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- Dealing with DAOs ๐
Dealing with DAOs ๐
Lets Encash the Concept Of DAOs ๐ค๐ป
These days Decentralised Autonomous Organisation (DAOs) are in the news trending all over the place but wait what are DAOs? Let us encash the concept of DAOs ๐ฅ
What is a DAO?
A decentralized autonomous organisation is an entity structure in which tokenholders participate in the management and decision-making of an entity. There is no central authority of a DAO; instead, power is distributed across tokenholders who collectively cast votes.
All votes and activity through the DAO are posted on a blockchain, making all actions of users publicly viewable.

How does a DAO Work?
DAOs rely heavily on smart contracts. These logically coded agreements dictate decision-making based on underlying activity on a blockchain. For example, based on the outcome of a decision, certain code may be implemented to increase the circulating supply, burn of a select amount of reserve tokens, or issue select rewards to existing tokenholders.
Benefits of a DAO
It promotes and focuses on individual participation.
The concept of a DAO encourages people from all over the world to seamlessly come together to build a single vision.
Within a DAO, votes are cast via blockchain and made publicly viewable.
That's it for the day, Web3Shala Signing Off โ๐ป

Have a nice day :)Keep Learning ๐๐ป