A decentralized autonomous organization (DAO), sometimes referred to as a distributed autonomous company (DAC), is an organization embodied in open and transparent computer code that is controlled by shareholders and not influenced by the central government . The financial transaction records and procedural rules of a distributed autonomous organization are stored in the blockchain. At present, the exact legal status of DAOs is unclear.

The DAO project is the most famous example. It was launched in June 2016 with the goal of attracting venture capital. It attracted 150 million US dollars in crowdfunding and was immediately hacked. million dollars in cryptocurrency. Over the next few weeks, the effects of this hack were retroactively eliminated by means of a hard fork of Ethereum, and the lost money was recovered as a result. Most ethereum miners and clients switched to the new fork to allow this emergency remedy.

Content source: Wikipedia.