A Distributed Autonomous Corporation (DAC) is a type of organization that operates through smart contracts on a blockchain network. It is decentralized and self-governing, with decisions being made automatically by code rather than by a central authority. DACs use blockchain technology to create transparent and automated processes for their operations.
DACs are designed to eliminate the need for traditional intermediaries and allow for more efficient, secure, and cost-effective transactions. They can be used for a variety of purposes, such as managing funds, providing services, or governing decentralized applications. DACs are set up with predefined rules and conditions encoded in smart contracts, which are executed automatically when certain criteria are met.
Overall, DACs represent a new way of organizing and operating businesses in the digital age, leveraging the power of blockchain technology to create autonomous and transparent systems.
