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What is a Decentralized Autonomous Organization?

A Decentralized Autonomous Organization, or DAO, is a community-led entity that has no central authority governed by computer code. Since the rules that determine the behavior of an organization are embedded in its design, it has the ability to work independently without the need for centralized leadership. 

Unlike traditional organizations, in Daos there is no one person or group that can unilaterally make and enforce decisions. An emerging form of legal structure without a central authority, the Dow governance model is based on proposals put to the vote by members of society.