DAO stands for Decentralized Autonomous Organization, which basically means that it is an organization that is strictly directed by codified rules in computer software. If you are not aware of the massive movement that this organization is doing, then keep on reading to learn more about it:
The main focus of this organization was to create a decentralized business where you could be merchandising and non-profit at the same time. Trust us, is not something everybody is aware of, but should, as DAO is not related to any nation-state, so the government was kind of doubtful on how this organization was going to be regulated.
The code of this organization is open-source, which basically means that it doesn’t have any restriction on who uses it, where, and how. This code was written by Christoph Jentzsch, and released to the public on the web-based hosting server, GitHub
It was released for the first time, on 30 April 2016 at 01:42:58 AM. This organization was primarily funded for a website and a crowdsale. A crowdsale basically means that funding a project by raising small amounts of money from a lot of people, and it usually takes place on the internet.
DAO was called to give money on investments that would set back contractors, so they would receive in return, clear payment terms from the contractors themselves. These contracts were basically about giving the organizers of the DAO a “payback” for their investments. They made very clear to the investors that there was a high chance that the DAO was going to fail.
The most common and most talked-about risks were the attack vectors and programming errors. The attack vectors were basically a way to invade and infect a computer using viruses and worms, and other malevolent codes. And a programming error is more common than you would think, and it is a failure or an error in a computer program, that basically makes the whole program fail.
After reading all of this information, you are ready to become a part of DAO. This organization keeps on growing and growing surprising everybody, even the creators. Even though, they didn’t have high hopes, this organization managed to leave everybody with their mouths open.