A Decentralized Autonomous Organization (DAO) refers to an organization that functions within a blockchain network without any central authority dictating its decisions. Instead, the operations and regulations of a DAO are governed by smart contracts and voting systems. This structure empowers participants to actively engage in the organization's governance, decision-making, and resource allocation.
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DAOs are built with the objective of establishing an open and democratic framework, allowing stakeholders to contribute, propose ideas, and collectively shape the organization's trajectory. Through transparency and active participation, DAOs aim to foster a community-driven environment that aligns with the interests and goals of its members.