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."

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

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

Shingai Thornton

Shingai Thornton