Understanding the design of DAO

Is a DAO a smart contract? Is a DAO a DApp? Vitalik Buterin has described the decentralized autonomous organization as an entity that lives on the World Wide Web and has its own set of rules. DAO also heavily relies on hiring individuals to perform certain tasks that the automaton itself cannot do.

Grasping the concept of DAO can be bit tricky. From a software developer's perspective, a DAO is just a piece of code, specifically a complex smart contract, or an interacting module comprising many simple smart contracts, which are abstracted as an organization. From a trader's perspective, the closest analogy of DAO is a Limited Liability Company (LLC). Let's try to understand a bit about LLC. Suppose Susan has ...

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