Today, Greyson had a meeting in the morning so instead of our morning meeting, we just kept working and making progress on our research. After watching the first 15 minutes or so of a podcast with Garry Vanderchuck and Mark Cuban about the growing market of NFTs, I continued research on something called DAOs.
DAO stands for decentralized autonomous organization. It is essentially to the business world was cryptocurrency was to the economic world – a way to cut out the middle man. With cryptocurrency, people got around the need for banks by decentralizing everything using blockchain technology. DAOs make use of this same technology and they cut out the need for CEOs and boards of directors. Instead, these companies have no central leadership and are owned by all the members of the company collectively. Every transaction the company makes is transparent to its members and all the rules and code for the company are laid out in smart contracts, which are also accessible to all the members of the company. DAOs, like NFTs, are another way to utilize blockchain so that ordinary people can work together and take back control from large organizations and governments as we move into the next phase of the internet.