Decentralized Autonomous Organizations (DAOs) sound like something out of the future. And in a way, they are. It’s a new organizational structure that, in theory, allows for decentralized decision making using blockchains and token-voting mechanisms.
If those terms aren’t familiar to you, you’re not alone. Suffice it to say that there are no CEOs, boards of directors, or many of the other hierarchical structures found in traditional business entities.
The New York Times recently described a DAO as a “group chat with a bank account.”