Are DAOs only used in the cryptocurrency space?

Question

Are DAOs limited to the cryptocurrency industry?

Answer 1

DAOs are not limited to the cryptocurrency space. Although they first gained recognition in blockchain and cryptocurrencies, their fundamental principles can be extended to diverse areas. DAOs utilize smart contracts to establish organizational structures where participants can collectively and independently make decisions, eliminating the requirement for a central authority. This concept can be employed in various fields, including governance, supply chain management, content creation, and others, facilitating decentralized decision-making and transparent collaboration among participants.

Check out the below video tutorial to learn more about DAO  -