A Decentralized Autonomous Organization, or DAO, is an organization that harnesses the power of blockchain communities to make executive decisions in a collaborative way.
Rather than depending on the choices made by a core group of executives or any one person, DAOs run on a governance model where the immutability, transparency, and security of blockchain technology allows a group of people with a common goal to cast votes and make decisions from all corners of the world by means of crypto tokens, known as governance tokens.
No one owns a DAO. No one has direct control over a DAO, and in its purest and most decentralized form, a DAO follows a set of rules set in code, written into a smart contract on a blockchain, and any changes to these rules are made based on majority votes cast by the DAO’s members by spending governance tokens in a transparent and structured process.
In this article, we present a short history of DAOs, how they work, and how Hubble plans to become a DAO as one of the long-term goals we’ve set for the future.