DAO: decentralized autonomous organization
DAO stands for "decentralized autonomous organization." In the context of cryptocurrency, a DAO is a type of organization that is governed by smart contracts on a blockchain.
Unlike traditional organizations that have a centralized authority and decision-making structure, a DAO is a decentralized entity that operates according to the rules encoded in its smart contracts. These rules are transparent and immutable, meaning that they cannot be changed without the agreement of the DAO's members.
In a DAO, decisions are made by members who hold governance tokens that give them the right to vote on proposals and participate in the organization's decision-making process. This allows for a more democratic and decentralized approach to governance.
DAOs have a range of potential use cases in the world of cryptocurrency and blockchain technology. They can be used to manage decentralized funds, develop and maintain decentralized applications, and even govern other DAOs. They are often associated with the broader concept of decentralized finance (DeFi), which seeks to create a more open and democratic financial system using blockchain technology.
Only the following decisions may be submitted for a vote by the BabyYaYa DAO:
- fundamental choices in tokenomics
- incentive allocations for BabyYaYa
- Constitutional amendments to the BabyYaYa
Anyone with enough $BabyYaYa to cast a vote is qualified to cast the following decisions:
- To list fresh (popular) farms or tokens
- charitable projects & campaigns
- Decisions on influencers or marketing collaboration
The following categories are not available for voting at the Community Proposal level in order to further clarify the aforementioned. The following kinds of proposals, handled by a DAO authorized vote, will not have their outcomes honored:
- proposals addressing the legal organization of DAO
- Changes to the BabyYaYa DAO's proposed ownership of intellectual property
- changes to the way treasury and other DAO assets are used
- Tokenemic choices, like reducing emissions,
- ideas that are absurd or not actionable