What Are Decentralized Autonomus Organizations?
Also known as a Decentralized Autonomus Corporation ( DAC ), A Decentralized Autonomus Organization is a headless organization, run solely through a series of rules solely run via the blockchain with smart contracts. Currently the legal status of these types of organizations are yet to be determined and are unclear, however, the future of humanity if bound to monarchy like organizations is one short lived, and a new means of civility must be obtained to ensure a sole direction of a company's mission. History has already shown us, that otherwise, humans tend to get a little misguided with lots of power, an such is why a DAO is looked at and embraced by some already.
The First To Pioneer And Get Pillaged
A popular and good example of a DAO is a company of the same name The DAO Organization it was a decentralized autonomus organzation that was developed for venture capital funding, and had a cap of $150 million added to it's coffers from a crowdfunding round. Shortly after this, it was hacked and had $50 million in cryptocurrency stolen. Since it was on the Etherum blockchain, the community was tempted to restore the funding, and reverse the hack, however this was not a 100% agreement in the community and led to the hard fork split of the two into Ethereum Classic and Ethereum. Ultimately The DAO was a shining failure, as it not only highlighted the 1st ever viable change from the current norm, it also showed that tried and true statement, " With Great Power, Comes Great Responsibility ".
We certainly will see more DAOs come into exsistence, and more scams, hacks, and successes afterwards as well. The future of money has moved into the future of buisness and competes directly with the future of criminal activity. As new ways to use DAOs and the blockchain in general, so will new ways to scam those system's users or exploit there within.