TLDR
DAOs present a new way for humans to collaborate in the post-internet age. They remove the corporate ladder from organizations and allow any member to have a saying regardless of their title, educational background, or personal identity. DAOs are like Bitcoin, leaderless democracies where the popular vote stirs the direction of the project instead of a board of directors or a CEO. The DAO was a virtual venture capital fund, that allowed token holders to submit a proposal for funding of their project. In June 2016, the project suffered a fatal attack when a hacker exploited a vulnerability in the system and callously moved 3.6 million ether away from the DAO (+ $50 million at the time)via the TL;DR App
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Written by futuristiclawyer | Legal background, interested in business and tech. www.futuristiclawyer.com
