Thread by @langford_dev

What the heck is a DAO? 🦄

- how does it work?
- smart contracts
- popular DAOs
- build your own DAO
easily

Le Thread🧵👇🏽

DAO is short for Decentralised Autonomous Organisation 🤖

It's a community with no central authority. Instead, it is run by a set of rules in the form of code (smart contract)

Members of the DAO can participate in the organization's decision-making process

Smart contract 📝

It is simply a self-executing program that runs when predetermined conditions are met

They are written in:
- Solidity
- Vyper

Smart contracts:
- Are stored on the blockchain
- Execute without third-parties (autonomous)
- are programs

More about them later 😉

How do DAOs work? 🤔

DAOs are governed by a set of rules written in a smart contract

The smart contract outlines the organization’s rules and can also send and receive funds without human interference.

Decisions in the community are mostly made through voting 🗳

How do members vote? 🤔

DAOs provide their members custom tokens which only function in that particular DAO

These tokens give members voting rights on possible projects

How do DAOs make money? 💸

DAOs make money in a variety of ways, including through sharing profits from their assets.

Popular DAOs 🦄

@developer_dao
@LearnWeb3DAO
@DAOCentral
@daomastersxyz
@BeetsDAO
@ConstitutionDAO

How to build your own DAO 🤯

These platforms can get you started with building your own DAO super easily!

- Aragon @AragonProject
- Moralis @MoralisWeb3
- DAOstack @daostack

Thanks for reading!

I post daily web3, software & blockchain development content

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