It stands for "Decentralized Autonomous Organization" is a cryptographic and remote way for people to coordinate finance, labor, time and social capital. Governance of DAOs is distributed, with all funds and assets managed on-chain via smart contracts. There is no board of directors, nor is there central control of the organization. A DAO works according to a set of rules, a sequence of smart contracts written in pieces of code; each smart contract explicitly describes the consequences of an action. A DAO is transparent throughout the decision-making process, from proposal creation to voting, and everything can be publicly audited at any time.