A Decentralized Autonomous Corporation (DAC) is a type of organization that operates entirely through code on a blockchain network. It is automated, transparent, and does not require human intervention to function.
DACs use smart contracts to execute tasks such as decision-making, asset management, and fund distribution. These contracts are stored on the blockchain and are enforced by the network, ensuring that the DAC operates as intended.
DACs are designed to be self-governing and self-sustaining, with rules and protocols established by its creators. Once launched, a DAC can continue to operate independently, making decisions based on pre-programmed criteria.
DACs are seen as a way to eliminate the need for intermediaries or central authorities, providing a more efficient and fair system for various processes, such as fundraising, voting, or asset management. They are a key innovation in the blockchain space, enabling new forms of decentralized organizations to emerge.
