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A Decentralized Autonomous Organization is an organization that is run and managed by its community members. Unlike traditional companies, there are no hierarchies or 'pecking order' in DAOs. Decision-making is wholly democratized and decisions get made from the bottom-up. DAOs have been cheekily described as "group chats with a wallet" and "the arch-nemesis of Chairman Mao," a definition that, in fairness, succinctly captures the essential philosophy underpinning the cryptocurrency industry.
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