DAO and what it is for?
DAO is a new type of organization similar to digital comany but with no attachment to some legal entity. DAO is managed by its community, and the community is what ensures the future growth.
Such a community has four main functions:
— Allows anyone in the world who use smart contracts, to participate in the management of common funds. — You can create a product to finance business or for charity purposes. — Token redistribution encourages DAO holders. In case DAO finances a product or service, it charges “outsiders” for using and redistributing the earned DAO tokens among holders as an incentive. — Fair and decentralized governance. Holders of DAO tokens have the right to vote on important decisions related to the management of their DAO, including the right to redistribute tokens among themselves.
How DAO works:
First, the DAO token holder submits an offer indicating the required number of tokens to launch a product. At the next stage, a vote takes place, and the participants change the details of the proposal or the performer. After accepting the offer, the service provider starts fulfilling his obligations according to the smart contract.
And some good news for you. The DAO functionality will be available to any company working within the framework of DSC smart contracts. Looking forward to new opportunities?