LunchDao(LUNCH) - Decentralized Autonomous Organizations(DAO)
Decentralized Autonomous Organizations (DAOs) are online member-owned communities that are governed by consensus rather than centralized leadership. DAOs are exactly what their name implies, as they are:
Rules cannot be changed by a single person or centralized party because they are decentralized.
Without human intervention, votes are tallied and decisions are made based on logic written into a smart contract.
Organizations are entities that coordinate activity among a diverse group of stakeholders.
DAOs are an example of what is referred to as "on-chain governance." Companies, for example, have bylaws that dictate certain policies, such as how a board is elected, in traditional corporate governance. A DAO takes this concept and applies it to the digital realm by encoding these policies in smart contracts.
LunchDao(LUNCH)
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