‘Imagine a corporation without a CEO’: Why the concept of a DAO is gaining traction in the business world

Until recently, the only time most people had heard of “dao” was in the context of East Asian philosophy. The word translates from Chinese as the “way.” Now, though, another DAO — an acronym for a decentralized autonomous organization — is entering the mainstream of business consciousness. Many progressive people, especially cryptocurrency supporters, believe it might even be the way to a more equitable world.

ConstitutionDAO sparked global headlines in November 2021 when it tried to buy an original copy of the U.S. Constitution at a Sotheby’s auction. For the bid, more than 17,000 donors had contributed to raising $47 million worth of Ether, the second-largest cryptocurrency by market capitalization. Ultimately, the group failed in its attempt, with a cash offer of $43.2 million preferred. 

This article was first published on DigiDay’s WorkLife platform in January 2022 – to continue reading please click here.

Published by

Oliver Pickup

Multi-award-winning writer, content editor, ghostwriter, and TV and radio commentator (and occasional illustrator), specialising in technology, blockchain, startups, business, sport and culture. Founder of Pickup Media Limited. Interviewer of death row prisoners, legendary athletes, influential leaders, tech trendsetters, and cultural pioneers. By-lined in every English newspaper. Contributor to dozens of multinational publications.

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