DAO란 무엇인가

A Decentralized Autonomous Organization (DAO) is a group coordinated by rules encoded in smart contracts rather than by a central management hierarchy.

Members make decisions collectively, on-chain, through transparent voting.

Traditional organizations rely on executives, boards, and legal contracts. A DAO replaces much of that with code.

• Company: hierarchy, private decisions
• DAO: token holders, public on-chain votes

On-chain governance means proposals and votes are recorded and executed by smart contracts.

Once a proposal passes, the contract itself can carry out the action — no manager needs to approve it manually.

Most DAOs control a shared treasury of funds held in a smart contract or multisig wallet.

Spending requires a successful governance vote, so no single person can drain the funds.

Membership is usually defined by holding a governance token. Your token balance often equals your voting weight.

This ties decision power to stake in the organization.

DAOs come in many flavors:

• Protocol DAOs — govern DeFi protocols (Uniswap, Aave)
• Investment DAOs — pool capital to invest
• Social DAOs — community membership
• Grant DAOs — fund public goods

Because votes and treasury moves happen on-chain, anyone can audit them. There are no hidden boardroom deals.

This radical transparency builds trust but also exposes every action to public scrutiny.

A DAO's constitution lives in code. The rules for proposing, voting, and executing are enforced automatically.

This reduces reliance on goodwill — the contract executes exactly what was approved.

DAOs are not perfect:

• Voter apathy — low participation
• Plutocracy — whales dominate token votes
• Legal ambiguity — unclear status in many jurisdictions
• Slow decisions — voting takes time

Many DAOs discuss on forums and take non-binding polls on tools like Snapshot (gasless off-chain voting) before committing an expensive on-chain vote.

This blends cheap deliberation with binding on-chain execution.

A DAO is a member-owned organization run by smart contracts. Token holders govern a shared treasury through transparent, on-chain proposals and votes.

Next we examine governance tokens and how they grant voting power.

Test your DAO fundamentals.

You learned that:

• A DAO is governed by smart contracts, not a hierarchy
• Decisions happen via on-chain governance
• A shared treasury is controlled by votes
• Governance tokens define membership and weight
• Challenges: apathy, plutocracy, legal uncertainty

Next: governance tokens in depth.