In November 2021, a group of individuals formed a legal entity that bought 40 acres of land in Wyoming. This kind of thing happens all the time, of course. But the closer we look at this particular real estate transaction, the stranger it becomes.
Magdiel Lopez/Belmont Creative
What a DAO Can — and Can’t — Do
An introduction to decentralized autonomous organizations.
May 10, 2022
· Long read
Summary.
Are decentralized autonomous organizations (DAOs) the future? The rise of DAOs as part of Web3 is just beginning, and it remains unclear whether, and how, DAOs might supplant traditional organizational structures. To explain what DAOs offer and who currently uses them in unique ways, the authors answer three key questions: What are DAOs? How are they built? And how do they work? They also discuss the potential for and limits of DAOs, using CityDAO, a 6,000-person collective that recently purchased land in Wyoming, as an example.