DAOs are Internet Communities with Shared Bank Accounts

Decentralized Autonomous Organizations (DAOs) are a novel form of internet-based organization. If you are a member of any internet communities, it’s worth taking some time to learn about them.

DAOs differentiate themselves from the online communities we’re used to (ie: subreddits, Twitter sub-graphs, Facebook groups) by giving their members a built-in mechanism for pooling and deploying funds to achieve shared goals.

OpenLaw co-founder Aaron Wright provides a great one-line description of DAOs –“DAOs are subreddits with bank accounts and governance.”

DAOs are subreddits with bank accounts and governance.

Eth and Web3 will encourage positive forms of coordination, not just shitposting and mobs.

— Aaron Wright (@awrigh01) April 17, 2021

Cooper Turley, crypto strategy lead at Audius, provides a complimentary definition – “DAOs are internet communities with a shared cap table and bank account.”

DAOs are internet communities with a shared cap table and bank account.

Breaking down the DAO landscape 🔽https://t.co/Nc5j2MwZqf

— Coopahtroopa 🔥ᴗ🔥 (@Cooopahtroopa) June 24, 2021

I’m excited to see what these fledgling internet communities with shared bank accounts end up funding and creating over the coming years.