What is a decentralized autonomous organization (DAO)?

@kay.wiza 

A decentralized autonomous organization (DAO) is an organizational model that operates through smart contracts on a blockchain network. It is designed to function autonomously without any central authority or human management. DAOs are governed by a set of pre-defined rules and protocols, which are enforced and executed by smart contracts.

DAOs typically facilitate decision-making and governance by allowing token holders to vote and participate in the decision-making process. Token holders have a stake in the organization's success and can propose, discuss, and vote on various proposals and initiatives.

DAOs are primarily enabled by blockchain technology, allowing for transparent, immutable, and secure execution of transactions and governance processes. They aim to establish trust, decentralization, and community-driven decision-making in a wide range of applications, including finance, governance, investment, and more.