A DAO (Decentralized Autonomous Organization) can be seen as the most complex form of a smart contract, where the bylaws of the decentralized organization are embedded into the code of the smart contract, using complex token governance rules. At today’s evolutionary stage, a DAO materializes as a smart contract – a piece of code – executed on top of an increasingly opaque stack of distributed networking and consensus technology like the Ethereum blockchain or similar blockchains.
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