How DAO Governance Tokens Work?

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A decentralized autonomous organization or DAO (Decentralized Autonomous Organization) is, as its name suggests, an organization that is both autonomous and decentralized.StoryBitcoin was considered by many to be the first DAO although the term was not coined until years later.In a couple of articles ( Overpaying For Security and Bitcoin and the Three Laws of Robotics ) published in September 2013, Daniel and Stan Larimer, well-known figures in the blockchain ecosystem, described a Distributed Autonomous Corporation or DAC (Decentralized Autonomous Corporation) as: These rules are implemented as auditable public open source code and distributed on shareholders’ computers.

These actions give you the right to a part of the profits, share in its growth, and / or say how it works “Later Vitalik Buterin, relying on the idea of smart contracts (or smart contracts), stated that DAOs could be programmed to work without human interactivity, provided that smart contracts were supported by a complete Turing language.Following the rulesAs indicated above, DAOs are organizations that run autonomously and decentrally, without requiring a central authority to manage them.

In the case of blockchain, DAOs are computer programs that follow a series of rules programmed or agreed by consensus.

One of the great advantages of a DAO compared to a traditional organization or company is that the DAO will follow this series of rules as they were programmed and in a transparent way, without the possibility of modification if it is not by consensus through a voting system.Mike Hearn, a longtime contributor to the Bitcoin protocol, laid out the following example to describe a DAO.

Imagine a driverless taxi looking for passengers.

The car does not need outside help to know what to do, it just follows a series of programmed rules.Governance: DAO vs Traditional OrganizationGovernance refers to the actions, rules and established norms that determine how various entities interact with each other.