Are ‘decentralized autonomous organizations’ the business structures of the future?

-Decentralized Autonomous Organizations (DAOs) can replace the way in which we see companies today.

 -DAOs are a new type of organizational structure built on code and blockchains.

-They have the ability to be global vehicles that enable a true digital revolution, unlocking the potential of web3.

Decentralized Autonomous Organizations (DAOs) are a new kind of organizational structure that run as code on blockchains. They’re owned and run by members who normally hold tokens that provide decision-making rights and/or economic rights in the organization.

The number of participants in DAOs grew in 2021 from 13,000 to 1.7 million people around the world and DAOs are increasingly a hot button issue. With questions concerning accountability, how the emerging web3 space should be governed, and how DAOs can be used as a vehicle for entrepreneurship in the digital space, it is worth considering their growing importance.

DAOs allow members from anywhere in the world to pool capital and code rules for how they would allocate the capital. Governance is meant to be automated by code and de-centralized (in other words, no one can tamper with the rules). For now, most of this remains theoretical as governance smart contract technology remains rudimentary.

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