These DAO tokens were designed to facilitate voting on the allocation of The DAO’s collectivized funds to entities, businesses, and technologies seeking investment.
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While The DAO was an early iteration of DAO governance, decentralized autonomous models remain highly influential in blockchain-related use, particularly amongst decentralized finance (DeFi) platforms.Īfter Ethereum protocol engineer Christoph Jentzsch released open source code for a collectivized, ETH-based investment organization, The DAO launched on April 30, 2016, with a token sale that distributed DAO tokens in exchange for ETH. DAOs are built on top of blockchains (often Ethereum) and their transactions are visible on the underlying blockchain protocol. DAOs replace centralized management structures with a techno-democratic approach wherein decisions are voted upon by investor-stakeholders.
What Is a DAO?Ī decentralized autonomous organization is a blockchain-based cooperative that is collectively owned by its members, with rules set and executed through code. The Ethereum blockchain, on which The DAO was built, was later controversially forked to restore the stolen funds, which were returned to investors. Less than three months after its launch, The DAO was hacked and $60 million of ether was stolen.
Lauded as a revolutionary project, The DAO raised $150 million USD worth of ether (ETH) and was one of the earliest crowdfunding efforts and high-profile projects built on the Ethereum blockchain - which at the time was only one year old. Launched in 2016, The DAO was an early decentralized autonomous organization (DAO) intended to act as an investor-directed venture capital firm.
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