- February 11, 2022
- Posted by: MasterAdmin
- Category: Cryptocurrency
Photo illustration by Jakub Porzycki/NurPhoto via Getty Images
One of the many aspirations for “web3” is that you could potentially take certain messy, emotional human processes and clean them up by putting them on the blockchain. “Smart contracts” write their terms directly into code, and actions they take are both public and irreversible. Enthusiasts believe this sort of “trustless” system can enable people come together to work on projects that they otherwise might not.
If you get enough of those people together to work on a project, you might have a decentralized autonomous organization, or DAO. The Ethereum network, on which many DAOs run, describes them as “a safe way to collaborate with internet strangers.” Remember when thousands of people came together within days to raise $47 million in an…