what is DAO
A decentralized autonomous organization (DAO) is an emerging form of legal structure that has no central governing body and whose members share a common goal to act in the best interest of the entity. Popularized through cryptocurrency enthusiasts and blockchain technology, DAOs are used to make decisions in a bottom-up management approach.
Vitalik Buterin proposed that after a DAO is launched, it might be organized to run without human managerial interactivity, provided the smart contracts are supported by a Turing-complete platform
DAO governance is coordinated using tokens or NFTs that grant voting powers. Admission to a DAO is limited to people who have a confirmed ownership of these governance tokens in a cryptocurrency wallet, and membership may be exchanged. Governance is conducted through a series of proposals that members vote on through the blockchain, and the possession of more governance tokens often translates to greater voting power.
DAOs are fully autonomous and transparent. As they are built on open-source blockchains, anyone can view their code. Anyone can also audit their built-in treasuries, as the blockchain records all financial transactions
KingHash is building a decentralized staking protocol that is managed by a DAO (decentralized autonomous organization). This will enable the platform to operate in a completely decentralized and transparent manner, with decision-making power shared among users, operators, and referrals through the DAO model to empower token holders. KingHash aims to create a more fair and democratic platform, truly decentralized and controlled by its users. DAO participants include ChainUp, Xhash, Antalpha, ImToken, among others. KingHash DAO is controlled by a system of 6 signatures and requires the agreement of 4 signatures for any fund call to be approved.
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