonomous organization (DAO), sometimes called a decentralized autonomous corporation (DAC), is an organization represented by rules encoded as a computer program that is transparent, controlled by the organization members and not influenced by a central government. A DAO’s financial transaction record and program rules are maintained on a blockchain. The precise legal status of this type of business organization is unclear.
An algorithmic organization with a set of rules encoded in a smart contract that stipulates who can execute what behavior or upgrade. Commonly includes a governance token.
