Current DAO Applications & Industries
@Aniketh Chedalla @Muskan Bhatla can y’all make the final edits on this?
So now that we know what DAOs are, let’s figure out how they even work?
Well, lucky for you, that’s where we come in to help!
We’re gonna gradually explain this concept to you guys by going through:
So, let’s get started!
At the base of every organization are rules & systems that define & guide how they operate ~ ✨the smart contract ✨.
What is a Smart Contract?
“Smart contracts” are pieces of computer code stored on a blockchain-based platform that automatically executes all or parts of an agreement. But you might be thinking, why do we need “smart” contract? Don’t we already have the contacts that we use on a daily basis to reach an agreement with multiple parties. Well, let’s take a little deeper dive into why they are necessary and how they work.
Why do they matter & how do they work?
Stored on a blockchain-based platform, smart contracts remain as the backbone of any DAO, and sticking with the fundamental purpose of smart contracts, DAO smart contracts are necessary to ensure that the automated processes run according to predefined rules.