What is a Decentralized Autonomous Organization (DAO)?
A DAO, or Decentralized Autonomous Organization, is an organization that operates without a central government, is usually run by shareholders, and has a transparent set of rules encoded in the form of algorithms.
The famous DAO hacking incident:
In 2016, a hacker found a coding vulnerability and used it to drain Ethereum.
Within a few hours, more than 3.6 million Ethereum, or $70 million at the time, were stolen.
In response, Ethereum fell by more than 30% in just one day
