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DAOs are the foundation of Web3, the creator economy and the future of work
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cointelegraph.comDecentralized autonomous organizations (DAOs) started out as a simple concept envisioned as organizations, created by an idea and fueled by developers, that automate business functions and processes by leveraging smart contracts and all the fundamental tenets of blockchain. The core idea was to flatten the complex business process that various organizations are mired in and facilitate movement of assets to a very future-oriented digital interaction that needed no intermediaries — promising faster, cheaper and more transparent transaction processing.
By replacing many intermediaries, the DAOs themselves acted as digital intermediaries that provide transparency and scale, giving them the stature of an organization without the traditional
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