Cryptocurrency Q&A
What network is DAO on?
What network is DAO on?
Isabella
Mon Jul 22 2024
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6 answers
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I'm curious to know, could you elaborate on the network that the Decentralized Autonomous Organization (DAO) is built upon? Given the significance of DAOs in the cryptocurrency and blockchain ecosystem, understanding their foundational technology is crucial. Is it Ethereum, Solana, or perhaps another emerging blockchain platform? Clarifying this detail would help me gain a deeper understanding of the DAO's operational framework and its integration within the broader digital economy. Thank you for your time and expertise in this matter.
6 answers
charlotte_wilson_coder
Wed Jul 24 2024
The key principle of the DAO was decentralization, ensuring it was not affiliated with any specific nation-state. This allowed for a global perspective and cross-border investment opportunities.
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alexander_smith_musician
Wed Jul 24 2024
Despite its decentralized nature, the DAO utilized the ethereum network as its underlying infrastructure. This provided the necessary technological backbone for its operations.
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CryptoWarrior
Wed Jul 24 2024
The ethereum network, being a blockchain-based platform, enabled the DAO to execute smart contracts and manage its funds in a transparent and immutable manner.
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EnchantedPulse
Wed Jul 24 2024
The DAO operated as a unique form of venture capital, leveraging the power of open-source code and lacking traditional governance structures such as a board of directors.
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Raffaele
Wed Jul 24 2024
By leveraging the ethereum network, the DAO was able to operate autonomously, without the need for a central authority or intermediary. This further emphasized its decentralized nature.
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