A DAO Defined: The Big Picture

A short definition is that a Decentralized Autonomous Organization (DAO) is an internet community that jointly controls a cryptocurrency wallet to pursue common goals – such as running a business or charity – without having to ask anyone for permission. This is made possible by open-source software on the Ethereum blockchain (amongst others), which can lock funds in a wallet and only permit transactions if they are voted for by members of the DAO.