What is a DAO?
A decentralised autonomous organisation is a community of like-minded individuals that have a common goal. A fully functional and fully decentralised community sits at the core of these communities and the ownership structure should allow participants to vote and approve certain organisational initiatives in a fair manner.
The DAO's financial transaction and program rules will be maintained on the blockchain and with that in mind, the governance will be coordinated using both tokens and NFTs that grant voting powers. Admission to the DAO is thus limited to people who have confirmed ownership of these governance tokens in a cryptocurrency wallet.
In the initial stages, governance will be conducted through a series of proposals that members vote on through the blockchain.