The term Dao is best known as a Chinese spiritual and philosophical tradition that promotes harmony with all things. In this context it is defined as a “way”or “path” that engenders a life that flows naturally without being forced.
Then there is the acronym DAO, which is short for Decentralized Autonomous Organizations, a rapidly emerging word within the decentralized technologies space. Here we are referring to a universal shared network of individuals who engage online in an intentional path of work, cooperation, and wealth generation. And to add to the confusion, the term The DAO refers to a support platform for Ethereum-related projects, a dense cache of smart contracts written on the Ethereum blockchain. But more on The DAO later.
Vitalik Buterin, founder of Ethereum is generally credited with jump-starting the recent popularity in DAOs. According to his blog post of May 6, 2014, wherein he defines DAOs, DACs, DAs and more.
The ideal of a decentralized autonomous organization is easy to describe: it is an entity that lives on the internet and exists autonomously, but also heavily relies on hiring individuals to perform certain tasks that the automaton itself cannot do.
Buterin makes in
Read more ... source: TheBitcoinNews
Advertise on the Bitcoin News
Do you like The Bitcoin News ? Thank you for Support us !